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The licorice extract market size is estimated to grow by USD 912.1 million at a CAGR of 7.44% between 2023 and 2028. The growing awareness regarding licorice extract for health benefits, driven by increasing consumer interest in natural remedies and alternative medicine, is driving the market by increasing the demand for licorice extract as a health supplement. The rising popularity of natural skincare products, driven by consumer preferences for natural and organic ingredients in skincare products, is also boosting market expansion by creating a demand for licorice extract in natural skincare formulations. Additionally, the rising popularity of licorice flavor in confectionery products, driven by consumer demand for unique and exotic flavors, is driving market growth by increasing the use of licorice extract as a flavoring agent in confectionery products.
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The various advantages of the powder segment will increase the market growth during the forecast period. Some of the main advantages of the powder segment include versatility, health benefits, and easy handling, making it an ideal choice for various industries. Versatility is a key advantage of the powder segment which fuels the growth of this segment as it can easily be incorporated into a wide range of products, such as confectionery, baked goods, beverages, and herbal supplements. There is increasing adoption of the segment in the food and beverages industry as it is widely used as a flavoring agent in candies, chewing gums, and soft drinks. Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the market during the forecast period.
The increasing demand for the liquid segment in the food and beverages industry will increase market growth. There is an increasing adoption of the liquid segment in the food and beverages industry as natural sweeteners and flavorings. There is an increasing preference for the liquid segment of licorine extract for adding sweetness and improving the flavor of a wide range of food and beverage products. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The pharmaceuticals segment is estimated to witness significant growth during the forecast period. There is an increasing adoption of licorine extracts in pharmaceutical industries due to their various medical properties. Additionally, the advancements in research and technology have accelerated the integration of licorine extracts into various pharmaceutical products. The treatment of respiratory illness is one of the key applications in the pharmaceutical sector.
The pharmaceuticals segment was the largest segment and was valued at USD 645.90 million in 2018.
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Furthermore, licorice extracts are an effective ingredient in cough syrups, lozenges, and inhalers due to their anti-inflammatory and expectorant properties. One of the main examples of cough syrups is the Covonia brand which is a subsidiary of Thornton and Ross Ltd. Furthermore, it has anti-viral properties, which makes it essential in the development of anti-viral medications. Furthermore, they have significant applications in dermatology as they can help minimize skin inflammation, soothe irritated skin, and even out skin tone. Hence, such applications are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.
The unique taste and health benefits in the food and beverages segment will increase the market growth. There is a wide application in confectionaries in the food and beverages segment. Additionally, licorice candy, including licorice ropes and licorice bear, highly depends on these as a key flavoring agent. One of the main factors that fuel the growth of this segment is the unique taste of sweet and tangy flavor profiles that appeal to consumers of all ages. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Europe is estimated to contribute 35% to the growth of the global market during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Licorice extract, derived from the root of the licorice plant, has gained significant attention due to its medicinal properties. This natural ingredient is widely used in various forms, including herbal teas, candies, and liquid extracts, to reap its numerous health benefits. The compounds in licorice extract, such as glycyrrhizin and liquiritin, possess anti-inflammatory, antiviral, and antimicrobial properties. These properties make licorice extract effective in addressing conditions like skin inflammation, infection, stomach discomfort, and ulcers caused by Helicobacter pylori.
Additionally, it helps prevent tooth decay by inhibiting the growth of Streptococcus mutans bacteria. For sore throats and upper respiratory disorders, licorice extract is available in chewable tablets, powder, and loose herb forms. However, excessive consumption may lead to side effects like high potassium levels, cortisol imbalance, hypertension, cardiac arrest, and overdose. Pregnant women, those on warfarin, corticosteroids, DGL supplements, birth control pills, or hormone therapy, and individuals taking heart rhythm medications should consult their healthcare providers before using licorice extract. Furthermore, factors such as a rise in the population, growing disposable income, and improvement in living standards are expected to drive market growth in Europe during the forecast period.
Licorice extract, derived primarily from the root of the Glycyrrhiza glabra plant, is a popular medicinal ingredient known for its various health benefits. The market is driven by its applications in addressing a range of health conditions. These include skin conditions like acne and eczema, digestive problems such as acid reflux, indigestion, and peptic ulcers caused by the H. pylori bacteria. Licorice extract also shows potential in cancer treatment and managing upper respiratory conditions like asthma and strep throat. Moreover, it is used in oral health conditions, including cavities and menopause symptoms. The extract's anti-inflammatory properties make it a valuable component in weight loss supplements and diabetes management. Scientific evidence supports the use of licorice extract in herbal teas, candies, and liquid extract forms. Compounds like glycyrrhizin and deglycyrrhizinated licorice (DGL) are the key components contributing to its medicinal properties. Overall, the market is expected to grow due to its wide-ranging health benefits.
