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Licorice Extract Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global licorice extract market reached a value of US$ 1,810 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 2,439 Million by 2027, exhibiting at a CAGR of 4.40% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Licorice extract is a herbal extract derived from wild and organically grown Glycyrrhiza glabra licorice roots. It has a sweet and aromatic flavor and is produced by boiling the pulp of licorice roots. It is commonly available in paste, liquid, block and powdered forms that are used as a natural sweetener and flavoring agent in candies, beverages and medicines. It exhibits various anti-inflammatory, anticancer, antimicrobial and antioxidant properties that aid in the treatment of hot flashes, acid reflux, digestive ailments, menopausal symptoms, heartburn and bacterial and viral infections. Licorice extract also aids in treating peptic ulcers, hepatitis C, preventing cavities, improving blood sugar levels and promoting weight loss. As a result, it finds extensive application across various industries, such as pharmaceutical, cosmetics and food and beverage.

Licorice Extract Market Trends:

Significant growth in the food and beverage industry is one of the key factors creating a positive outlook for the market. Licorice extract is widely used in food products as a food additive or natural sweetener in cake batters, chewing gums, sweet custard and can also be mixed into a meat rub as a flavor enhancer. Additionally, the increasing product demand in the pharmaceutical industry is favoring the market growth. Licorice extract is widely used to manufacture medicines for indigestion, toothache, asthma, fever, bronchitis and skin infections. Moreover, the shifting consumer preference toward organic products, especially among the millennials due to the rising health consciousness, is providing a thrust to the market growth. In line with this, the widespread product adoption in the tobacco industry as a de-bittering agent is positively impacting the market growth. Other factors, including rising expenditure capacities of the consumers, along with the widespread product adoption in the cosmetic industry as a natural skin brightener, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global licorice extract market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product type, form and application.

Breakup by Product Type:

  • Food Grade
  • Feed Grade
  • Pharmaceutical Grade
     

Breakup by Form:

  • Block
  • Powder
  • Paste
  • Others
     

Breakup by Application:

  • Food and Beverages
  • Pharmaceutical
  • Tobacco
  • Others
     

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Alfarid Corporation Limited, AOS Products Pvt. Ltd., Avestia Pharma, C.E. Roeper GmbH, F&C Licorice Ltd., Herbochem, Hyundai Bioland, Mafco Worldwide LLC, Maruzen Pharmaceuticals Co. Ltd., Norevo GmbH, Shaanxi FUJIE Pharmaceutical Co. Ltd. and VPL Chemicals Pvt Ltd.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Million
Segment Coverage Product Type, Form, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Alfarid Corporation Limited, AOS Products Pvt. Ltd., Avestia Pharma, C.E. Roeper GmbH, F&C Licorice Ltd., Herbochem, Hyundai Bioland, Mafco Worldwide LLC, Maruzen Pharmaceuticals Co. Ltd., Norevo GmbH, Shaanxi FUJIE Pharmaceutical Co. Ltd. and VPL Chemicals Pvt Ltd.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Licorice Extract Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Product Type
    6.1    Food Grade
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Feed Grade
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Pharmaceutical Grade
        6.3.1 Market Trends
        6.3.2 Market Forecast
7    Market Breakup by Form
    7.1    Block
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Powder
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Paste
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Others
        7.4.1 Market Trends
        7.4.2 Market Forecast
8    Market Breakup by Application
    8.1    Food and Beverages
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Pharmaceutical
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Tobacco
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Others
        8.4.1 Market Trends
        8.4.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    Alfarid Corporation Limited
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
        14.3.2    AOS Products Pvt. Ltd.
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
        14.3.3    Avestia Pharma
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
        14.3.4    C.E. Roeper GmbH
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
        14.3.5    F&C Licorice Ltd.
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
        14.3.6    Herbochem
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
        14.3.7    Hyundai Bioland
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
        14.3.8    Mafco Worldwide LLC
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
        14.3.9    Maruzen Pharmaceuticals Co. Ltd.
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
        14.3.10    Norevo GmbH
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
        14.3.11    Shaanxi FUJIE Pharmaceutical Co. Ltd.
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
        14.3.12    VPL Chemicals Pvt Ltd
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio

