Licorice Extract: Market Analysis, Segmentation, and Competitive Landscape

Market Overview

The licorice extract market is experiencing growth due to increasing consumer awareness of the health benefits of licorice, as well as its expanding use in the pharmaceutical, food and beverage, and cosmetic industries. However, the market faces challenges such as fluctuations in licorice supply and pricing due to weather conditions, diseases, and geopolitical tensions affecting production. Overharvesting and unsustainable agricultural practices also pose environmental concerns.

The global licorice extract market had a revenue share of USD 1,978 million in 2021, presumed to reach USD 3,351 million, expanding at a CAGR of 6.81% during the forecast period.

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Segmentations

The licorice extract market is segmented based on product type, form, application, and region.Product Type:

Food Grade
Feed Grade: Expected to grow with the highest CAGR due to the adoption of licorice extracts in feed to improve livestock immunity and health.
Pharmaceutical Grade: Held over USD 901.1 million revenue in 2023 due to the increasing preference for natural remedies and herbal medicines.

Form:

Powder: Dominates the market due to its wide use in the pharmaceutical and food & beverage industries. It is also expected to exhibit the highest CAGR.
Liquid: Accounted for 42% of the licorice extract market share in 2023. It offers convenience and versatility in formulation and usage.
Block
Paste
Others

Application:

Food & Beverages: Dominated around USD 945 million in 2023 due to its use as a flavoring agent in candies, confectionery, chewing gums, and beverages.
Pharmaceutical: Retains maximum market share due to the anti-viral, anti-inflammatory, and antimicrobial properties of licorice extracts.
Tobacc
Cosmetics and Personal Care
Dietary Supplements
Others: Expected to exhibit the highest CAGR

Regional Analysis

The licorice extract market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region is expected to exhibit the highest CAGR.

Key Players

The licorice extract market is highly fragmented with several major companies. Some of the key players are:

Norevo GmbH
F&C Licorice Ltd
Mafco Worldwide LLC
Zagros Licorice Co
VPL Chemicals PVT Ltd
Sepidan Osareh Co
ASEH Licorice MFG & Exp. Co
Maruzen, Pharmaceuticals Co. Ltd
Zelang Group
Ransom Naturals Ltd
BGG World
Glycyrrhiza Glabra Co., Ltd
Shaanxi Fujie Pharmaceutical Co, Ltd
C.E. Roeper GmbH

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