The global licorice extract market share is poised for significant growth, according to a recent report by Future Market Insights. With a projected compound annual growth rate (CAGR) of 5.1%, the market value is anticipated to surge from USD 1.99 billion in 2022 to USD 3.27 billion by 2032.
Licorice extract, derived from the root of the Glycyrrhiza glabra plant, has long been valued for its medicinal properties and is increasingly utilized across various industries including pharmaceuticals, food, and beverages. This natural sweetener and flavoring agent boasts antioxidant and anti-inflammatory benefits, driving its adoption in a wide range of consumer products.
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“The market’s growth is driven by increasing consumer preference for natural ingredients and rising demand for functional foods,” – Nandini Roy Choudhury, Client Partner at Future Market Insights. Regions like North America and Europe are leading the charge, propelled by a burgeoning health-conscious population and expanding applications in dietary supplements and herbal medicines.
Key Market Trends and Drivers:
- Health and Wellness Trend: Growing consumer awareness about the health benefits of natural products is boosting demand for licorice extract in dietary supplements and herbal remedies.
- Pharmaceutical Applications: Licorice extract’s anti-inflammatory properties make it a valuable ingredient in pharmaceutical formulations, contributing to its market growth.
- Regional Insights: The USA dominates the market with a 34.0% market share, driven by robust demand from the pharmaceutical and food industries. In Europe, countries like Germany and France are witnessing substantial growth owing to a long-standing tradition of herbal medicine usage.
Challenges and Opportunities:
Despite its promising growth trajectory, the licorice extract market faces challenges such as fluctuating commodity prices and regulatory complexities. However, strategic investments in research and development are expected to unlock new opportunities for market players aiming to innovate and diversify their product offerings.
Competitive Landscape:
The market is characterized by intense competition among key players such as Sichuan Union Herb, Zhejiang Kangling, and Hunan Huakang, who are focusing on product innovation and expanding their geographical footprint. These companies are leveraging advanced extraction technologies and sustainable practices to meet the growing demand for high-quality licorice extract globally.
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Segmentation of Licorice Extract market
Segmentation by Application:
- Pharmaceutical Industry
- Food Industry
- Feed Industry
Segmentation by Grade:
- Pharmaceutical Grade
- Food Grade
- Feed Grade
Segmentation by Sales Channel:
- Online
- Offline
Segmentation by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa(MEA)
- RoW
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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