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. Stevia, a once-dominant market component, is now utilised to improve food flavour and as a de-bittering agent in the tobacco industry to mask off-note flavours. Stevia has long been used as a sweetener in the food and tobacco sectors.
Licorice is widely used in traditional medicine, and pharmaceutical companies have recently boosted their usage of it. As more individuals turn to organic medicines containing more than 75% licorice roots, the market for Chinese herbal cures is rising rapidly in Europe and the United States. The key element influencing licorice use in the medical field is the growth in demand for Chinese remedies.
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Licorice root extracts are frequently used to treat a wide range of ailments, including mouth ulcers, liver cirrhosis, hepatitis B and C, bleeding ulcers, respiratory and skin disorders, and lung problems. Furthermore, it is expected that the increasing use of licorice roots for immune boosting will provide considerable demand possibilities globally throughout the projection period of 2022-2032.
An ingredient in licorice root extract called glycyrrhizin has anti-inflammatory and antibacterial effects. It can aid in treating skin disorders like eczema and pimples. It has skin-brightening and anti-aging effects as a result of the high concentration of potent antioxidants in it.
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.
There is a lot of room for new licorice makers in established importing nations like Europe because of the rising demand for licorice and its limited supply. The top five countries for licorice root consumption are the Netherlands, France, Germany, America, and China. Due to its numerous health advantages, licorice extracts are growing in popularity. Despite the fact that the global market for licorice root is very accessible, regulatory restrictions at all levels of the industry continue to be a significant problem.
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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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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