Licorice Extracts

Licorice Extracts

Global Licorice Extracts Market to Reach US$2.4 Billion by 2030

The global market for Licorice Extracts estimated at US$2.0 Billion in the year 2023, is expected to reach US$2.4 Billion by 2030, growing at a CAGR of 2.8% over the analysis period 2023-2030. Pharmaceutical Grade Licorice Extracts, one of the segments analyzed in the report, is expected to record a 3.3% CAGR and reach US$860.4 Million by the end of the analysis period. Growth in the Food Grade Licorice Extracts segment is estimated at 2.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$529.4 Million While China is Forecast to Grow at 5.0% CAGR

The Licorice Extracts market in the U.S. is estimated at US$529.4 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$523.8 Million by the year 2030 trailing a CAGR of 5.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 0.7% and 2.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.3% CAGR.

Global Licorice Extracts Market - Key Trends & Drivers Summarized

Why Are Licorice Extracts Rising in Popularity?

Licorice extracts, derived from the roots of the Glycyrrhiza plant, have become increasingly popular in various industries, particularly for their therapeutic properties and applications in food, pharmaceuticals, and cosmetics. Known for their anti-inflammatory, antioxidant, and antimicrobial properties, licorice extracts have long been used in traditional medicine to treat ailments like sore throats, digestive issues, and skin conditions. As consumer interest in natural, plant-based ingredients continues to grow, licorice extracts are being integrated into an expanding range of products, from natural sweeteners to skincare formulations.

What Are the Innovations in Licorice Extract Production and Applications?

The production of licorice extracts has evolved, with innovations aimed at enhancing extract purity, potency, and sustainability. Advanced extraction techniques, including supercritical CO2 and ultrasonic extraction, have improved the yield and quality of active compounds like glycyrrhizin and flavonoids in licorice extracts. These innovations have made it possible to tailor extracts for specific uses, such as glycyrrhizin-enriched extracts for antiviral applications or flavonoid-rich extracts for anti-inflammatory purposes. Additionally, the use of licorice in functional foods and beverages is expanding, as manufacturers seek to develop products that appeal to health-conscious consumers.

How Are Different Industries Utilizing Licorice Extracts?

Licorice extracts are widely used in the pharmaceutical, food and beverage, and personal care industries. In pharmaceuticals, licorice is valued for its soothing and anti-inflammatory effects, making it an ingredient in treatments for respiratory and digestive disorders. The food and beverage industry uses it as a natural sweetener and flavoring agent, particularly in herbal teas and confectioneries. Meanwhile, in the cosmetics industry, licorice extracts are included in skin-brightening products due to their gentle yet effective melanin-inhibiting properties, appealing to consumers seeking natural solutions for hyperpigmentation and skin aging.

The Growth in the Licorice Extracts Market Is Driven by Several Factors

The growth in the licorice extracts market is driven by several factors, including rising demand for natural ingredients, health-conscious consumer behavior, and expanding applications across industries. Increased interest in herbal medicine and functional foods has amplified demand for licorice extracts in therapeutic and wellness-oriented products. Furthermore, regulatory approval for the safe use of licorice derivatives in food and cosmetics has boosted its adoption. Additionally, the increasing trend of using plant-based ingredients in cosmetics and personal care aligns with consumer preference for sustainable and clean-label products. These drivers position licorice extracts as a versatile ingredient with promising growth potential.

SCOPE OF STUDY:

The report analyzes the Licorice Extracts market in terms of US$ Thousand by the following Application; Type, and Geographic Regions/Countries:

Segments:
Application (Pharmaceutical, Tobacco, Food and Beverage); Type (Pharmaceutical Grade, Food Grade, Feed Grade)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 58 Featured) -

• F&C Licorice Ltd.
• MAFCO Worldwide LLC
• Maruzen Petrochemical Co., Ltd.
• Norevo GmbH
• Ransom Naturals Ltd.
• Sepidan Osareh Co.
• VPL Chemicals Pvt Ltd
• Zagros Licorice co.
• Zelang Group (America Branch) Inc.

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