As per Future Market Insights (FMI), North America licorice extract market size will increase from US$ 75.4 million in 2023 to US$ 155.9 million by 2033. Overall licorice extract sales in North America are set to surge at 7.6% CAGR from 2023 to 2033.
Growing consumer interest in herbal remedies is driving the market for licorice extract. In recent years, demand for Chinese herbal medicine has increased, especially in the markets of the United States and Europe.
The market for herbal medicines is expanding rapidly as a result of the popularity of Chinese medicine. This in turn is creating lucrative opportunities for licorice extract producers and suppliers.
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Widening applications in the pharmaceutical industry will elevate licorice extract demand in North America market through 2033.
Immune health supplements are becoming more popular among consumers, particularly among youth. The market of licorice extract supplements is largely influenced by increasing concern for overall health.
Youth is more susceptible to immune system disorders such as allergies, asthma, inflammatory illnesses, and others. This increases the demand for immune system supplements across North American countries.
Consumers are becoming more health conscious. As a result, they prefer to include naturally produced plant-based items in their daily diet that are free of sugar and gluten.
Consumption of plant-based substances with a variety of nutritional and health properties is increasing due to consumers’ growing awareness about living healthy lives. The market for licorice extract will be driven by the rising awareness of immunity-boosting supplements.
Key Takeaways from the North America Licorice Extract Market Report:
- North America licorice industry market will reach a valuation of US$ 155.9 million by 2033.
- Licorice extract sales across North America are likely to soar at 7.6% CAGR through 2033.
- In 2023, liquid licorice extract segment will hold 45.2% share, while the capsules licorice extract segment will account for 37.2% share
- Chewable tablets segment will witness a healthy CAGR of 10.2% from 2023 to 2033.
- By application, digestive health segment holds a prominent market share of 29.4% in North America market.
- The USA licorice extract industry will cross a valuation of US$ 139.1 million by 2033.
- Licorice extract demand in Canada is forecast to increase at 8.7% CAGR through 2033.
“Rising awareness about the potential health benefits of licorice extract will continue to encourage its adoption across various industries. This in turn will provide impetus to North America market.” says a lead analyst at Future Market Insights (FMI).
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Who is Winning?
Swanson, BioMatrix International, Bio-Botanica Inc., PharmaChoice, Horbäach, NOW® Foods, NIKKO CHEMICALS CO., LTD., Carlyle Nutritionals, Hard Eight Nutrition LLC., Nature’s Sunshine Products, Inc. are leading licorice extract producer and suppliers profiled in the report.
Most of these companies are leveraging advanced technologies to increase their production capacities and reduce costs. They are also using strategies such as mergers, partnerships, distribution agreements, acquisitions, and collaborations to solidify their positions.
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Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the North America licorice industry presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the North America licorice extract market based on form (chewable tablets, capsules, gummies/chews, powder, and liquid) and application (boost energy, brain health, colon health, digestive health, immune support, liver support, and skin health) across the USA and Canada.
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North America Licorice Extract Market Segmentation
By Form:
- Chewable Tablets
- Capsules
- Gelatin
- HPMC
- Gummies/ Chews
- Powder
- Liquid
By Application:
- Boost Energy
- Brain Health
- Colon Health
- Digestive Health
- Immune Support
- Liver Support
- Skin Health
By Country:
- USA
- Canada
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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