Licorice Extract Market Research, 2030
The licorice extract market size was valued at $1,872.9 million in 2020, and is projected reach $3,578.6 million by 2030, registering a CAGR of 6.8% from 2021 to 2030.
Licorice is extracted from the roots of liquorice, which is a medicinal plant. The extracts from roots of licorice plants have aromatic flavoring and are sweet in nature. These plants are native to North Africa, Western Asia, and southern Europe. Much of the sweetness in licorice extracts comes from the compound named glycyrrhizin and is about 30-50 times sweeter compared to sugar. Licorice is generally grown in Afghanistan, India, China, Italy, Iran, Pakistan, Azerbaijan, Turkmenistan, Uzbekistan, Turkey, and Iraq. It is widely used in pharmaceutical, cosmetics, food & beverages, as well as tobacco industries.
MARKET DYNAMICS
Licorice is also known as Liquorice, or Glycyrrhizaglabra. From the roots of these medicinal plants the extracts are obtained. The extracts from roots of licorice plants are aromatic flavoring and sweet in nature. These plants are native to North Africa, Western Asia, and southern Europe. Much of the sweetness in licorice extracts comes from the compound named glycyrrhizin having a sweet taste and is around 30-50 timessweeterthan sugar. Licorice is generally grown in Afghanistan, India, China, Italy, Iran, Pakistan, Azerbaijan, Turkmenistan, Uzbekistan, Turkey, and Iraq. It is widely used in pharmaceutical, cosmetics, food & beverage as well as tobacco industry.
Licorice extracts and roots have been used since thousands of years particularly in Asia for treatment of variety of ailments, including but not limited to digestive distress, respiratory conditions, and inflammation. Licorice consists of more than 300 compounds having myriad of properties such as anti-viral, anti-microbial, and anti-inflammatory. Traditionally licorice was widely used as a treatment for heartburn, stomach ulcers, toothache, indigestion, asthma, fever, bronchitis, and coughs. Hepatitis C, cancer memory loss, and skin infections are new areas where this medicine is found to be highly useful.
Licorice extract is used as a flavoring agent in many kinds of food & beverages. It is also used as a sweetener to enhance the sweetness of some food. But it is not the only food additive or natural sweetener available on the market. Stevia, a natural sweetener, is more commonly used and more widely known. Anise is another naturally available plant that has a very similar taste to licorice, and is often used as a licorice substitute. Other naturally occurring herbs such asfennel, basil, chervil, tarragon, and tea tree are the alternatives to licorice extract. These alternatives pose as a barrier to licorice extract market growth and impede the adoption of licorice extract as a natural flavoring and sweetening agent.
SEGMENTS OVERVIEW
The global licorice extract market is segmented on the basis of product type, form, application, and region. Based on product type, the global market is segmented into food grade, feed grade, and pharmaceutical grade. By form, the market is segmented into powder, liquid, and block. Based on application, the global market is studied across food & beverages, pharmaceutical, tobacco, and others. The global market is also analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Product Type
Feed grade segment would exhibit the highest CAGR of 8.5% during 2021-2030.
By Product Type
Based on product type, the global market is segmented into food grade, feed grade, and pharmaceutical grade. The pharmaceutical grade segment leads in terms of licorice extract market share; however, the feed grade segment is poised to grow with highest CAGR, owing to adoption of licorice extracts in feed to improve immunity and health of livestocks.
By Form
Powder segment would exhibit the highest CAGR of 7.4% during 2021-2030.
By Form
Based on form, the global licorice extract market is studied across powder, liquid, and block. The powder segment dominates the global market, and is likely to retain its dominance during the forecast period. Powder form of licorice extracts is widely used in pharmaceutical as well as the food & beverages industry. All of the licorice extracts produced are available in mainly three forms; liquid, block, and powder. These forms are based on the application for which the extract will be used in the future. Majority of manufacturers produces licorice extracts in all the three forms. The most commonly used form is powder and liquid. Abovementioned forms are easy to integrate into the end-use products.
By Application
Others segment would exhibit the highest CAGR of 9.0% during 2021-2030.
