Licorice Extract Market Poised for Robust Growth at Healthy CAGR of 5.2% During 2023-28

The latest study released on the Global Licorice Extract market by Markntel Advisors evaluates market size, trends, and forecast to 2028. The Licorice Extract market study covers substantial research data by analyzing market trends, growth drivers, opportunities, upcoming challenges, and competitive landscape. According to the report, the Global Licorice Extract Market size was valued at around USD 2.12 billion in 2022. Looking forward, Markntel Advisors estimated the industry to grow at a CAGR of about 5.2% during the forecast period, i.e., 2023-28.

What is Licorice Extract?

Licorice also known as ‘liquorice’ is defined as a sweet-flavored root of the Glycyrrhize glabra plant. This plant’s root is used as a flavoring agent in many food products, such as candies, confectionery & bakery products, etc. as well as in medicines. It is native to North Africa, Western Asia, and Southern Europe.

What are the Growth Prospects and Trends in the Global Licorice Extract Market?

The growth factors shaping the global Licorice Extract industry are as follows:

• Rising health concerns & prevalence of diseases like diabetes, celiac disease, and several other chronic ailments
• Expanding pharmaceutical or medical sector and food & beverage industry
• Growing adoption of Licorice extracts in cosmetic industry
• Increasing popularity of clean-label and organic products
• Booming applications of natural ingredients

What are the Challenges Restricting the Expansion of Global Licorice Extract Market Growth?

The major components hampering the industry's growth are stated below:

• Diminishing tobacco industry
• Instability in licorice supply and pricing
• Overharvesting and unsustainable agricultural practices pose environmental concerns

What is included in Industry Segmentation?

The report has segmented the market into the following categories:

Division by Product Type:

• Food Grade,
• Feed Grade,
• Pharmaceutical Grade

On the basis of the product type, the Pharmaceutical Grade segment acquired substantial shares across the global industry. This growth is attributed to the increasing preference among consumers for natural remedies and herbal medicines due to their perceived safety and efficacy. Additionally, the rising user inclination towards natural and alternative health remedies is driving higher demand for herbal products that include licorice.

Division by End User:

• Food & Beverages,
• Pharmaceuticals,
• Tobacco, and Others

Division by Form:

• Powder,
• Liquid,
• Block

On the basis of form, the powder-form extract industry is expected to witness considerable growth during the forecasting years i.e., 2023-28.  This growth is further driven by its user-friendly nature, cost-effectiveness, and wide adoption across the pharmaceutical as well as the food and beverages industry. Moreover, the powder form is also considered the most preferable extract by manufacturers due to its simplifying feature of the production process that further facilitates enhancing storage efficiency and reduces transportation costs.

Which Region is Capturing Potential Shares Across the Global Licorice Extract Industry?

The regions covered in the marker report are Asia-Pacific, Europe, North America, South America, the Middle East, and Africa. Asia-Pacific region is expected to dominate the industry with substantial market share owing to the wide acceptance, especially across China and India for its anti-viral properties. Moreover, the new demand arising is likely to be compensated by new players entering the market and existing players expanding their production capabilities, further boosting Asia-Pacific licorice extract market growth worldwide.

How Industry Players Strengthen the Growth of the Licorice Extract Industry Worldwide?

To strengthen their market position, certain market players such as Alfarid Corporation Limited, AOS Products Pvt. Ltd., Avestia Pharma, C.E. Roeper GmbH, F&C Licorice Ltd., Herbochem, Hyundai Bioland, Mafco Worldwide LLC, Maruzen Pharmaceuticals Co. Ltd., Norevo GmbH, Shaanxi FUJIE Pharmaceutical Co. Ltd., VPL Chemicals Pvt Ltd. , Beijing Gingko Group , Glycyrrhiza Glabra Co. Ltd., Ransom Naturals Ltd., and Others, are operating, not only to raise revenue but also to seek comprehensive attention and popularity from large customers. Therefore, looking forward to futuristic growth and betterment.

Future Outlook of the Licorice Extract Industry

As per the analytical report published by Markntel Advisors, the Licorice Extract industry is anticipated to grow & flourish during the forecast period as the above-stated factors are changing the market landscape and opening doors to the market players. Market players can enhance their market size & revenue by meeting the changing market dynamics and evolving consumer expectations. Additionally, market players with the help of SWOT analysis can adjust their existing settings regarding the evolving market trends, which would ultimately augment the size & volume of the Licorice Extract industry at the global level.