The Global Licorice Extracts Market Size was estimated at USD 902.87 million in 2023 and is projected to reach USD 1084.37 million by 2029, exhibiting a CAGR of 3.10% during the forecast period.
Licorice extracts are derived from the roots of the Glycyrrhiza glabra plant, widely recognized for their sweetening properties and therapeutic benefits. With increasing consumer demand for natural ingredients in food, pharmaceuticals, and cosmetics, licorice extracts have gained significant traction. The market is witnessing steady growth due to their applications in flavor enhancement, herbal medicines, and personal care products.
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Market Overview & Regional Analysis
Asia-Pacific dominates the global licorice extract market, accounting for over 40% of production, with China and India being the key contributors. The region benefits from abundant raw material availability and established traditional medicine practices incorporating licorice. Increasing investments in nutraceuticals and functional foods further propel market growth.
Europe follows closely, driven by stringent regulations favoring natural ingredients in food and pharmaceutical applications. North America shows strong demand due to rising health consciousness and herbal supplement consumption. Emerging markets in Africa and Latin America present opportunities, though infrastructure challenges remain.
Key Market Drivers and Opportunities
The market growth is primarily fueled by the expanding herbal medicine sector, with licorice being a key ingredient in traditional remedies. The food industry accounts for 45% of demand, leveraging its natural sweetening properties as a sugar alternative. Pharmaceutical applications, particularly in respiratory and digestive health products, contribute 35% to global consumption.
Emerging opportunities lie in cosmetic applications, where licorice extracts are valued for skin-lightening and anti-inflammatory properties. The growing vegan population and clean-label trends offer additional avenues for market expansion.
Challenges & Restraints
Market growth faces constraints including regulatory scrutiny on glycyrrhizin content due to potential blood pressure concerns. Climate change impacts on licorice root cultivation and price volatility of raw materials create supply chain uncertainties. Trade restrictions in some regions and competition from artificial sweeteners pose additional challenges.
Market Segmentation by Type
- Powder
- Semi-fluid/Paste
- Block
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Market Segmentation by Application
- Pharmaceutical Grade
- Food Grade
- Feed Grade
Market Segmentation and Key Players
- Norevo
- F&C Licorice
- Mafco Worldwide
- Zagros Licorice
- VPL Chemicals
- SepidanOsareh
- Maruzen Pharmaceuticals
- Zelang Group
- Ransom Naturals
Report Scope
This report provides a comprehensive analysis of the global licorice extracts market, covering historical data and forecasts through 2029. The study includes:
- Market size and growth projections
- Detailed breakdown by product type and application
- Regional analysis and country-level insights
The research also profiles leading market players with information on:
- Product portfolios
- Production capacities
- Business strategies
- Financial performance
Our methodology combined primary interviews with industry experts and secondary research from reputable sources to provide actionable insights into:
- Emerging market trends
- Technological developments
- Regulatory landscape
- Competitive dynamics
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