Market Statistics

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 4.8% (2024-2032)

The global licorice extract market size reached US$ 2,070.6 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,175.7 Million by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.

Industry Trends and Drivers:

●        Increasing demand in the food and beverage (F&B) industry:

Licorice extract has been a popular ingredient in the food and beverage industry for decades, although its demand is increasing globally due to its multifaceted applications. The extract is derived from the root of the Glycyrrhiza plant and is prized for its natural sweetness, which is up to 50 times sweeter than sucrose. As consumer preference shifts toward natural and organic products, licorice extract is increasingly being used as a sweetener in candies, chocolates, chewing gum, and various beverages such as soft drinks and herbal teas. The health-conscious trend is driving food and beverage companies to replace artificial sweeteners with natural alternatives, bolstering the market growth of licorice extract. Furthermore, licorice extract offers flavor-enhancing properties, making it a valuable additive in sauces, marinades, and savory dishes. With growing awareness about the negative health effects of sugar, the extract is gaining traction as a low-calorie substitute, helping manufacturers meet the demand for healthier, reduced-sugar products

●        Rising popularity in the pharmaceutical and nutraceutical sectors:

Licorice extract is increasingly being used in the pharmaceutical and nutraceutical sectors due to its wide array of health benefits. It contains glycyrrhizin, a compound known for its anti-inflammatory, antioxidant, and antiviral properties. Licorice extract is utilized in numerous over-the-counter medications and supplements aimed at treating digestive disorders, respiratory issues, and skin conditions. For instance, it is often used in formulations to treat conditions such as acid reflux, ulcers, and heartburn, as it is believed to soothe the stomach lining and reduce inflammation. Moreover, with the growing trend of herbal and alternative medicine, licorice extract is being incorporated into various nutraceutical products aimed at promoting overall health and wellness. Its application is extensive, from supporting liver health and enhancing immunity to managing stress and fatigue. Recent studies have also indicated that licorice extract can have a beneficial role in reducing symptoms of chronic diseases, such as arthritis and cardiovascular conditions.

●        Growing use in the cosmetic and personal care industry:

Licorice extract is gaining prominence in the cosmetic and personal care industry due to its skin-brightening, anti-inflammatory, and anti-aging properties. With the increasing awareness about the benefits of natural and organic skincare products, consumers are leaning toward products that contain plant-based ingredients. Licorice extract is rich in glabridin, a compound known for its ability to inhibit the enzyme tyrosinase, which is responsible for pigmentation. As a result, it is widely used in skin-lightening products and formulations aimed at reducing dark spots, hyperpigmentation, and uneven skin tone. In addition, licorice extract is utilized in anti-aging products due to its antioxidant properties, which help combat free radicals and reduce the appearance of fine lines and wrinkles. Its anti-inflammatory properties make it a preferred ingredient in products designed for sensitive and acne-prone skin, as it helps to calm redness and irritation. The global rise in pollution levels and the growing awareness about the harmful effects of environmental stressors on skin health are prompting consumers to seek out skincare products with protective and soothing properties, further boosting the demand for licorice extract.

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Licorice Extract Market Report Segmentation:

Breakup By Product Type:

●        Food Grade

●        Feed Grade

●        Pharmaceutical Grade

Based on the product type, the market has been divided into food grade, feed grade, pharmaceutical grade.

Breakup By Form:

●        Block

●        Powder

●        Paste

●        Others

On the basis of the form, the market has been segmented into block, powder, paste, and others.

Breakup By Application:

●        Food and Beverages

●        Pharmaceutical

●        Tobacco

●        Others

Based on the application, the market has been segregated into food and beverages, pharmaceutical, tobacco, and others.

Breakup By Region:

●        North America (United States, Canada)

●        Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)

●        Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

●        Latin America (Brazil, Mexico, Others)

●        Middle East and Africa

Region-wise, the market has been divided into North America (United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.

Top Licorice Extract Market Leaders:

●        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

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.