List of Figures

Figure 1: Global: Licorice Extract Market: Major Drivers and Challenges
Figure 2: Global: Licorice Extract Market: Sales Value (in Million US$), 2016-2021
Figure 3: Global: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 4: Global: Licorice Extract Market: Breakup by Product Type (in %), 2021
Figure 5: Global: Licorice Extract Market: Breakup by Form (in %), 2021
Figure 6: Global: Licorice Extract Market: Breakup by Application (in %), 2021
Figure 7: Global: Licorice Extract Market: Breakup by Region (in %), 2021
Figure 8: Global: Licorice Extract (Food Grade) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Licorice Extract (Food Grade) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Licorice Extract (Feed Grade) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Licorice Extract (Feed Grade) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Licorice Extract (Pharmaceutical Grade) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Licorice Extract (Pharmaceutical Grade) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Licorice Extract (Block) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Licorice Extract (Block) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Licorice Extract (Powder) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Licorice Extract (Powder) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Licorice Extract (Paste) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Licorice Extract (Paste) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Licorice Extract (Other Forms) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Licorice Extract (Other Forms) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Licorice Extract (Food and Beverages) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Licorice Extract (Food and Beverages) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Licorice Extract (Pharmaceutical) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Licorice Extract (Pharmaceutical) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Licorice Extract (Tobacco) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Licorice Extract (Tobacco) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Licorice Extract (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Licorice Extract (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: North America: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: North America: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: United States: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: United States: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Canada: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Canada: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Asia-Pacific: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Asia-Pacific: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: China: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: China: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Japan: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Japan: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: India: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: India: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: South Korea: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: South Korea: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Australia: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Australia: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Indonesia: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Indonesia: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Others: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Others: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Europe: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Europe: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Germany: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Germany: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: France: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: France: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: United Kingdom: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: United Kingdom: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Italy: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Italy: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Spain: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Spain: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Russia: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Russia: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Others: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Others: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Latin America: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Latin America: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Brazil: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Brazil: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Mexico: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Mexico: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Others: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Others: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Middle East and Africa: Licorice Extract Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Middle East and Africa: Licorice Extract Market: Breakup by Country (in %), 2021
Figure 78: Middle East and Africa: Licorice Extract Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 79: Global: Licorice Extract Industry: SWOT Analysis
Figure 80: Global: Licorice Extract Industry: Value Chain Analysis
Figure 81: Global: Licorice Extract Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Licorice Extract Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Licorice Extract Market Forecast: Breakup by Product Type (in Million US$), 2022-2027
Table 3: Global: Licorice Extract Market Forecast: Breakup by Form (in Million US$), 2022-2027
Table 4: Global: Licorice Extract Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 5: Global: Licorice Extract Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Licorice Extract Market: Competitive Structure
Table 7: Global: Licorice Extract Market: Key Players


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Key Questions Answered in This Report

The global licorice extract market was valued at US$ 1,810 Million in 2021.

We expect the global licorice extract market to exhibit a CAGR of 4.40% during 2022-2027.

The widespread utilization of licorice extract in numerous food products as a natural sweetener,
including cake batters, chewing gums, and sweet custard, along with its increasing usage in meat rub
as a flavor enhancer, is primarily driving the global licorice extract market.

The sudden outbreak of the COVID-19 pandemic has led to the shifting consumer preferences from
conventional brick-and-mortar distribution channels towards online retail platforms for the purchase
of licorice extract.

Based on the product type, the global licorice extract market can be categorized into food grade,
feed grade, and pharmaceutical grade. Among these, pharmaceutical grade holds the majority of the
total market share.

Based on the form, the global licorice extract market has been segmented into block, powder, paste,
and others. Currently, powder form represents the largest market share.

Based on the application, the global licorice extract market can be bifurcated into food and
beverages, pharmaceutical, tobacco, and others. Among these, the pharmaceutical sector accounts
for the majority of the total market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin
America, and Middle East and Africa, where Europe currently dominates the global market.

Some of the major players in the global licorice extract market include Alfarid Corporation Limited,
AOS Products Pvt. Ltd., Avestia Pharma, C.E. Roeper GmbH, F&C Licorice Ltd., Herbochem, Hyundai
Bioland, Mafco Worldwide LLC, Maruzen Pharmaceuticals Co. Ltd., Norevo GmbH, Shaanxi FUJIE
Pharmaceutical Co. Ltd. and VPL Chemicals Pvt Ltd.

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