Market Size of Licorice Extract Industry
| 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 |
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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 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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Licorice Extract Market Size Summary
The licorice extract market is experiencing notable growth, driven by increasing health consciousness among consumers and the rising prevalence of health issues such as diabetes and gut-related disorders. The medicinal properties of licorice have significantly boosted its demand in the pharmaceutical sector, while the food industry also contributes substantially to market expansion. The demand for licorice as a natural sweetener in candy and beverage manufacturing is a key factor propelling market growth. Additionally, the trend towards natural and organic products in developed markets further enhances sales. Despite the competition from alternatives like stevia and anise, the market continues to thrive due to the growing preference for plant-based ingredients free from added sugars and artificial flavors. The diverse applications of licorice extract in sectors such as dairy, bakery, beverages, and dietary supplements underscore its flavor and functional benefits, driving increased imports and market penetration.
The market's expansion is supported by strategic initiatives from key players, who are focusing on product innovations and expansions to meet evolving consumer preferences. Companies like Döhler Group SE are offering a range of organic ingredients, including licorice, to create unique flavor profiles in various beverages. The rising number of health-conscious consumers, particularly millennials, is boosting licorice extract sales, with its use as a natural sweetener aligning with the shift towards healthier food choices. The United States market, in particular, is witnessing a surge in plant-based ingredients in functional foods, as consumers increasingly favor products with all-natural flavors. Furthermore, the cosmetic industry is seeing growth in natural ingredients due to concerns over chemical impacts, with licorice extract offering benefits for skin conditions and protection against UV radiation. Major market players, primarily located in Asia-Pacific and Europe, are leveraging advancements in extraction technology and expanding their product offerings to cater to the growing demand in cosmetics and pharmaceuticals.
Licorice Extract Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Form
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2.1.1 Block
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2.1.2 Powder
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2.1.3 Paste
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2.1.4 Others
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2.2 Application
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2.2.1 Food and Beverages
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2.2.2 Cosmetics and Personal Care
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2.2.3 Dietary Supplements
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2.2.4 Tobacco Products
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2.2.5 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 Germany
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of MiddleEast and Africa
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Licorice Extract Market Size 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.
