The growing demand for herbal and natural remedies and the food and beverage industry's expansion increase the demand for liquorice extracts. Its usage has recognized licorice therapeutic benefits in traditional Chinese medicine, documented for over 3000 years. In the last few years, there has been increased interest in licorice as a treatment for lung infections, stomach ulcers, and skin disorders. As a result, liquorice extracts potentially benefit general health, and herbal and natural medications are growing in popularity in the upcoming years.
Data Bridge Market Research analyses that the liquorice extracts market is expected to reach USD 4.30 billion by 2030, which was USD 2.37 billion in 2022, registering a CAGR of 4.30% from 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Liquorice Extracts Market Scope and Segmentation
| REPORT METRIC | DETAILS |
| Forecast Period | 2023 to 2030 |
| Base Year | 2022 |
| Historic Years | 2021 (Customizable to 2015 - 2020) |
| Quantitative Units | Revenue in USD Billion, Volumes in Units, Pricing in USD |
| Segments Covered | Product (Glycyrrhizin, Glycyrrhizinate, Flavonoids, Others), Form (Blocks, Paste, Powder, Granules, Semi Liquid or Liquid), Grade (Food, Pharmaceutical, Feed), Application (Food and Beverages, Tobacco Products, Cosmetics and Personal Care, Pharmaceuticals, and Others), Distribution Channel (Online, Offline) |
| Countries Covered | U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA) |
| Market Players Covered | FC Licorice (Israel), Sepidan Osareh Jonoob Co. (Iran), MAFCO Worldwide LLC (U.S.), VPL Chemicals (India), Aushadhi Herbal (India), MARUZEN PHARMACEUTICALS CO., LTD. (Japan), Nutra Green Biotechnology Co.,Ltd. (China), Avestia Pharma (India), C.E. Roeper (Germany), Botanic Healthcare (India), Beijing Gingko Group (Beijing) |
| Market Opportunities |
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Global Liquorice Extracts Market Dynamics
Drivers
- Rising health consciousness among consumers
With the increasing awareness among consumers regarding the harmful effects of synthetic and chemical ingredients, people are now more inclined towards using organic and natural products. This is one of the major factors expected to drive the growth of the liquorice extract market because it is a natural ingredient with an extensive range of health benefits. Hence, increasing health consciousness among consumers is likely to propel market growth.
- Increasing demand for liquorice extracts from the food and beverage industry
Liquorice extracts powder is widely used as a flavoring agent in the food and beverage industry owing to its sweet taste. Furthermore, it has various health benefits, such as treating lung, liver, circulatory, and kidney diseases, attracting manufacturers' attention toward its usage in various food and beverage products. Thus, the growing demand for liquorice extracts from the food and beverage industry will likely boost market growth.
Opportunities
- Growth and expansion of the cosmetics industry
The cosmetics industry is growing at a rapid pace globally, and this trend is anticipated to continue in the upcoming years. The demand for liquorice extract from the cosmetics industry is compelled by its ability to reduce pigmentation and lighten skin tone. Furthermore, it has skin-soothing and anti-inflammatory properties, making it a perfect ingredient for numerous cosmetic products. Therefore, the growth and expansion of the cosmetics industry will create lucrative opportunities for market growth.
- Increasing awareness among consumers regarding the beneficial properties of liquorice extract
Increasing consumer awareness regarding the beneficial properties of liquorice extract will likely create ample opportunities for market growth. Liquorice extract has various health benefits, including stress reduction, because it produces adrenaline and releases cortisol. Furthermore, it also helps in regular stomach cleaning by efficiently treating various gastrointestinal issues such as stomach ulcers, food poisoning, and heartburn, among others. As a result, these factors are anticipated to boost market growth throughout the forecast period.
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