Market Overview:  

The global Licorice Extract Market size was significantly robust in 2020 and is expected to register a steady revenue CAGR over the forecast period. Key factors providing impetus to market revenue growth include rising awareness among consumers regarding the health benefits of licorice extract.

Liquorice, or Glycyrrhizaglabra, is another name for Licorice. Licorice extract comes from wild and organically growing licorice roots found in Central Asia, China, and Mediterranean. These extracts, which are extracted from licorice roots are available in powdered or liquid form, and are used in medicines. Boiling licorice roots (Glycyrrhiza glabra), a plant native to Mediterranean region, produces the extract. It is utilized as a sweetener and flavoring agent in addition to herbal remedies. Anti-inflammatory, antiviral, and detoxifying properties are all present in extract.

Major Factors Driving Growth Of The Global Licorice Extract Market:

The increase in the use of licorice roots in various goods, increase in use of sweeteners in food products, and rise in demand for organic products have all contributed to expansion of licorice extracts market over projection period. Furthermore, increased use of licorice extracts in products such as desserts due to medicinal properties of licorice, use of licorice extracts rather than other conventional extracts in food and beverage products, and increased awareness of benefits of licorice extracts are some other factors expected to drive licorice extracts market forward.

Increased consumer awareness of health benefits led to an increase in demand for licorice extracts, positively boosting market growth. Furthermore, worldwide licorice extract market has benefited from an increase in demand for clean labels, organic, and natural products.

Factors Restraining Growth Of The Global Licorice Extract Market:

The global Licorice Extract Market growth is substantially hampered by high costs and low market penetration.

During COVID epidemic, raw material shortages, over consumption, and transportation shortages hampered distribution channels, which are expected to stymie expansion of licorice extracts market. Furthermore, because to ongoing pandemic, retail stores have been forced to close for safety reasons, and export and import have also been hampered, potentially impeding growth of licorice extracts market in the near future.

Artificial sweeteners, which are available in a variety of forms such as cubes, granules, paste, liquid, and powder, as well as their cost-effectiveness, are expected to have a detrimental impact on licorice extract sales.

Opportunities For Players Operating In The Global Licorice Extract Market:

Due to rising applications of licorice and scarcity in supply, there are considerable potential for new licorice suppliers in major importing developed countries such as Europe. Additionally, in order to produce new products, manufacturers in market are concentrating on research and development.

Global Licorice Extract Market Revenue Led By Type:

The global licorice extract market is divided into three categories based on type: food grade, feed grade, and pharmaceutical grade. In terms of licorice extract market share, pharmaceutical grade category dominates. However, due to use of licorice extracts in feed to boost livestock immunity and health, the feed grade segment is expected to increase at the fastest rate.

Global Licorice Extract Market Leading Application:

Due to the rising usage of licorice extracts in medicines, the pharmaceutical industry is predicted to account for greatest revenue share over projection period. Antimicrobial qualities, improved respiratory system, and stress reduction are major benefits of this extract.

North America Accounts For Largest Revenue Share In Global Licorice Extract Market:

The global licorice extracts market is likely to rise significantly in North American region because of the rising use of herbal treatments and demand for plant-based natural ingredients. Furthermore, increased prevalence of several habitual disorders, including as diabetes and obesity, is likely to drive market even further. Manufacturers in the region are likely to benefit from increased investments in research and development.

The United States consumes the most licorice extract and is expected to rise significantly in the licorice extract market during the forecast period. This is owing to increased demand for organic products in North America, as well as consumers' high awareness of new items entering the market.

Asia Pacific Continues To Lead In Terms Of Revenue CAGR:

The increased use of licorice extract in Asia Pacific region for cancer treatment has resulted in a rise in licorice extract production for use in the pharmaceutical industry to make herbal medicine. Licorice extracts are commonly used in China to treat ulcers and stimulate immune system by naturally increasing interferon levels. In China, it is also known as "The Great Detoxifier." It is prescribed for treatment of chronic hepatitis B in Japan. Licorice extracts are becoming increasingly popular in food foams.

Major Companies Profiled In The Report:

  • Mafco Worldwide LLC
  • Maruzen Pharmaceuticals Co., Ltd
  • Norevo GmbH
  • Shaanxi Fujie Pharmaceutical Co, Ltd
  • C.E. Roeper GmbH
  • Glycyrrhiza Glabra Co., Ltd
  • Zagros Licorice Co.
  • Zelang Group
  • VPL Chemicals PVT Ltd.
  • SepidanOsareh Co.
  • F & C Licorice
  • Ransom Naturals
  • BGG World

Strategies And Objectives Of Major Companies:

  • Mafco, the world's leading licorice manufacturer, has introduced new multi-tasking Magna-Brand solutions that solves today's most difficult product and flavor formulation issues. The company announced the launch of latest products, which are some of the most cost-effective and efficacious for Taste Modulation due to selective compounding.
  • Norevo provides natural raw materials and specialty compounds for use in cosmetics and cosmeceuticals, Flavors, wellness and functional beauty and health products, as well as pharmaceuticals, meals, and beverages. The company is a licorice extract supplier with a lengthy history of collecting and processing this raw material all over the world. Norevo offers licorice extract that is both halal and kosher, as well as organically certified. They provide it in form of blocks and powders.

What Our Report Provides And Why Our Offering Is Better:

This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2018 to 2028. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.

Detailed Segmentation In Our Report:

For the purpose of this report, the global Licorice Extract Market is segmented on the basis of type, form, application, end user, region:

Type Outlook (Revenue, USD Billion; 2018-2028)

  • Food Grade
  • Feed Grade
  • Pharmaceutical Grade

Form Outlook (Revenue, USD Billion; 2018-2028)

  • Powder
  • Paste
  • Block
  • Others

Application Outlook (Revenue, USD Billion; 2018-2028)

  • Food & Beverages
  • Tobacco Products
  • Cosmetics & Personal Care
  • Pharmaceutical
  • Others

Region Outlook (Revenue, USD Billion; 2018-2028)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of Middle East & Africa

Some points on how the report benefits stakeholders:

  • The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
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