One of the key factors driving the market is the rising popularity of natural skincare products. There is a growing popularity for natural skin care products in the market due to the factors such as the increasing consumer preference for products that are free from harsh chemicals and artificial ingredients, as well as the increased awareness about the potentially harmful effects of synthetic chemicals on the skin.
Additionally, consumers concerned about skin infections are seeking more information about the ingredients used in skin care products and looking for substitutes such as licorice extract, which offers aromatic flavoring that is gentler and safer for their skin. Licorice extracts are widely used in natural skin care products as it imparts anti-inflammatory, anti-bacterial, and antioxidant properties to the products. Hence, such factors are expected to drive the market during the forecast period.
A key factor shaping the market growth is the rising demand for natural and organic products. Factors such as the growing awareness among consumers regarding the health benefits associated with these products are fuelling the demand for natural and organic products among consumers. Additionally, the increasing health consciousness among consumers is also contributing to the demand for natural and organic licorice extract in the market.
Moreover, the trend among consumers seeking healthier alternatives to synthetic and chemical-based products is also increasing. Additionally, there is a significant shift in preference among consumers toward clean-label and transparent products in the market. Hence, such factors are expected to drive market growth during the forecast period.
Growing concern regarding sustainability and sourcing of licorice root is one of the key challenges hindering the market growth. Overharvesting and depletion of natural resources are some of the main concerns regarding licorice root. The main ingredient in the manufacturing is the licorine root which is primarily sourced from wild plantations.
Moreover, the growing demand for licorice extract is negatively impacting these plantations, resulting in the unsustainable harvesting of licorice roots. For example, in Afghanistan, the continuous extraction of licorice root has resulted in the destruction of natural habitats and the decline of plant populations. Hence, such factors are hindering the market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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Licorice extract, derived primarily from the root of the Glycyrrhiza glabra plant, has gained significant attention in the health and wellness industry due to its numerous health benefits. The extract contains glycyrrhizin, a natural compound responsible for its sweet taste and therapeutic properties. The market caters to various health conditions, including skin conditions such as acne and eczema. It is also used to alleviate digestive problems like acid reflux, indigestion, and peptic ulcers caused by H. pylori bacteria. Furthermore, licorice extract has shown potential in cancer treatment and managing upper respiratory conditions like asthma and strep throat. Besides, licorice extract is used in oral health conditions, including cavities and diabetes, as well as menopause symptoms, weight loss, hepatitis C, high blood pressure, low potassium levels, arrhythmia, kidney failure, congestive heart failure, and pulmonary edema.
Also, It interacts with various medications like blood pressure medications, blood thinners, cholesterol-lowering medications, diuretics, estrogen-based contraceptives, and more. Licorice extract is available in various forms, including capsules, powders, tinctures, topical gels, teas, and more. Its anti-inflammatory properties make it an effective remedy for inflammation and related health issues. However, it is essential to note that excessive consumption of licorice extract, especially in the form of candy, can lead to adverse effects like high blood pressure and low potassium levels. Always consult a healthcare professional before using licorice extract for therapeutic purposes, and follow the recommended dosage carefully.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.44% |
Market growth 2024-2028 |
USD 912.1 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.4 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
Europe at 35% |
Key countries |
China, India, US, France, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AOS Products Pvt. Ltd., Aushadhi Herbal, Avestia Pharma, Bio Botanica Inc., Biofermen Pvt. Ltd., C.E. Roeper GmbH, Extroil Naturals, Givaudan SA, Herbal Creations, Herbs and Essential Oils Pvt. Ltd., Mafco Worldwide LLC, Maruzen Pharmaceutical Co. Ltd., NATIVE EXTRACTS Pty Ltd., Norevo GmbH, Phyto Life Sciences P. Ltd., SA Herbal Bioactives LLP, Shaanxi FUJIE Pharmaceutical Co. Ltd., Venkatesh Natural Extract Pvt. Ltd., Viridian International Ltd., VPL Chemicals Pvt. Ltd., and Zagros Licorice co. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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