By Application
Based on application, the global licorice extract market is studied across food & beverages, pharmaceutical, tobacco, and others. The pharmaceutical segment to retain maximum market share, owing to anti-viral, anti-inflammatory, antimicrobial properties of licorice extracts being widely used in pharmaceutical products.
By Region
Asia Pacific region would exhibit the highest CAGR of 7.7% during 2021-2030.
COMPETITION ANALYSIS
The report focuses on the market growth prospects, restraints, and opportunities. The study provides Porter’s five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the licorice extract market.
Some of the major players profiled in the licorice extract market analysis include BGG World, C.E. Roeper GmbH, F&C Licorice Ltd, Glycyrrhiza Glabra Co., Ltd, Mafco Worldwide LLC, Maruzen Pharmaceuticals Co., Ltd, Norevo GmbH, Ransom Naturals, Shaanxi Fujie Pharmaceutical Co, Ltd, and Zagros Licorice Co. Other prominent players analyzed in the report are ASEH, Sanat Products Limited, HB Natural Ingredients, Zelang Group, Sepidan Osareh Co., Vpl Chemicals Pvt. Ltd, and Aushadhi Herbal.
Key Benefits For Stakeholders
The study provides an in-depth analysis of the market with current and future licorice extract market trends to showcase the forthcoming investment pockets.
Information regarding key drivers, restraints, and opportunities along with their impact analysis on the market is provided in the report.
Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the market is provided to determine the market potential.
In-depth analysis and the market size and segmentation assist to determine the prevailing licorice extract market opportunities.
The major countries in each region are mapped according to their revenue contribution to the market.
The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the licorice extract industry.
Licorice Extract Market Report Highlights
| Aspects | Details |
 By PRODUCT TYPE |
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 By FORM |
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 By APPLICATION |
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 By Region |
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 Key Market Players | GLYCYRRHIZA GLABRA CO., LTD, NOREVO GMBH, RANSOM NATURALS LTD, F&C LICORICE LTD., SHAANXI FUJIE PHARMACEUTICAL CO., LTD, BEIJING GINGKO GROUP, MARUZEN PHARMACEUTICALS CO., LTD, .C.E. ROEPER GMBH, .ZAGROS LICORICE CO., MAFCO WORLDWIDE LLC (Part of World Earth Brands Group) |
Analyst Review
The global licorice extract market is expected to witness optimistic growth in upcoming yearsas it is known for its sweet taste. Growth in awareness regarding myriad of benefits of licorice surgesits demand in the market. The market is likely to witness diversification in application of licorice extracts with animal feed and cosmetics market providing new growth avenues for the proliferation of the market. Nevertheless, the market also faces stiff competition from other high intensity sweeteners such as Stevia and Aspartame. However, with growing demand for clean label natural products the prospects for future remain positive.
The manufacturers of licorice are mainly based in China with high trade flow across the world including Japan, the U.S., the UK, and other European countries. The market has also witnessed huge surge, owing to COVID-19 pandemic. Studies reveal the positive impact of licorice extracts on recovery from corona virus. Furthermore, licorice has been widely accepted in Asian countries particularly in China and India for its anti-viral properties. With increased consumer consciousness toward their health and immunity, the demand for licorice and its extracts to remain fairly high for atleast coming two years. The new demand arising is likely to be compensated by new players entering in the market and existing players expanding their production capabilities.
The licorice extract market size is poised to reach $3,578.6 million by the end of 2030.
The licorice extract market to register a CAGR growth of 6.8% between 2021 and 2030.
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Some of the major players operating in the industry are BGG World, C.E. Roeper GmbH, F&C Licorice Ltd, Glycyrrhiza Glabra Co., Ltd, Mafco Worldwide LLC, Maruzen Pharmaceuticals Co., Ltd, Norevo GmbH, Ransom Naturals, Shaanxi Fujie Pharmaceutical Co, Ltd, and Zagros Licorice Co.
The global licorice extract market is segmented on the basis of product type, form, application, and region.
2020 is the base year used for calculation in the licorice extract market report.
Adoption of licorice extract in animal feed and cosmetics are the new trends in the market.
The COVID-19 pandemic will positively impact the licorice extract market in 2021.
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