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IMARC Group's report titled“ Licorice Extract market Report by Product Type (Food Grade, Feed Grade, Pharmaceutical Grade), Form (Block, Powder, Paste, and Others), Application (Food and Beverages, Pharmaceutical, Tobacco, and Others), and Region 2024-2032 “, Offers a comprehensive analysis of the industry, which comprises insights on the market.
How big is the licorice extract market?
The global licorice extract market size reached US$ 2,070.6 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,175.7 Million by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
Factors Affecting the Growth of the Licorice Extract Industry:
. Increasing Demand in Pharmaceutical Applications:
The global licorice extract market is experiencing significant growth, primarily fueled by its expanding use in pharmaceutical applications. Licorice extract, known for its anti-inflammatory and antimicrobial properties, is increasingly utilized in the formulation of medications for treating various conditions such as digestive disorders, respiratory issues, and skin diseases. This natural ingredient is favored for its effectiveness in soothing gastrointestinal problems and its role in improving the efficacy of other drugs. The ongoing research and development activities in the pharmaceutical industry are continuously uncovering new therapeutic benefits of licorice extract, further driving its demand. This trend is supported by a growing consumer preference for natural and plant-based ingredients in medications, aligning with the wider shift toward organic and holistic healthcare solutions.
. Expansion in the Food and Beverage Sector:
The licorice extract market is also witnessing substantial growth due to its rising popularity in the food and beverage sector. This natural sweetener is used to enhance the flavor of products such as candies, chewing gums, and beverages as well as to extend shelf life and improve the quality of various food items. The health benefits associated with licorice, such as improved digestive health and natural sweetness, make it an attractive ingredient for health-conscious consumers. Additionally, the versatility of licorice extract allows for its application in a wide range of products, from traditional sweets to modern health drinks, catering to diverse consumer tastes and dietary preferences. The ongoing innovation in flavor profiles and the development of new products incorporating licorice extract are key factors driving its increased adoption in the food and beverage industry.
. Regulatory Support and Natural Product Preference:
The global licorice extract market benefits significantly from regulatory support and the growing consumer preference for natural and organic products. Governments and health organizations worldwide are endorsing the use of natural ingredients in food, pharmaceuticals, and cosmetic products, which in turn encourages manufacturers to incorporate licorice extract into their offerings. The status of the extract as a generally recognized as safe (GRAS) ingredient further bolsters its appeal to both producers and consumers. This trend is complemented by the rising awareness among consumers about the adverse effects of synthetic additives and a growing inclination toward products made from natural, sustainable sources.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/licorice-extract-market/requestsample
Leading Companies Operating in the Global Licorice Extract Industry:
. 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.
. VPL Chemicals Pvt Ltd.
Licorice Extract Market Report Segmentation:
Breakup by Product Type:
. Food Grade
. Feed Grade
. Pharmaceutical Grade
Based on the product type, the market is segmented into food grade, feed grade, and pharmaceutical grade.
Breakup by Form:
. Block
. Powder
. Paste
. Others
On the basis of the form, the market is segregated into block, powder, paste, and others.
Breakup by Application:
. Food and Beverages
. Pharmaceutical
. Tobacco
. Others
Based on the application, the market is categorized as food and beverages, pharmaceutical, tobacco, and 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
Based on the region, the market includes North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
Global Licorice Extract Market Trends:
The global licorice extract market is witnessing a growing interest in sustainable and ethically sourced ingredients, which has led to increased demand for organically grown licorice extract. This shift is encouraging producers to adopt more sustainable farming practices, ensuring a stable supply of high-quality, organic licorice extract.
Furthermore, the cosmetic and personal care industry presents a burgeoning opportunity for licorice extract, owing to its anti-inflammatory, skin-lightening, and soothing properties. This trend is accelerated by the clean beauty movement, which prioritizes products formulated with natural and non-toxic ingredients. Additionally, the development of innovative licorice extract formulations for use in nutraceuticals highlights its expanding role in supporting overall health and wellness.
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