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 US$ 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 a key flavour ingredient. Stevia, a once-dominant market component, is today employed as a flavour enhancer in the food business and as a de-bittering chemical in the cigarette industry to mask its off-note flavour. In the food and cigarette sectors, stevia has been used as a sweetener for a very long time.
Licorice is widely used in traditional medicine, and pharmaceutical companies have recently boosted their usage of it. People are switching to organic treatments that contain more than 75% licorice roots, which is causing the market for Chinese herbal cures to expand quickly in Europe and the US. The main factor driving licorice usage in the medical sector is the rise in demand for Chinese remedies.
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Licorice root extracts are frequently used to treat a variety of illnesses, including mouth ulcers, cirrhosis of the liver, hepatitis B and C, bleeding ulcers, respiratory and skin disorders, and lung problems. Additionally, it is anticipated that throughout the forecast period of 2022–2032, the increasing use of licorice roots for boosting immunity would offer significant demand opportunities globally.
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)
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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