- Food Grade
- Pharmaceutical Grade
- Feed Grade
The Licorice Extracts Market size was valued at USD 2,122.7 million in 2023, and is poised to grow at a CAGR of 6.2% during the forecast period 2024-2030. Licorice is the root of glycyrrhiza glabra. The licorice extracts are used as herbal medicine due to their medicinal properties. The licorice extracts are also used as sweeteners and flavoring agents in the food and beverage industry. In June 2017, Fini Sweets has launched black licorice, it's premium licorice. Industry trends in the market are evolving, which will aid players in developing successful long-term strategies. Both established and emerging markets have implemented business growth techniques. The research report contains the COVID-19 in light of changes in consumer behavior and demand, purchasing patterns, supply chain re-routing, market dynamics, and government involvement. The revised report considers the influence of COVID-19 on the market and includes insights, analysis, projections, and predictions.
Licorice Extracts Market Summary
Study Period
2024-2030Base Year
2023CAGR
6.2%Largest Market
EuropeFastest Growing Market
AsLicorice Extracts Market Dynamics
Increase in the health consciousness among the people coupled with surge in the preference of consumers for organic products is expected to witness the growth of the market. The mounting use of licorice extract in various applications such as pharmaceutical industry, feed industry, and food and beverage industries are anticipated to increase the demand for global licorice market. The rising prevalence of various disorders such as diabetes and obesity is adding a scope for the further growth of the market. The surge in research and development activities are expected to provide lucrative opportunities for the manufacturers. However, the lack of availability and increase in the cost of raw materials are expected to hamper the growth of the licorice extracts market.
Asia Pacific got significant share
Licorice Extracts Market Regional Analysis
Geographically, global licorice extracts market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europelicorice extracts market holds the largest share. Germany licorice market dominate the regional revenue share followed by The United Kingdom and Italy. The Asia Pacific holds the second position in the licorice extracts market owing to its emerging economies such as China. Japan and India. In China, the application of licorice is used in various applications such as ulcer treatment, enhance the immune system by naturally boosting inferno levels. North America is another thriving market for licorice extracts due to its increase in the adoption of the natural ingredients and rising demand for the herbal medicines. Used as a flavoring agent in cigarettes is expected to have a notable impact on growth of the licorice extracts market.
Latin America
Europe
Asia Pacific
Middle East
North America
Licorice Extracts Market Segmentation
By Grade
By Form
- Liquid
- Powder
By Application
- Food and Beverage
- Pharmaceutical
- Cosmetics
- Others
Frequently Asked Questions
The Licorice Extracts Market size was valued at USD 2,122.7 million in 2023
The Licorice Extracts Market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
Asia Pacific is the fastest-growing for Licorice Extracts Market
Key Features of the Report
- The licorice extracts market report provides granular level information about the market size, regional market share, historic market (2019 to 2023) and forecast (2024 to 2030)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
| 1.Executive Summary |
| 2.Global Licorice Extracts Market Introduction |
| 2.1.Global Licorice Extracts Market - Taxonomy |
| 2.2.Global Licorice Extracts Market - Definitions |
| 2.2.1.Grade |
| 2.2.2.Form |
| 2.2.3.Application |
| 2.2.4.Region |
| 3.Global Licorice Extracts Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Licorice Extracts Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Licorice Extracts Market By Grade, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Food Grade |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Pharmaceutical Grade |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Feed Grade |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6.Global Licorice Extracts Market By Form, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Liquid |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Powder |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 7.Global Licorice Extracts Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Food and Beverage |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Pharmaceutical |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Cosmetics |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Others |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 8.Global Licorice Extracts Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia Pacific (APAC) |
| 8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Middle East and Africa (MEA) |
| 8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Latin America |
| 8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 9.North America Licorice Extracts Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Grade Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Food Grade |
| 9.1.2.Pharmaceutical Grade |
| 9.1.3.Feed Grade |
| 9.2. Form Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Liquid |
| 9.2.2.Powder |
| 9.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Food and Beverage |
| 9.3.2.Pharmaceutical |
| 9.3.3.Cosmetics |
| 9.3.4.Others |
| 9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.4.1.United States of America (USA) |
| 9.4.2.Canada |
| 10.Europe Licorice Extracts Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Grade Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Food Grade |
| 10.1.2.Pharmaceutical Grade |
| 10.1.3.Feed Grade |
| 10.2. Form Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Liquid |
| 10.2.2.Powder |
| 10.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Food and Beverage |
| 10.3.2.Pharmaceutical |
| 10.3.3.Cosmetics |
| 10.3.4.Others |
| 10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Germany |
| 10.4.2.France |
| 10.4.3.Italy |
| 10.4.4.United Kingdom (UK) |
| 10.4.5.Spain |
| 10.4.6.Rest of EU |
| 11.Asia Pacific (APAC) Licorice Extracts Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Grade Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Food Grade |
| 11.1.2.Pharmaceutical Grade |
| 11.1.3.Feed Grade |
| 11.2. Form Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Liquid |
| 11.2.2.Powder |
| 11.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Food and Beverage |
| 11.3.2.Pharmaceutical |
| 11.3.3.Cosmetics |
| 11.3.4.Others |
| 11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.China |
| 11.4.2.India |
| 11.4.3.Australia and New Zealand (ANZ) |
| 11.4.4.Japan |
| 11.4.5.Rest of APAC |
| 12.Middle East and Africa (MEA) Licorice Extracts Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Grade Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Food Grade |
| 12.1.2.Pharmaceutical Grade |
| 12.1.3.Feed Grade |
| 12.2. Form Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Liquid |
| 12.2.2.Powder |
| 12.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Food and Beverage |
| 12.3.2.Pharmaceutical |
| 12.3.3.Cosmetics |
| 12.3.4.Others |
| 12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.GCC Countries |
| 12.4.2.South Africa |
| 12.4.3.Rest of MEA |
| 13.Latin America Licorice Extracts Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 13.1. Grade Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Food Grade |
| 13.1.2.Pharmaceutical Grade |
| 13.1.3.Feed Grade |
| 13.2. Form Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Liquid |
| 13.2.2.Powder |
| 13.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Food and Beverage |
| 13.3.2.Pharmaceutical |
| 13.3.3.Cosmetics |
| 13.3.4.Others |
| 13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Brazil |
| 13.4.2.Mexico |
| 13.4.3.Rest of LA |
| 14. Competition Landscape |
| 14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 14.2.1.Alfarid Corporation (Pakistan) |
| 14.2.2.SepidanOsareh Co (Iran) |
| 14.2.3.Maruzen Pharmaceuticals Co. Ltd (Japan) |
| 14.2.4.Nutra Green (China) |
| 14.2.5.Mafco Worldwide LLC (U.S) |
| 14.2.6.Norevo GmbH (Germany) |
| 14.2.7.ASEH Licorice MFG & Exp. Co (Iran) |
| 14.2.8.F&C Licorice Ltd (Israel) |
| 14.2.9.Zelang Group (China) |
| 14.2.10.Aushadhi Herba (India) |
| 14.2.11.VPL Chemicals PVT Ltd (India) |
| 14.2.12.Ransom Naturals Ltd (UK) |
| 15. Research Methodology |
| 16. Appendix and Abbreviations |
- Alfarid Corporation
- SepidanOsareh Co
- Maruzen Pharmaceuticals Co. Ltd
- Nutra Green
- Mafco Worldwide LLC
- Norevo GmbH
- ASEH Licorice MFG & Exp. Co
- F&C Licorice Ltd
- Zelang Group
- Aushadhi Herba
- VPL Chemicals PVT Ltd
- Ransom Naturals Ltd