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Licorice Extract Market Size, Share, Growth and Industry Forecast 2023-2028

IMARC Group, a leading market research company, has recently releases report titled “Licorice Extract Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global licorice extract market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Licorice extract is a herbal material obtained from wild and organically grown Glycyrrhiza glabra roots. It has an aromatic and sweet flavor produced by boiling the pulp of licorice roots. Licorice extract is mainly available in the liquid, paste, block, and powdered forms. It exhibits various properties, such as anti-inflammatory, anticancer, antimicrobial, antioxidant, etc., that aid in treating acid reflux, digestive ailments, hot flashes, menopausal symptoms, heartburn, bacterial and viral infections, etc. Licorice extract also assists in treating hepatitis C, peptic ulcers, preventing cavities, improving blood sugar levels, and promoting weight loss. As a result, it finds extensive utilization across several sectors, including pharmaceutical, cosmetics, tobacco, food and beverage (F&B), etc.

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.

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What are the growth prospects and trends in the licorice extract industry?

The escalating product demand as a natural sweetener in chewing gums, cake batters, and custards and as a flavor enhancer in meat rubs is primarily driving the licorice extract market.

Besides this, the elevating requirement for this material in the pharmaceutical sector to manufacture medicines for toothache, asthma, fever, indigestion, bronchitis, skin infections, etc., is further augmenting the market growth. Apart from this, the introduction of organic licorice extracts, on account of the rising consumer health concerns, is also catalyzing the global market.

Moreover, the growing product popularity in the cosmetic sector as a natural skin brightener is acting as another significant growth-inducing factor. Furthermore, the rising usage of this herbal material in the tobacco sector as a de-bittering agent is expected to propel the licorice extract market in the coming years.

What is included in market segmentation?

The report has segmented the market into the following categories:

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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Who are the key players operating in the industry?

The report covers the major market players including:

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.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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