The global licorice extract market was worth USD 1.8 billion in 2021 and is expected to increase to USD 2.7 billion by 2030 at a CAGR of 4.8%.
Licorice Extract Market
One of the main aspects fostering a positive outlook for the 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.
According to the report, the report estimates that the global market will expand from its estimated value of USD 1.8 billion in 2021 to USD 2.7 billion by 2030, with a predicted compound annual growth rate (CAGR) of around 4.8% between 2022 and 2030.
The global licorice extract market growth is expected to be driven by the Asia Pacific. It is currently the world’s highest revenue-generating market because in the region licorice is used for various purposes such as in bakery, confectionery and Ayurveda medicine.
The global licorice extract market is dominated by players like NOREVO, FC Liquorice, Iranlicorice.com, Zagros Liquorice co., VPL Chemicals, MAFCO Worldwide LLC, RANSOM NATURALS LTD, Aushadhi Herbal, Aseh Co., Green Wave Ingredients Inc., Sanat Products LTD., Maruzen Pharmaceutical Co., Ltd., Alfarid Corporation Limited, Avestia Pharma, Nutra Green Biotechnology Co.,Ltd., Mafco Worldwide LLC, Mitsubishi Corporation Life Sciences Limited., HYUNDAI BIOLAND among others.