Newly released data from Licorice Root Market Analysis shows that global demand for licorice extracts year-on-year (YoY) growth of 4.7% in 2022 to USD 848.9 Million and is estimated to be USD 1,418.4 Million in 2032 witnessing a prominent CAGR of 5.3%.
Licorice root extract is an important flavour component. It is presently used as a flavour enhancer in the food sector and as a de-bittering chemical in the cigarette industry to hide the off-note flavour of stevia, which was formerly a popular ingredient in the market. Stevia has long been a popular sweetener in the tobacco and food industries.
Because licorice is an important component of traditional medicine, its use in pharmaceutical firms has expanded in recent years. The market for Chinese herbal treatments is rapidly rising in Europe and the United States as people switch to organic therapies that contain more than 75% licorice roots. The increased demand for Chinese treatments drives licorice consumption in the medical industry.
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Licorice root extracts are often used to cure lung issues, respiration and skin disorders, hepatitis B and C, bleeding ulcer, cirrhosis of the liver, and mouth ulcers, among other ailments. Additionally, during the projection period 2022–2032, the growing usage of licorice roots for strengthening immunity is expected to provide considerable demand possibilities throughout the world.
Glycyrrhizin, a compound found in licorice root extract, has anti-inflammatory and antibacterial properties. Eczema and pimples are two skin conditions that it can help with. Due to its high concentration of strong antioxidants, it possesses skin brightening and anti-aging benefits.
Trials have revealed that licorice root extract can help fight viruses that invade the body. Its antibacterial properties assist in the battle against Staphylococcus bacteria, which causes skin infections.
Because of the growing demand for licorice and the scarcity of availability, there is a lot of space for new licorice manufacturers in proven importing nations like Europe. France, Germany, the America, China, as well as the Netherlands are the leading consumers of Licorice Root. Licorice extracts are becoming more popular as a result of their various health benefits. Regulatory constraints at all levels of the sector continue to be a major issue, despite the fact that the worldwide market for licorice root is rather easy to reach.
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Key Takeaways from Market Study
- The licorice root market is expected to expand at CAGRs of 11.6% and 4.8% in Europe and the Middle East & Africa, respectively, through 2032.
- The European licorice root market currently holds 28.3% of the total market share.
- Licorice Root extracts are selling well in worldwide marketplaces, because to rising consumer demand for good nutritional foods.
- Increased sales of licorice compounds are being driven by a growth in the number of health-conscious buyers in the country, as well as a growing desire for fresh foods, especially among country’s millennial generation.
- The breakout of coronavirus impacted the distribution network for licorice root, resulting in a trade slump. Regulatory constraints at all stages of the sector remain a major issue.
“Licorice root producers might generate revenue if they targeted the tobacco industries. The cigarette business might potentially be a viable model for licorice root, thanks to increased desire for alternate flavoring agent throughout the world.” says a Future Market Insights analyst.
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Competitive Landscape
Licorice root producers are devoting their efforts on design and technology in aims to enhance the quality of respective products.
- Honeywell sold M & F Worldwide entire outstanding shares of Novar USA Inc. for USD 800 Mn cash consideration, subject to a post-closing cash flow adjustment. As a result of which Novar’s successor, Clarke American, was formed through a merger.
- Clarke American increased its direct marketing skills to incorporate customised direct marketing initiatives after acquiring Alcott Routon. The direct marketing initiatives of Alcott Routon are focused on advanced data mining and predictive models that discover elevated direct marketing possibilities.
Segments Covered in Licorice Root Market Analysis
By Product Form:
- Roots
- Extracts
- Blocks
- Powder
- Paste
- Others
By End-Use:
- Food & Beverage Industry
- Tobacco Industry
- Pharmaceutical Industry
- Cosmetic Industry
- Dietary Supplements
By Region:
- North America
- Latin America
- Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
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