Licorice Extract Market Size & Share, By Grade (Pharmaceutical, Food, Feed), Form (Liquid, Powder, Block, Others), Application (Food & beverages, Pharmaceutical, Tobacco, Others), Growth Prospects, Regional Outlook, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Licorice Extract Market surpassed USD 2.3 Billion in 2023 and is expected to exceed USD 3.46 Billion by end of the year 2032, witnessing more than 4.6% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 2.3 Billion
• CAGR (2024-2032): 4.6%
• Forecast Year Value (2032): USD 3.46 Billion
• Historical Data Period: 2019-2023
• Largest Region: Asia Pacific
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The Licorice Extract Market is expected to grow significantly due to increasing demand for natural and organic ingredients in various industries such as food and beverage, pharmaceuticals, and personal care. The medicinal properties of licorice extract, including its anti-inflammatory and anti-viral benefits, are driving its adoption in the healthcare sector. Furthermore, the rising popularity of herbal medicine and traditional remedies is fueling the demand for licorice extract globally.

Report Scope

Report Coverage	Details
Segments Covered	Grade, Form, Application
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Alfard ltd., AOS Products Pvt., Avestia Pharma, C.E. Roeper, F&C Licorice extract., Herbochem, Hyndai Bioland, Mafco Worldwide LLC, Maruzen Phamaceuticals Co.., Norevo, VPL Chemicals, Shaanxi FUJIE Pharmaceutical Co..

Industry Restraints:

Despite the promising growth prospects, there are certain restraints that could hinder the expansion of the Licorice Extract Market. One major restraint is the limited availability of licorice root, which serves as the primary source of licorice extract. The cultivation and harvesting of licorice root is a time-consuming process, and factors such as climate change and soil degradation can impact the availability and quality of licorice root. Additionally, fluctuations in raw material prices and stringent regulations pertaining to the use of licorice extract in certain regions can pose challenges for market players.

Regional Forecast:

North America:

The licorice extract market in North America is expected to experience steady growth, with the United States and Canada being key markets. Factors driving this growth include increasing awareness of the health benefits of licorice extract and the rising demand for natural sweeteners in the region.

Asia Pacific:

The Asia Pacific region, particularly China, Japan, and South Korea, is anticipated to witness significant growth in the licorice extract market. These countries are major producers of licorice root and have a long history of using licorice extract in traditional medicine and culinary applications.

Europe:

In Europe, countries such as the United Kingdom, Germany, and France are expected to contribute to the growth of the licorice extract market. The increasing popularity of natural and organic products, as well as the growing demand for licorice extract in the pharmaceutical and food industries, are driving market growth in these countries.

Segmentation Analysis:

In terms of segmentation, the global licorice extract market is analyzed on the basis of Grade, Form, Application

Licorice Extract Market, By Grade (Pharmaceutical, Food, Feed):

The pharmaceutical grade segment is expected to dominate the licorice extract market due to its wide range of applications in the pharmaceutical industry, particularly in the treatment of various health conditions. The growing demand for natural and herbal medicines is driving the growth of this segment.

The food grade segment is also witnessing significant growth, fueled by the increasing consumer preference for natural and organic ingredients in food products. Licorice extract is widely used as a sweetening agent and flavor enhancer in various food products, which is contributing to the growth of this segment.

The feed grade segment is projected to experience steady growth, supported by the rising demand for natural feed additives in the animal feed industry. Licorice extract is known for its anti-inflammatory and antioxidant properties, making it a popular choice for animal feed formulations.

Licorice Extract Market, By Form (Liquid, Powder, Block, Others):

The powder form segment is anticipated to lead the licorice extract market, driven by its easy storage and handling characteristics. Powdered licorice extract is widely used in the food and pharmaceutical industries for various applications, such as flavoring agents and medicinal purposes.

The liquid form segment is also witnessing considerable growth, supported by the increasing demand for liquid licorice extract in beverages and oral care products. Liquid licorice extract is known for its soothing properties, making it a popular ingredient in several consumer products.

The block and other forms segment is expected to experience moderate growth, as these forms of licorice extract are less commonly used compared to powder and liquid forms. However, the unique texture and taste profile of block licorice extract are driving its adoption in niche applications.

Licorice Extract Market, By Application (Food & beverages, Pharmaceutical, Tobacco, Others):

The food & beverages segment is anticipated to hold a significant share of the licorice extract market, driven by the increasing use of licorice extract as a natural sweetener and flavoring agent in various food and beverage products. The rising consumer awareness regarding the health benefits of licorice extract is also fueling the growth of this segment.

The pharmaceutical segment is expected to witness robust growth, supported by the growing demand for herbal medicines and natural supplements. Licorice extract is valued for its anti-inflammatory, antimicrobial, and antioxidant properties, making it a popular ingredient in pharmaceutical formulations.

The tobacco segment is projected to experience steady growth, as licorice extract is commonly used as a flavoring agent in tobacco products. The unique flavor profile of licorice extract makes it a preferred choice for manufacturers looking to enhance the taste of their tobacco products.

Growth Prospects:

The licorice extract market is poised for significant growth in the coming years, driven by the increasing consumer preference for natural and plant-based ingredients in various industries. The growing awareness regarding the health benefits of licorice extract is expected to further drive market growth, as consumers seek out natural alternatives to conventional products. Additionally, the expanding applications of licorice extract in the pharmaceutical, food & beverage, and cosmetic industries are likely to create lucrative opportunities for market players

Competitive Landscape:

Competitive landscape in the Licorice Extract Market:

The Licorice Extract Market is highly competitive with a number of key players operating worldwide. These companies have a strong presence in the market and offer a wide range of licorice extract products to meet the increasing demand from various industries.

Top Market Players:

1. ASKIL Corp

2. Maruzen Pharmaceuticals Co., Ltd.

3. Zagros Licorice Co.

4. Norevo GmbH

5. Ransom Naturals Ltd

6. VPL Chemicals Pvt. Ltd.

7. F&C Licorice Pty Ltd

8. Mafco Worldwide LLC

9. Green Heaven India Pvt Ltd

10. Magnasweet Co.