Global Licorice Extract Market Size, Share, Growth, and Forecast 2030
The global licorice extract market was valued at about USD 1.8 billion in 2021 and is expected to grow to about USD 2.7 billion by 2030, with a compound annual growth rate (CAGR) of about 4.8% between 2022 and 2030. The report investigates the drivers, restraints/challenges, and the impact they will have on demand in the global licorice extract market over the forecast period. In addition, the report looks into new opportunities in the licorice extract market.
Licorice Extract Market: Overview
Licorice extract is a herbal extract derived from the roots of Glycyrrhiza glabra, which grows naturally and in the wild. It has a sweet and aromatic flavour and is made by boiling licorice root pulp. It is widely available in paste, liquid, block, and powdered forms and is used as a natural sweetener and flavouring in confections, beverages, and medications. They can be used to treat hot flashes, acid reflux, digestive issues, menopausal symptoms, heartburn, and bacterial and viral infections due to their anti-inflammatory, anticancer, antibacterial, and antioxidant properties. Licorice extract can also help with hepatitis C, peptic ulcers, cavities, blood sugar control, and weight loss. As a result, it has a wide range of applications in a variety of industries, including pharmaceuticals, cosmetics, and food.
Licorice Extract Market: Growth Drivers
Licorice extract is a herbal extract derived from the roots of the Glycyrrhiza glabra plant, which grows naturally and in the wild. It is made by boiling the pulp of licorice roots and has a sweet and aromatic flavour. It comes in paste, liquid, block, and powdered forms and is used as a natural sweetener and flavouring in confections, beverages, and medications. Hot flashes, acid reflux, digestive issues, menopausal symptoms, heartburn, and bacterial and viral infections can all be treated with their anti-inflammatory, anticancer, antibacterial, and antioxidant properties. Hepatitis C, peptic ulcers, cavities, blood sugar control, and weight loss can all be helped by licorice extract. As a result, it has numerous applications in a variety of industries, including pharmaceuticals, cosmetics, and food.
Licorice Extract Market: Segmentation
The global licorice extract market is segmented into four categories: type, form, application, and region.
There are three types of food grade, feed grade, and pharmaceutical grade on the global market. The pharmaceutical grade segment had the highest revenue share in 2021 and is expected to maintain its lead throughout the forecast period. Pharmaceutical grade licorice extract is commonly found in medications, cough syrup, creams, and cosmetics. It helps with indigestion, acid reflux, and sore throats. In the pharmaceutical industry, licorice extract is used as a liquid and powder ingredient in tablets, lotions, ointments, syrups, and cosmetics. Licorice extract is used in creams and cosmetics to treat eczema and acne. As a result, segmental growth is being driven.
Licorice extract is classified into three types: liquid, block, and powder. In 2021, the powder segment held the largest market share, and this trend is expected to continue throughout the forecast period. Licorice extract powder is made by spray drying licorice extract until it becomes a fine powder.
Typically, the liquid is extremely thick and viscous, with a viscosity comparable to paste. A liquid extract is the most common. The food and beverage industries rely the most on liquid extraction. Licorice candy is a popular delicacy in many parts of Europe and America. They can be used to make tea and root beer, among other things.
Licorice Extract Market: Competitive Analysis
The global licorice extract market is dominated by players like
Zagros Liquorice co.
MAFCO Worldwide LLC
RANSOM NATURALS LTD
Green Wave Ingredients Inc.
Sanat Products LTD.
Maruzen Pharmaceutical Co. Ltd.
Alfarid Corporation Limited
Nutra Green Biotechnology Co. Ltd.
Mafco Worldwide LLC
Mitsubishi Corporation Life Sciences Limited.
The global licorice extract market is segmented as follows:
Food & Beverages
Cosmetics & Personal Care
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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