31-Jan-2023 | Zion Market Research
The global licorice extract market size was worth around USD 1.8 Billion in 2021 and is predicted to grow to around USD 2.7 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.8% between 2022 and 2030.
Licorice extracts, which are made from licorice roots and are available in powdered or liquid form, are utilized in pharmaceutical products. Licorice roots (Glycyrrhiza glabra), a plant indigenous to the Mediterranean region, are boiled to create the extract. It is utilized as a sweetener and flavoring agent in addition to herbal medications. The extract contains anti-viral, anti-inflammatory, and detoxifying effects. As the extract is about 50 times sweeter than sugar, it is commonly employed in the food business.
One of the main elements fostering a positive outlook for the global licorice extract market is the significant increase in the food and beverage sector. In addition to being a common food additive or natural sweetener in sweet custard, chewing gum, and cake mixes, licorice extract can also be added to a meat rub to improve flavor. Additionally, the pharmaceutical industry's rising product demand is encouraging market expansion. Licorice extract is frequently used in the production of medications for skin infections, asthma, bronchitis, toothaches, dyspepsia, and fever. Additionally, the licorice extract industry is growing as a result of consumers' increasing preferences for organic products, particularly among millennials who are becoming more health conscious. By this, the market growth is being positively impacted by the product's broad use as a de-bittering agent in the tobacco business. Other factors, such as consumers' increasing purchasing power and the product's extensive use in the cosmetics industry as a natural skin brightener, are predicted to propel the market toward expansion.
The global licorice extract market is segmented based on the type, form, application, and region.
Based on the type, the market is segmented into food grade, feed grade, and pharmaceutical grade. The food grade segment is expected to grow at the highest CAGR during the forecast period. Several confections, including candies, jellies, chocolates, sodas, and others, contain food-grade licorice extract. It is completely safe to consume and presents no risk to the body. The appeal of licorice extract-based candies is enjoyed by many countries, including Europe and America. The extract is also an ingredient in the popular root beer in the United States. Organic tea contains licorice extract, which enhances the flavor.
Based on the application, the market is categorized into food & beverages, tobacco products, cosmetics & personal care, pharmaceuticals and others. The pharmaceutical segment is expected to hold a significant market share during the forecast period. The use of licorice plant extract in modern drugs and medications is also widespread. In the form of pills or syrup, it is frequently used as a drug to treat conditions like acid reflux, heartburn, indigestion, and others. Thus, the pharmaceutical segment holds a significant market share over the forecast period.
The market for licorice extracts worldwide is dominated by Asia Pacific. The pharmaceutical industry's rising demand is too responsible for this. Licorice extracts are commonly used in China to treat ulcers and to improve the immune system by raising interferon levels naturally. In China, it is also referred to as "The Great Detoxifier." It is applied to the management of chronic hepatitis B in Japan. Licorice extracts are becoming more popular for use in food foams. Licorice extracts are becoming more and more important in food foams because of their ability to foam. The final product's quality and shelf life are improved by this extract. As a result, these extracts are frequently employed as foaming agents in the beverage sector.
This review is based on a report by Zion Market Research, titled “Licorice Extract Market By Type (Food Grade, Feed Grade, and Pharmaceutical Grade), By Form (Liquid, Block, and Powder), By Application (Food & Beverages, Tobacco Products, Cosmetics & Personal Care, Pharmaceuticals, and Others) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/licorice-extract-market
The global licorice extract market is dominated by players like:
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