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

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

The Licorice Extract Market is expected to grow at a CAGR of 4.5% during 2024-2032, driven by the growing consumer preference for natural and organic ingredients, the versatility of licorice extract in various applications, and the expansion of the pharmaceutical sector.

According to Harvard, around 4 million people die prematurely from respiratory disorders each year. With an increasing number of individuals experiencing digestive discomforts and respiratory issues worldwide, there is a growing demand for natural remedies that offer relief without adverse side effects.

Licorice extract has long been recognized for its therapeutic properties, including its ability to soothe gastrointestinal discomfort and alleviate respiratory symptoms. As consumers seek alternative treatments to address these health concerns, the demand for licorice extract-based products could escalate. This trend presents lucrative opportunities for market players to develop innovative formulations tailored to meet the specific needs of individuals suffering from digestive and respiratory ailments, thereby driving industry growth.

The Licorice Extract Market is classified based on grade, form, application, and region.

Food Licorice Extract segment will witness substantial growth by 2032 as licorice extract finds widespread application in the food industry as a natural sweetener and flavoring agent. With growing consumer preference for natural and organic ingredients, food manufacturers are incorporating licorice extract into various products such as confectionery, beverages, and dairy products. Moreover, the versatility of licorice extract allows for its utilization in both sweet and savory dishes, further expanding its application scope in the food sector.

The Licorice Extract Market Share from the powdered licorice extract segment will register significant growth by 2032, as it offers convenience in storage, transportation, and handling, making it an ideal choice for manufacturers across diverse industries. Furthermore, powdered licorice extract can be easily incorporated into formulations to impart flavor, color, and health benefits. This versatility has led to a surge in demand for powdered licorice extract in the food, pharmaceutical, and cosmetic industries, thereby driving segment growth.

North America Licorice Extract Industry will gain commendable traction through 2032, driven by the increasing adoption of natural ingredients in the food and beverage industry and the rising prevalence of lifestyle-related health conditions. Moreover, the expanding pharmaceutical sector, in line with the growing demand for herbal medicines and supplements, is contributing to market growth. Key market players are focusing on expanding their presence in the region through strategic partnerships, product launches, and acquisitions to capitalize on the available growth opportunities.