The ASEAN Licorice Extract market is set to grow from an estimated USD 218.4 million in 2025 to USD 578.5 million by 2035, with a compound annual growth rate (CAGR) of 10.2% during the forecast period.
| Attributes | Value |
|---|---|
| Estimated ASEAN Industry Size (2025E) | USD 218.4 million |
| Projected ASEAN Value (2035F) | USD 578.5 million |
| Value-based CAGR (2025 to 2035) | 10.2% |
The licorice extract market in the Association of Southeast Asian Nations (ASEAN) is traversing congested grounds, aided by the versatile applications available in the health, food, and personal care sectors. Licorice extract, made from the roots of the Glycyrrhiza plant, is high on the list of the things most sought for its sweet flavor, and medicinal properties like glycyrrhizin and glabridin.
This plant has also been showing a growing number of applications in the formulation of dietary supplements, pharmaceuticals, functional foods, and cosmetics due to its anti-inflammatory, antioxidant, and Pharmaceutical capabilities.
The increasing amount of consumers who are conscious of natural and herbal remedies, especially as far as their health and well-being are concerned, is the main factor that pushed strongly the rise in the demand for licorice extracts in the ASEAN countries.
Among these, applications that focus on pharmaceuticals, liver support, and immune-boosting are at the forefront, echoing the consumer's wish for preventive care. Another plus point is that the sweet flavor of the ingredient is why people often use it in chewable tablets, gummies, and liquid form for added sweetness.
India, Malaysia, and Indonesia have major roles in the ASEAN licorice extract market. India is a plus point due to the long history of licorice used in Ayurvedic medicine, while Malaysia and Indonesia rely on their continually growing food and pharmaceutical sectors for the transformation of licorice extracts into herbal teas, capsules, and functional snacks.
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The table below provides a detailed comparative assessment of the changes in the compound annual growth rate (CAGR) over six months for the base year (2024) and the current year (2025) specifically for the ASEAN Licorice Extract market.
This semi-annual analysis highlights crucial shifts in market dynamics and outlines revenue realization patterns, providing stakeholders with a more precise understanding of the growth trajectory within the year. The first half of the year, H1, covers January to June, while the second half, H2, spans July to December.
H1 signifies the period from January to June, and H2 Signifies the period from July to December.
For the ASEAN Licorice Extract market, the sector is predicted to grow at a CAGR of 7.4% during the first half of 2023, with an increase to 7.8% in the second half of the same year. In 2024, the growth rate is expected to decrease slightly to 8.2% in H1 but is expected to rise to 10.2% in H2.
This pattern reveals a decrease of 20 basis points from the first half of 2023 to the first half of 2024, followed by an increase of 20 basis points in the second half of 2024 compared to the second half of 2023.
| Date | Development/M&A Activity & Details |
|---|---|
| February 2023 | India’s NutriRoot launched a fortified licorice extract powder for Pharmaceutical and immunity. |
| June 2023 | Malaysian herbal brand VitaHerb introduced licorice-based chewable gummies targeting children’s gut health. |
| September 2023 | Thai company GlowEssence debuted a skincare serum with concentrated licorice extract for hyperpigmentation. |
| November 2023 | Global producer PureGlycyrrhizin expanded its manufacturing capacity in Indonesia to meet regional demand for pharmaceutical-grade licorice extract. |
| January 2024 | ASEAN-focused brand GreenWellness launched a range of licorice-infused herbal teas for stress relief and detoxification. |
Rising Demand for Digestive and Immune Health Products
One of the remarkable tendencies in the ASEAN Licorice Extract Market is the rise of products that specifically target digestive and immune health. This special licorice extract ingredient becomes a viable product to include in dietary supplements and functional foods for gleds intestinal discomfort and fighting bacteria.
The health of the digestive system is still an important target for consumers in the ASEAN region, particularly thanks to the fast pace of modern life and the changes in food that brought up the problem of gastrointestinal diseases.
So, for the most part, licorice extract in this respect the gut health is widely used in products such as chewable tablets, gummies, and capsules that contain it. In this case, the extract's property of protecting the gut lining and preventing excess stomach acid from being produced makes it a very important constituent of digestive and colon health supplements.
Increasing Integration into Cosmetics and Skincare
Licorice extract has jumped into and become a popular component in the ASEAN cosmetics and skincare industry due to its qualifying capabilities such as being a natural skin brightening and anti-inflammatory agent. With the rise in the number of consumers requesting clean-label and plant-based beauty products, licorice extract is the frequently used ingredient in the formulation of products for hyperpigmentation, dark spots, and uneven skin tone.
