Licorice Extract Products Market size was valued at USD 1.2 Billion in 2024 and is forecasted to grow at a CAGR of 6.3% from 2026 to 2033, reaching USD 1.9 Billion by 2033.
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The Licorice Extract Products Market has experienced notable fluctuations from 2018 to 2022, driven by shifting consumer preferences, expanding applications, and evolving regulations. As we transition into the 2023-2033 period, new trends and innovations are expected to shape the industry in exciting ways.
From 2018 to 2022, the global market for licorice extract products witnessed steady growth, with significant interest from the food and beverage, pharmaceutical, and cosmetic industries. The food industry, in particular, led the demand for licorice extracts due to their use in confectioneries, beverages, and flavorings. Additionally, licorice extracts were increasingly recognized for their medicinal properties, including their ability to soothe gastrointestinal discomfort and act as an anti-inflammatory agent.
Key Factors Driving Growth (2018-2022):
Growing awareness of the health benefits of licorice.
Increased demand for natural ingredients in food and personal care products.
Licorice’s widespread use in traditional medicine.
Rising consumer inclination towards herbal and plant-based products.
Challenges Faced:
Regulatory hurdles related to the use of glycyrrhizin, a compound found in licorice.
Environmental challenges in sourcing licorice root due to climate conditions.
Fluctuating prices due to supply chain disruptions.
The market for licorice extract products is poised for significant transformation in the next decade. A growing interest in functional foods and natural remedies is expected to drive demand in new sectors. In particular, innovations in health supplements, personal care, and even the cannabis industry are set to fuel growth.
Projected Demand Drivers (2023-2033):
Increased consumer preference for plant-based and organic products.
Expansion of licorice extracts in skin care for their anti-aging and anti-inflammatory properties.
Licorice as a potential natural flavoring agent in healthier snack foods.
Regulatory advancements paving the way for safer, more widespread use of licorice extracts.
Growth Opportunities:
New product developments such as licorice-based beverages and dietary supplements.
Increased adoption of licorice extract in the cannabis industry for its soothing properties.
Expanding markets in Asia-Pacific and Latin America as new licorice cultivation areas are explored.
The demand from 2023 to 2033 will likely be influenced by global shifts toward natural ingredients, growing awareness of health and wellness, and innovations in licorice extraction techniques. As the market evolves, manufacturers will need to stay agile to capitalize on emerging opportunities while mitigating risks associated with supply chain uncertainties and regulatory challenges.
The importance of Licorice Extract Products Market research reports lies in their ability to aid strategic planning, helping businesses develop effective strategies by understanding market trends and dynamics. They play a crucial role in risk management by identifying potential risks and challenges, allowing businesses to mitigate them proactively. These reports offer a competitive advantage by providing insights into competitors' strategies and Licorice Extract Products Market positioning. For investors, they provide critical data for making informed decisions by highlighting market forecasts and growth potential. Additionally, market research reports guide product development by understanding consumer needs and preferences, ensuring products meet market demands and drive business growth.
What are the Type driving the growth of the Licorice Extract Products Market?
Growing demand for below Type around the world has had a direct impact on the growth of the Licorice Extract Products Market:
Pharmaceutical Grade, Food Grade, Feed Grade
What are the Applications of Licorice Extract Products Market available in the Market?
Based on Application the Market is categorized into Below types that held the largest Licorice Extract Products Market share In 2024.
Pharmaceutical, Food, Cosmetic, Others
Who is the largest Manufacturers of Licorice Extract Products Market worldwide?
Magnasweet, ASEH, Zagros Licorice, Sepidan Osareh, FandC Licorice, Norevo GmbH, Ransom Naturals, Maruzen Pharmaceuticals, MCFS, Aushadhi Herbal, Avestia Pharma, VPL Chemicals, Zelang, Changyue, Bokai
Short Description About Licorice Extract Products Market:
The global Licorice Extract Products Market is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2031. In 2022, the market is growing steadily, and with the increasing adoption of strategies by key players, the market is expected to rise over the projected horizon.
North America, particularly the United States, will continue to play a pivotal role in the market's development. Any changes in the United States could significantly impact the Licorice Extract Products Market growth trends. The market in North America is projected to grow considerably during the forecast period, driven by the high adoption of advanced technology and the presence of major industry players, creating ample growth opportunities.
Europe is also expected to experience significant growth in the global market, with a strong CAGR during the forecast period from 2024 to 2031.
Despite intense competition, the clear global recovery trend keeps investors optimistic about the Licorice Extract Products Market, with more new investments expected to enter the field in the future.
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Which regions are leading the Licorice Extract Products Market?
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
What are the global trends in the Licorice Extract Products Market? Would the market witness an increase or decline in the demand in the coming years?
What is the estimated demand for different types of products in Licorice Extract Products Market? What are the upcoming industry applications and trends for the Licorice Extract Products Market?
What Are Projections of Global Licorice Extract Products Market Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and Export?
Where will the strategic developments take the industry in the mid to long-term?
What are the factors contributing to the final price of Licorice Extract Products Market? What are the raw materials used for Licorice Extract Products Market manufacturing?
How big is the opportunity for the Licorice Extract Products Market? How will the increasing adoption of Licorice Extract Products Market for mining impact the growth rate of the overall market?
How much is the global Licorice Extract Products Market worth? What was the value of the market In 2020?
Who are the major players operating in the Licorice Extract Products Market? Which companies are the front runners?
Which are the recent industry trends that can be implemented to generate additional revenue streams?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Licorice Extract Products Market Industry?
1. Introduction of the Licorice Extract Products Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Licorice Extract Products Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Licorice Extract Products Market, By Product
6. Licorice Extract Products Market, By Application
7. Licorice Extract Products Market, By Geography
North America
Europe
Asia Pacific
Rest of the World
8. Licorice Extract Products Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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