New York, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The global Licorice Extract Market is expected to witness significant growth at a remarkable CAGR of 6.0% during the forecast period of 2023-2030. The factors such as the increasing development of new food & beverage manufacturing facilities, advancement in investment in dietary supplements research, and others are accelerating the demand for licorice extract, which, in turn, is boosting the market growth. In addition, the rising development of a new range of licorice extract product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the licorice extract market is poised for strong expansion and is expected to reach USD 3,253.91 Million by 2030. The market, which was valued at USD 2,056.48 Million in 2022, is predicted to grow at a compound annual growth rate of 6.0% during the period 2023-2030. The report highlights the increasing adoption of licorice extracts in pharmaceutical, which is supplementing global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the licorice extract market.
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The prominent advantages related to licorice extract include an improved respiratory system, superior antimicrobial qualities, stress reduction, and others. As a result, licorice extract is deployed in medication for cough, digestive problems, and others. Factors such as surging government initiatives in pharmaceuticals, and the development of new plants, among others, are some of the prime factors accelerating the growth of the pharmaceutical industry in Europe. For instance, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2020, Europe pharmaceutical production was Euro 286,697 million (USD 320,950.1 million). In 2021, the production of pharmaceuticals increased to Euro 300,000 million (USD 335,842.5 million), an increase of 4.6% over 2020. Henceforth, the bolstering pharmaceutical industry is fueling the demand for licorice extract to reduce inflammation. This, in turn, is driving the growth of the licorice extract market.
Moreover, licorice extract is employed as a flavoring agent in the food and beverage industry. The licorice extract solution is utilized in food & beverage products such as tea, candy, bakery products, ice creams, and others. The increasing development of new food manufacturing facilities at the global level is attributed to factors such as increasing investments in new manufacturing plants, government subsidies, and others. Consequently, the development of new food manufacturing facilities is projected to drive the demand for licorice extract since it is utilized as an ingredient in food and beverage. This vital aspect will accelerate market growth in the long run.
Global Licorice Extract Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 3,253.91 Million |
| CAGR (2023-2030) | 6.0% |
| By Grade | Food Grade, Feed Grade, and Pharmaceutical Grade |
| By Form | Powder, Liquid, and Block |
| By Application | Food & Beverages, Dietary Supplements, Pharmaceutical, Tobacco, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Norevo GmbH, MAFCO Worldwide LLC, C.E. Roeper GmbH, FC Licorice, Sepidan Osareh Jonoob Co., Zagros Licorice Co., BGG World, VPL Chemicals PVT Ltd., Extroil Naturals, and Botanic Healthcare |
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Global Licorice Extract Market Segmentation Details:
Based on Grade, the pharmaceutical grade segment contributed the largest shares to the market growth in 2022. The significant benefits associated with pharmaceutical-grade licorice extract help in the reduction of leaky gut, heartburn, adrenal fatigue, and pain relief. In addition, the pharmaceutical-grade licorice extract ensures anti-inflammation, superior hepatoprotective properties, and others. Thus, due to the above-mentioned benefits, the adoption of pharmaceutical-grade licorice extract is increasing in the pharmaceutical industry, thereby boosting segment revenue growth.
Based on Form, the powder segment accounted for the largest market share in the year 2022. Licorice extract in powder form has excellent physicochemical stability, significant surface hardness, and superior density in comparison to other forms of licorice extract. The manufacturing of powder form is cost-effective as compared with other forms. Moreover, licorice extract in powder form is easier to store and offers superior flexibility in compounding solids, longer shelf life, and transport. Hence, the key benefit related to powder form is boosting the demand for licorice extract, which, in turn, is favoring market growth.
Based on Application, the pharmaceutical segment accounted for the largest market share in the year 2022. Licorice extract is deployed in the pharmaceutical industry to treat ailments such as acid reflux, heartburn, coughs, hot flashes, and bacterial and viral infections. In addition, licorice extract is utilized in the production of herbal medicines, liquid cough preparations, and others. The key factors such as increased output, new facility developments, and government pharmaceutical industry activities in the pharmaceutical industry. As a result, the advancement of the pharmaceutical industry is boosting the demand for licorice extract to prevent infections. This, in turn, is driving the market growth.
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Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth, owing to the growth of the food and beverage industry. For illustration, in June 2021, USDA invest more than United States Department of Agriculture (USDA) announced an investment of USD 4 billion to strengthen food production, food system, enhanced processing of food, and others. Investments will aid the market growth of the food industry in the coming years. Thus, the booming food and beverage industry in the North America region is boosting market growth.
Competitive Landscape
Norevo GmbH, MAFCO Worldwide LLC, C.E. Roeper GmbH, and FC Licorice are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of licorice extract. Further, the licorice extract market is expected to grow steadily due to rising demand from pharmaceuticals, especially in the regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward entry of new startups offering licorice extract products is expected to increase the competition in the market.
Recent Developments
- In August 2022, Athos Lifesciences Pvt. Ltd., an India-based manufacturer started the production of licorice extract. Thus, the expansion in the manufacturing of licorice extract will boost the market growth in the upcoming years.
Key Market Takeaways
- North America accounted for the highest market share at 35.35% and was valued at USD 730.05 million in 2022 and is expected to reach USD 1,163.60 million in 2030. Moreover, in North America, the U.S. accounted for the highest market share of 68.50% during the base year of 2022.
- Based on grade, the pharmaceutical grade segment accounted for the highest share contribution to the licorice extract market statistics in 2022.
- In the context of form, the powder segment is expected to contribute significant shares to the growth of licorice extract market statistics during the forecast period.
- On the basis of application, the pharmaceutical segment accounted for the highest share contribution to the licorice extract market size in 2022.
- Asia Pacific is expected to boost the market demand for licorice extracts due to the increasing investments in new pharmaceutical manufacturing plants in countries such as India, Singapore, and others.
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List of Major Global Licorice Extract Market:
- Norevo GmbH
- MAFCO Worldwide LLC
- C.E. Roeper GmbH
- FC Licorice
- Sepidan Osareh Jonoob Co.
- Zagros Licorice Co.
- BGG World
- VPL Chemicals PVT Ltd.
- Extroil Naturals
- Botanic Healthcare
Global Licorice Extract Market Segmentation:
- By Grade
- Food Grade
- Feed Grade
- Pharmaceutical Grade
- By Form
- Powder
- Liquid
- Block
- By Application
- Food & Beverages
- Dietary Supplements
- Pharmaceutical
- Tobacco
- Others
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Frequently Asked Questions in the Licorice Extract Market Report
- What was the market size of the licorice extract industry in 2022?
- In 2022, the market size of licorice extract was USD 2,056.48 million.
- What will be the potential market valuation for the licorice extract industry by 2030?
- In 2030, the market size of licorice extract will be expected to reach USD 3,253.91 million.
- What are the key factors driving the growth of the licorice extract market?
- The booming pharmaceuticals industry is fostering the licorice extract market growth at the global level.
- What is the dominating segment in the licorice extract market by form?
- In 2022, the powder segment accounted for the highest market share of 55.35% in the overall licorice extract market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the licorice extract market?
- North America accounted for the highest market share in the overall licorice extract market.
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