Licorice Extracts Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.75 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
Licorice Extracts Market Analysis
The licorice extract market is projected to record a CAGR of 4.75% over the next five years.
The Licorice extract market is expected to be driven by the growing health consciousness among consumers and the prevalence of diseases such as diabetes, gut-related issues, and celiac diseases. Medicinal properties of the root have increased its demand in the pharmaceutical sector. The food industry is also contributing a good share in the market growth of licorice extract. There is an increasing demand for licorice root as a sweetener from candy and beverage manufacturing, which is a major factor driving the licorice extract market growth. Growing demand for natural and organic products in developed markets also boosts sales. 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 flavoring 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.
Licorice Extracts Market Trends
Growing Applications of Natural Ingredients
The plant-based ingredients market is majorly being driven by factors, such as rising health concerns, as a result of which the consumers are increasingly seeking food and beverage products containing natural ingredients that are free of added sugar, and artificial flavors, among other such ingredients. Thereby, the growing use of licorice extract in various industrial sectors, such as dairy, bakery, beverages, and dietary supplements, among others, owing to the flavor, and functional properties of these ingredients have helped drive the growth coupled with increased imports to many countries over the review period.
Along these lines, the players in the market have been focused on strategies such as expansions and product innovations to cater to the shifting preferences of customers in the market. For instance, Döhler Group SE provides a wide range of organic components and ingredient products including licorice, that turn the finished product into an original flavor creation with supplementary elements. According to the manufacturer, the licorice extract can be used in craft beers, herbal drinks, immune-booster drinks, water plus, dairy drinks, revitalizing water, non-alcoholic spirits, and cocktails, among other beverages.
Thus, the intense growth of the market studied has been due to the increased applications of licorice extract in food, beverage, and dietary supplement products to satisfy growing consumer demand for higher quality, natural, and sustainable products.
North America is the Fastest Growing Market
The growing number of health-conscious consumers in the region, coupled with the rising preference for organic products, especially among the millennial population, is propelling the sales of licorice extracts in the region. In addition, the rising prevalence of various chronic disorders, such as diabetes and obesity, is expected to grow in the market, as licorice extract can be used as a natural sweetener The rising investments in research and development activities are also expected to provide opportunities for regional manufacturers. The United States market has witnessed greater incorporation of plant-based ingredients in various functional foods. As consumers retransform their food habits, moving away from junk food toward healthier alternatives, food and beverage manufacturers, as well as food service patrons have started introducing healthier food and beverage products made with botanical ingredients to enhance appeal among consumers. For instance, according to International Food Information Council (IFIC), 48 percent of participants in a survey conducted in the United States, in 2021, states that they prefer to buy products with all-natural flavors.
Furthermore, the increasing concerns about the harmful impact of chemicals have been a key factor driving the growth of natural ingredients in cosmetics. For instance, according to a study published in PubMed Central, the skin conditions eczema, athlete's foot, and psoriasis can all be helped by using licorice root extract as a healing agent and has also been demonstrated to reduce inflammation and irritation associated with these illnesses. Furthermore, according to the study licorice extracts have skin-lightening benefits and aid in giving protection against ultraviolet radiation-induced erythema.
Licorice Extracts Industry Overview
The licorice market is a growing market with increased demand from developed markets. Companies are devising numerous product-level strategies to scale up their businesses. Among them, increasing the effectiveness of extraction technology remains a coveted strategy in the licorice extract market. Major players in the market are located in Asia-Pacific and European countries. Some of the major players in the market are Norevo GmbH, and FC Licorice, among others. With the growing applications in the cosmetics and pharmaceutical industries, players are developing products specific to these markets.
Licorice Extracts Market Leaders
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Norevo GmbH
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FC Licorice
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MAFCO Worldwide LLC
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Sepidan Osareh Jonoob Co.
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Zagros Licorice Co.
*Disclaimer: Major Players sorted in no particular order
Licorice Extracts Market News
July 2022: Givaudan, Bühler, and Cargill collaborated with the FoodTech HUB Latam and ITAL, Food Technology Institute, to build a food innovation center in the city of Campinas, recognized as Brazil's tech powerhouse. The partnership would help to develop sustainable, future food and beverage products for all three companies.
November 2021: Givaudan expanded Nordic Experience Centre in Malmö, Sweden. According to the company, the new facility would create more opportunities for co-creation with Nordic customers, helping accelerate innovation and enhancing Givaudan's ability to tailor food and beverages according to local trends and preferences.
In January 2021, Mafco launched a category-specific, multi-tasking Magna-Brand product that addresses flavor-formulation problems. According to the company, selective compounding, are some of the most cost-effective and productive for Taste Modulation.
Licorice Extracts Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Form
5.1.1 Block
5.1.2 Powder
5.1.3 Paste
5.1.4 Others
5.2 Application
5.2.1 Food and Beverages
5.2.2 Cosmetics and Personal Care
5.2.3 Dietary Supplements
5.2.4 Tobacco Products
5.2.5 Other Applications
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 Germany
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 South Africa
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of MiddleEast and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Norevo GmbH
6.3.2 ASEH Licorice MFG & Exp. Co.
6.3.3 Maruzen Pharmaceuticals Co. Ltd
6.3.4 FC Licorice
6.3.5 MAFCO Worldwide LLC
6.3.6 Zagros Licorice Co.
6.3.7 Sepidan Osareh Co.
6.3.8 Naturex SA(Givaudan)
6.3.9 VPL Chemicals
6.3.10 Aseh Co.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Licorice Extracts Industry Segmentation
Licorice extract is a product obtained from a plant called 'Glycyrrhiza glabra,' and is used in many industries including pharmaceutical, cosmetics, and food industries.
The licorice extract market is segmented by form, application, and geography. By form, the market is segmented into paste, block, powder, and others. By application, the market is segmented into food and beverage, cosmetics and personal care, dietary supplements, tobacco products, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America,the Middle East, and Africa. The market sizing has been done in value terms in USD for all the abovementioned segments.
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| Others |
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| Food and Beverages | |
| Cosmetics and Personal Care | |
| Dietary Supplements | |
| Tobacco Products | |
| Other Applications |
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Licorice Extracts Market Research FAQs
What is the current Licorice Extract Market size?
The Licorice Extract Market is projected to register a CAGR of 4.75% during the forecast period (2024-2029)
Who are the key players in Licorice Extract Market?
Norevo GmbH, FC Licorice, MAFCO Worldwide LLC, Sepidan Osareh Jonoob Co. and Zagros Licorice Co. are the major companies operating in the Licorice Extract Market.
Which is the fastest growing region in Licorice Extract Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Licorice Extract Market?
In 2024, the Europe accounts for the largest market share in Licorice Extract Market.
What years does this Licorice Extract Market cover?
The report covers the Licorice Extract Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Licorice Extract Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Licorice Extracts Industry Report
Statistics for the 2024 Licorice Extracts market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Licorice Extracts analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
