The latest research study “Licorice Extract Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global licorice extract market size reached US$ 1,966.6 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,544.9 Million by 2028, exhibiting a growth rate (CAGR) of 5.29% during 2023-2028.
Licorice extract refers to a herbal extract derived from wild and organically grown Glycyrrhiza glabra licorice roots. It possesses a sweet and aromatic flavor and is manufactured by boiling the pulp of licorice roots. It is generally available in numerous forms, such as liquid, paste, block, and powdered. It displays numerous anti-inflammatory, antimicrobial, anticancer, and antioxidant properties that assist in treating acid reflux, hot flashes, digestive ailments, heartburn, menopausal symptoms, and viral infections. Licorice extract is also widely used for the treatment of hepatitis C and peptic ulcers, preventing cavities, promoting weight loss, and enhancing blood sugar levels.
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Licorice Extract Market Trends and Drivers:
One of the primary factors driving the market is the extensive utilization of licorice extract in numerous industry verticals, including pharmaceutical, food and beverage (F&B), and cosmetics. For instance, licorice extract is used as a natural sweetener and flavoring agent in beverages and candies.
Additionally, the utilization of licorice extract as a food additive in chewing gums, sweet custard, and cake batters is creating a positive market outlook. Other than this, this product is also widely used to produce medicines to cure bronchitis, toothache, fever, asthma, and various skin infections, consequently influencing the market growth.
Besides this, the rising health consciousness, especially among millennials, is shifting consumer preferences toward organic products, which is creating a positive market outlook. Other major growth-inducing factors include expanding disposable income levels and the rising product utilization in the cosmetic industry as a natural skin brightener.
Global Licorice Extract Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis of region, 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
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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