The active compound glabridin, which is in licorice extract, is known to slow down the process of melanin secretion, thus, replacing chemical brightening agents is possible with the use of licorice extract. Skincare products such as serums, face masks, and sunscreens are packed with licorice extract for the dual purposes of providing a brightening effect and protecting the skin from UV-induced pigmentation.
These benefits, aside from the fact that they are sought after in Malaysia and Thailand, where sun exposure and humidity are factors leading to skin issues, make it a particularly interesting ingredient.
The following table shows the estimated growth rates of the top four markets. These countries are set to exhibit high consumption, recording high CAGRs through 2035.
Licorice extract has become a dominant substance in herbal medicine and wellness products due to India's great heritage of Ayurveda. It has wide use in drug compositions that promote Pharmaceutical, immunity, and liver function, therefore, it is the main factor of the growth of demand in both domestic and overseas markets.
India is among the top countries as a licorice extract producer and exporters, and it meets the global need for these products in the pharmaceutical and nutraceutical sectors. Government initiatives to promote Indian traditional medicine through programs like AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy) have added to the strength of the licorice extract market.
The development of Malaysia's licorice extract is the result of the booming functional food and pharmaceutical industries. The increasing knowledge about the natural pathway to good health and preventive therapies has resulted in the enhanced consumption of licorice extract in dietary supplements, herbal teas, and functional drinks. The halal-certified herbal product market in Malaysia is also a major contributor to the increase in demand.
Pharmaceutical is the largest application segment for licorice extract in the ASEAN market.
The leading application segment for licorice extract in the ASEAN market is Pharmaceutical, driven by rising consumer consciousness regarding gut health and the growing incidence of digestive disorders. The licorice extract, which comes from the root of the Glycyrrhiza glabra plant, is famous for its relief and anti-inflammatory effects, and as a result, it is frequently used in dietary supplements that promote bowel health.
Licorice extract is the most important health benefit for those who accidentally ignore acid regurgitation and gastroesophageal reflux disease (GERD). Research shows that the extract has glycyrrhizin which makes it easier to create inflammatory substances in the gastrointestinal tract, thereby reducing the burning sensation in the stomach and the pains. Furthermore, licorice extract can also facilitate the recovery of gastric ulcers using mucus, which is a protector of the stomach lining from acids that are involved in the process of the disease.
Powder forms one of the most popular and versatile options in the ASEAN market.
Licorice extract can be found in multiple types with the most popular being powder, which is a versatile choice in the ASEAN market. Powdered licorice extract offers a few advantages which is why it is the go-to choice for both manufacturers and consumers.
Licorice powder in different formulations is one of its main perks. It blends easily with dietary supplements, functional foods, and beverages which means you can explore a wide range of applications. This feature is a major attraction to manufacturers as they are looking for natural ingredients to be added to their products and promote Pharmaceuticals.
2025 Market Share of ASEAN Licorice Extract Manufacturers
Note: The above chart is indicative
The ASEAN Licorice Extract Market is intensely contested, with top companies directing their efforts toward invention and imbibing sustainability. Prominent industry names such as PureGlycyrrhizin and domestic representatives like NutriRoot are allocating their budgets to cutting-edge extraction techniques and integrated products.
Online shopping websites are functioning as the primary means of distributing the products and thus increase the range of farmers who can offer sustainability sourcing through partnerships with them. The rivalry is characterized by assertive research and development initiatives as well as eco-friendly product introductions, all directed toward consumers with varied personal needs.
The ASEAN Licorice Extract market is projected to grow at a CAGR of 10.2% from 2025 to 2035.
By 2035, the market is expected to reach an estimated value of USD 578.5 million.
India are key Country with high consumption rates in the ASEAN Licorice Extract market.
Leading manufacturers include Nestlé, FrieslandCampina, Fonterra, and Kraft Heinzothers are the key players in the ASEAN market.
As per Form, the industry has been categorized into Powder and Liquid.
As per Application, the industry has been categorized into Pharmaceutical, Food and Beverage, and Others.
Industry analysis has been carried out in key countries of India, Malaysia, Thailand, Philippines, Vietnam, and other ASEAN Countries.
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ASEAN Licorice Extract Market
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