Licorice Extract Market

Licorice Extract Market Overview (2022 to 2032)

According to Future Market Insights research, during the projected forecast period, the Licorice Extract market is expected to grow at a CAGR of 5.1%. The market value projected to increase is from USD 1,986.2 Million in 2022 to USD 3,266.2 Million by 2032. The Licorice Extract market was valued at USD 1,893.4 Million at the end of 2021 and is projected to exhibit Y-o-Y growth of 4.9% in 2022.

Licorice extract is made from licorice root, a popular medicinal herb in many parts of the world. Licorice root is first heated to a boil, and then the majority of the water is removed to create the extract. It is a purely natural substance that can be found as liquid or powdered root.

Historical Outlook vs. Future Projections of Licorice Extract Market

In the Historical outlook of the Licorice Extract market, the value increased from USD 1,563.7 Million in 2017 to USD 1,893.4 Million in 2021. The CAGR (2017 to 2021) is observed to be 4.9%.

Licorice was once a popular herbal remedy in China, but today it is employed by the tobacco business as well as a variety of food and beverage industries, including the tea and confectionary sectors. During the anticipated period, the licorice extract market is anticipated to increase as a result of rising consumer demand for natural sweeteners and flavors derived from plants.

Food-grade licorice extract is anticipated to hold a sizable market share in the near future. The food industry is likely to use licorice extract more frequently as a result of the increased demand for natural ingredients, which is anticipated to assist the segment's expansion throughout the forecast period.

For the Future projection of the Licorice Extract market, the value increased from USD 1,986.2 Million in 2022 to USD 3,266.2 Million in 2032. The CAGR (2022 to 2032) is estimated to be 5.1%.

Country Wise Analysis

How North America Licorice Extract market is shaping?

The licorice extract market in North America is growing rapidly due to the rising demand for natural and herbal products. The rising demand for functional foods and beverages is a major factor driving the growth of this market. In addition, the increasing use of licorice extract as a sweetener in various food and beverage applications is another key factor contributing to its market growth.

The USA contributes 34.0% of the total revenue for the Licorice Extract Market.

How Europe Licorice Extract market is shaping?

The Licorice Extract market in Europe is growing rapidly as more and more people are looking for natural ways to improve their health. Licorice Extract is a popular herbal remedy that has been used for centuries to treat a variety of ailments. The market for Licorice Extract is expected to continue to grow as more people become aware of its benefits.

The demand for Licorice Extract is highest in the countries of Germany, France, and Italy. This is due to the fact that these countries have a long history of using herbal remedies to treat medical conditions.

Germany contributes 28.0% to the Licorice Extract market and the United kingdom's CAGR for the forecast period is 3.3%.

How Asia Pacific is growing in Licorice Extract market?

The Asia Pacific licorice extract market is growing at a rapid pace. The region is expected to witness significant growth in the demand for licorice extract over the forecast period. The major drivers for this market growth are rising health awareness among consumers and the growing demand for natural ingredients in food and beverage products.

Japan's contribution to the Licorice Extract market is 10.9% of the total market share, India and China are market drivers in Asia Pacific and their latest CAGR in the Licorice Extract market are 5.9% and 3.8% respectively.

What is Licorice Extract market situation in the Latin America region?

The future of the Latin American licorice extract market is uncertain. The region is highly dependent on imports, and the industry is subject to volatile swings in commodity prices. Moreover, the political and economic stability of countries in the region is often unpredictable.

How the Middle East and Africa(MEA)& RoW are responding to Licorice Extract market?

The Middle East and Africa(MEA) and RoW are responding to the Licorice Extract market by investing in research and development to improve the quality of their products. In addition, they are working closely with suppliers to ensure a consistent supply of raw materials. As a result of these efforts, the Middle East and Africa(MEA) and RoW have seen an increase in sales of Licorice Extract products.

From the Oceania region, Australia is contributing 2.6% of the total revenue of the Licorice Extract market.

Nandini Roy Choudhury

Principal Consultant

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Category Wise Insights

What is Licorice Extract?

Herbal medicines are becoming more popular as people look for natural ways to improve their health. Licorice extract is one such herb that has a long history of use in traditional Chinese medicine.

Licorice extract is made from the root of the plant Glycyrrhiza glabra. The active ingredient in licorice extract is glycyrrhizin, which has anti-inflammatory and immune-boosting properties.

Licorice extract is available in various forms, such as capsules, tablets, and teas. It can also be used topically as a cream or ointment.

What are the benefits of Licorice Extract?

Licorice extract is a natural sweetener with multiple health benefits. It is used as a flavoring agent in food and beverages, and also has applications in the pharmaceutical industry. Licorice extract is rich in antioxidants and has anti-inflammatory properties. It is also known to boost immunity, improve digestion, and detoxify the body. These health benefits are attracting more consumers towards licorice extract, thereby driving market growth.

Many people take licorice extract to help treat stomach ulcers, bronchitis, and other respiratory infections. It is also sometimes used as a natural treatment for acne and other skin conditions.

Competitive Landscape

The licorice extract market is a highly competitive landscape with numerous players vying for a share of the pie. Key players in the market include Sichuan Union Herb, Zhejiang Kangling, Hunan Huakang, Shaanxi Jiahe Phytochemicals, and Hebei Jingu.

These companies are engaged in intense competition in terms of product offerings, pricing, and promotional activities. In order to gain a competitive edge, companies are resorting to aggressive marketing campaigns and product innovation. For instance, Sichuan Union Herb has launched a new licorice extract product that is said to be more effective than its competitors.

With the growing popularity of herbal medicines and supplements, the demand for licorice extract is expected to grow at a rapid pace in the coming years.

Licorice Extract Market Report Scope

Segmentation of Licorice Extract market

Segmentation by Application:

• Pharmaceutical Industry
• Food Industry
• Feed Industry

Segmentation by Grade:

• Pharmaceutical Grade
• Food Grade
• Feed Grade

Segmentation by Sales Channel:

• Online
• Offline

Segmentation by Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa(MEA)
• RoW