Licorice Extract Market to Grow with a CAGR of 6.8% Globally through to 2028
Rising demand for natural sweeteners and flavors,
increasing awareness of the health benefits of licorice extract are factors
driving the Global Licorice Extract market in the forecast period 2024-2028.
According to TechSci Research report, “Global Licorice
Extract Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Licorice Extract Market stood at USD 1.91
billion in 2022 and is anticipated to grow with a CAGR of 6.8% in the forecast
period, 2024-2028. The global licorice extract market is expected to continue
to grow in the coming years, driven by the increasing demand for natural
sweeteners and flavors, as well as the growing popularity of herbal and natural
remedies. One of the primary factors supporting the market's
optimistic outlook is the food and beverage sector's notable expansion.
Licorice extract is frequently used as a natural sweetener or culinary
ingredient in confections such as cake mixes, chewing gum, and sweet custard.
It can also be used to meat rubs to improve their flavour.
Browse over 26 market data Figures spread through 181 Pages
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Furthermore, the pharmaceutical industry's rising
product demand is supporting market expansion. A lot of medications for
indigestion, toothaches, fever, bronchitis, and skin infections are made with
licorice extract. Furthermore, the industry is growing as a result of
consumers' growing preference for organic products, particularly among
millennials who are more health concerned. Accordingly, the broad use of the
product as a de-bittering agent in the tobacco sector is having a favorable
effect on the market expansion. The market is expected to develop due to a
number of other factors, such as consumers' increasing purchasing power and the
product's extensive use as a natural skin brightener in the cosmetics industry.
The rising
incidence of ailments like diabetes, gastrointestinal disorders, and celiac
diseases, together with consumers' increased awareness of their health, are
projected to propel the licorice extract market. The demand for the root in the
pharmaceutical industry has grown due to its medicinal qualities. A significant
portion of the licorice extract market growth is also being attributed to the
food industry. The expansion of the licorice extract market is mostly being
driven by the growing need for licorice root as a sweetener in the food and
beverage industry. Sales are also increased in developed economies by the
growing demand for natural and organic products. For instance, according to
the research article, in the Journal of Heliyon, 2021, the bioactive compounds
in licorice, such as glycyrrhizin, glycyrrhizin acid, and isoliquirtin among
others have been found to provide pharmacological benefit including anti-cancer,
anti-atherogenic, anti-diabetic, anti-asthmatic, anti-inflammatory,
anti-microbial, and others. The alternatives pose a barrier to
licorice extract industry growth and impede the adoption of licorice extract as
a natural flavouring and sweetening agent like stevia, which is also a natural
sweetener that is widely known and more commonly used. Anise is another
naturally available plant with a very similar taste to licorice and is often
used as a licorice substitute.
Growing health concerns are one of the
main factors driving the market for plant-based ingredients. As a result,
consumers are looking for food and beverage products with natural ingredients
free of added sugar and artificial flavours, among other things. Because of
these ingredients' flavour and functional qualities, licorice extract is
becoming increasingly used in a variety of industrial sectors, including dairy,
baking, beverages, and dietary supplements. This growth has been fuelled by
increased imports to numerous countries during the review period.
The Global Licorice Extract Market is segmented into
type, application, form, regional distribution, and company. Based on product type, the global licorice extract
market is segmented into food grade, feed grade, and pharmaceutical grade. The
pharmaceutical grade segment leads in terms of licorice extract market share;
however, the feed grade segment is poised to grow with highest CAGR, owing to
adoption of licorice extracts in feed to improve immunity and health of
livestock. Based on region,
North America segment is expected to grow during the forecast
period. Sales
of licorice extracts are increasing in the region due to the growing number of
health-conscious consumers as well as the growing preference for organic
products, particularly among millennials.
Major companies operating in Global Licorice
Extract Market are:
- Alfarid Corporation Limited
- AOS Products Pvt. Ltd.
- Avestia Pharma
- C.E. Roeper GmbH
- F&C Licorice Ltd.
- Hyundai Bioland
- Mafco Worldwide LLC
- Maruzen Pharmaceuticals Co. Ltd.
- Norevo GmbH
- Shaanxi FUJIE Pharmaceutical Co. Ltd.
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“The licorice extract market has experienced
substantial growth in recent years. This expansion can be attributed to several
factors, including increased consumer awareness of the potential health
benefits of licorice extract, rising demand for natural and plant-based
ingredients, and its versatile applications in various industries. The market's
growth is further propelled by the trend of clean label and natural products,
the demand for licorice-based supplements, and its integration into skincare
and cosmetic formulations. Additionally, the market's expansion is facilitated
by the growing focus on sustainability and ethical sourcing practices, ensuring
the long-term availability of licorice extract.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Licorice
Extract Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Type (Food Grade, Feed Grade, Pharmaceutical Grade), By
Application (Food & Beverages, Dietary Supplements, Pharmaceutical,
Tobacco, Others), By Form (Powder, Liquid, Block, Others), By Region, By
Competition, 2018-2028”, has evaluated the future growth potential
of Global Licorice Extract Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Licorice
Extract Market.
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