Licorice Extract Market Overview:
The Licorice Extract Market is currently experiencing substantial growth, driven by the increasing awareness of its health benefits and a shift towards natural and herbal remedies. Licorice extract, derived from the root of the Glycyrrhiza glabra plant, is gaining popularity not only in traditional medicine but also in the food, cosmetic, and pharmaceutical industries. Licorice Extract Market was USD 2,056.48 Million in 2022. It is projected to reach USD 3,253.91 Million by 2030, indicating a CAGR of 6.0% during the forecast period.
Licorice extract fits into this trend perfectly, as it is a natural and plant-based ingredient with numerous health benefits. Secondly, increased research and development activities have led to the discovery of new applications for licorice extract, particularly in the pharmaceutical and cosmetic sectors. Additionally, the growing awareness of licorice’s medicinal properties, including its anti-inflammatory and antimicrobial attributes, is driving its adoption in various industries.
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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Key Players in the 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
Regional Analysis:
The Licorice Extract Market exhibits varying dynamics across different regions. Asia-Pacific, particularly China and India, is a significant contributor to the global market due to its historical association with licorice and extensive cultivation. Europe and North America are witnessing a growing trend toward herbal and natural ingredients, further fueling market expansion. Additionally, the Middle East and Africa region is emerging as a promising market for licorice extract, driven by an increasing preference for traditional remedies and herbal products
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