(MENAFN- Ameliorate Digital Consultancy) The global licorice extract market is projected to reach USD 35.8 Billion by 2028 from USD 18.8 Billion in 2021, at a CAGR of 7.01% from 2022 to 2028.
Licorice Extract is also known as Liquorice, or Glycyrrhizaglabra. Get the extracts from roots of these medicinal plants. The extracts from roots of licorice plants are aromatic flavoring and sweet in nature. These plants are natural to North Africa, Western Asia, and southern Europe. Much of the sugariness in licorice extracts comes from the compound named glycyrrhizin having a sweet taste and is around 30-50 timessweeterthan sugar. Licorice is commonly grown in Afghanistan, India, China, Italy, Iran, Pakistan, Azerbaijan, Turkmenistan, Uzbekistan, Turkey, and Iraq. It is far used in pharmaceutical, cosmetics, food & beverage as well as tobacco business. Licorice extracts and roots have been utilized since thousands of years particularly in Asia for treatment of variation of ailments, including but not limited to digestive distress, respiratory conditions, and inflammation.
Key players operating the Licorice Extract market includes Magnasweet, ASEH, Zagros Licorice, Sepidan Osareh, F&C Licorice, Norevo GmbH, Ransom Naturals, Maruzen Pharmaceuticals, MCFS, Aushadhi Herbal, Avestia Pharma, VPL Chemicals, Zelang, Changyue, Bokai.
Segment by Type
Pharmaceutical Grade
Food Grade
Feed Grade
On the basis of product type licorice extracts market is section in food grade, feed grade, and pharmaceutical grade. The pharmaceutical grade segment is projected to hold dominant position in the market owing to large medicinal applications of the extracts along with increasing use in cancer prevention. Food grade segment is probable to accounts for a substantial market share in terms of revenue.
Segment by Application
Pharmaceutical
Food
Cosmetic
Others
Growing use of licorice extracts in food industry and growing demand for natural ingredient is projected to boost growth of the licorice market. On the basis of application licorice extracts market is section into food & beverages, pharmaceutical, tobacco, and others. Pharmaceutical segment is projected to account for the largest revenue share over the forecast period, due to growing use of licorice extracts in medicines.
Recent developments
In Jan 2021, Mafco declared a new category-specific, multi-tasking Magna-Brand products that address today's most challenging product and flavor-formulation problems. They have launched their modern products that, by selective compounding, are some of the most cost-effective and productive for Taste Modulation.
In Dec. 2019, MAFCO Worldwide LLC and Merisant Company declared a definitive business combination. Merisant and MAFCO include the operating subsidiaries of Flavors Holdings Inc., which is owned by affiliates of MacAndrews & Forbes Incorporated. Subject to the terms and conditions outlined in the Purchase and Sale contract, Act II will combine with the businesses of Merisant, MAFCO, and certain of their subsidiaries.
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Licorice Extract Market Regional Analysis
Asia Pacific is projected to account for a share of 54.40% in 2021, in global licorice market. This is attributed to growing demand from the pharmaceutical industry. In China, licorice extracts are extensively used for the treatment of ulcers and to enhance immune system by naturally boosting interferon levels. In Japan, it is used for the conduct of chronic hepatitis B. There is a increasing interest of using licorice extracts in food foams. Owing to foaming possessions of licorice extracts, it is gaining importance in food foams. This extract enhances the quality and shelf-life of the final product. Henceforth, these extracts are widely used in the beverage industry as foaming agent.
The report enables you to –
– Formulate significant competitor data, analysis, and insights to progress R&D strategies
– Recognize emerging players with potentially strong product portfolio and create effective counter strategies to gain competitive advantage
– Recognize and understand vital and diverse types of Licorice Extract under development
– Progress market-entry and market expansion strategies
– Plan mergers and acquisitions successfully by identifying major players with the most promising pipeline
– In-depth examination of the product's current stage of development, territory and estimated launch date
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