Licorice extract is derived from Glycyrrhiza glabra licorice roots. It has an aromatic flavoring and a sweet taste. It exhibits various antioxidant, anti-inflammatory and antimicrobial properties that aid in the treatment of ailments, such as heartburn, acid reflux, hot flashes, coughs, and bacterial and viral infections. It finds extensive applications in the pharmaceutical, cosmetics, and food and beverage industries.
According to the global licorice extract market report by IMARC Group, the market reached a value of US$ 1,810 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 2,439 Million by 2027, exhibiting at a CAGR of 4.40% during 2022-2027.
Global Licorice Extract Industry Trends and Drivers:
The global market is majorly driven by the increasing health consciousness among consumers. Along with this, the rising incidences of diabetes, toothache, asthma, celiac diseases, and skin infections are favoring the market growth. Furthermore, the increasing product demand in the pharmaceutical industry is significantly contributing to market growth across the globe.
Moreover, significant growth in the food and beverage industry has also created a positive outlook for the market since there has been an increasing demand for licorice extract as a food additive or natural sweetener in candies and custard.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis of region, product type, form and application.
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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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
