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The Liquorice Market size is projected to increase by USD 676 million, at a CAGR (Compound Annual Growth Rate) of 5.97% between 2023 and 2028. The growing demand for food and beverages with herbal ingredients is driving growth in the market. Key end-users in the market are focusing on R&D investments in launching herbal extracts that cater to consumers' needs in response to the rise in demand for gluten-free, artificially colored, and preservative-free foods and beverages. Additionally, a rise in demand for natural ingredients like liquorice extracts has resulted in consumers becoming more aware of the negative effects of synthetic chemicals used in food and beverages. For instance, the demand for herbal tea is being driven by a rising number of health-conscious consumers. Herbal tea manufacturers are developing liquorice-infused products and highlighting these benefits to attract health-conscious consumers. As a result, during the forecast period, the growth of the market in focus is anticipated to be driven by the expanding use of herbal ingredients in the food and beverage industry.
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Liquorice, derived from the Glycyrrhiza plant, is known for its distinctive sweet taste primarily due to the presence of glycyrrhizin and glycyrrhizinate. This root has gained significant attention in various industries, including Pharmaceutical and Food and Beverages, due to its medicinal properties. The demand for liquorice and its derivatives, such as flavonoids, blocks, paste, powder, granules semi-liquid, and liquorice extract, is on the rise. In the Pharmaceutical sector, liquorice is used to treat diabetes, gut-related issues, and celiac diseases. In the Food Industry, it is used as a natural sweetener, replacing artificial sweeteners, and in the production of skincare products. The pharmaceutical grade segment of liquorice is expected to dominate the market due to its extensive use in the production of medicines. The demand for plant-based ingredients, including liquorice, is increasing, driven by consumer preference for natural and organic products. Isoliquirtin, a flavonoid present in liquorice, is also gaining popularity for its potential health benefits. The use of liquorice extract in the dairy industry is also increasing, as it enhances the taste and texture of dairy products. Overall, the liquorice market is expected to grow significantly in the coming years, driven by its wide range of applications and health benefits. Our researchers analyzed the data with 2023 as the base year, along with the key trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
The immunity-boosting properties of herbal extracts are major market trends. In recent years, there has been an increase in demand for medicinal products to boost immunity in the worldwide market. The enzymes present in the roots of plant help in the production of lymphocytes and macrophages, which are the body's natural defense against microbes, pollutants, and allergens. In developed nations such as the US, Canada, and the UK, the consumption of herbal supplements is comparatively high due to the increasing health concerns among consumers in these countries.
However, health-conscious consumers are being encouraged to make choices for food and beverages with different functional benefits and enhanced immune function because of the increasing prevalence of obesity and other inflammation conditions in these countries. All such factors are expected to increase the demand for liquorice, which, in turn, is anticipated to accelerate the growth of the market during the forecast period.
Providing high-quality herbal products is a major challenge in the market. The challenge of complying with strict quality standards applied to the production of herbal extracts is faced by distributors in the market. Health-conscious consumers are being encouraged to make choices for food and beverages with different functional benefits and enhanced immune function because of the increasing prevalence of obesity and other inflammation conditions in these countries. Moreover, the procedures and techniques used in the manufacturing and quality control of herbal products often differ from those used for conventional pharmaceutical products, consumer products, and food and beverages.
Moreover, the quality of the herbal extracts shall be directly influenced by production and processing activities that involve natural materials intended for making herbal extracts. Manufacturers of herbal medicinal products are required to comply with stringent regulatory requirements in the European Union. The challenge for traders in the worldwide market is that there are few strict rules and guidelines issued by international food safety associations, which will have an adverse effect on the growth of the market over the forecast period.
The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
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 growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 13 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 food and beverages segment will account for a significant share of market growth during the forecast period. The major end-users on the market have invested heavily in R&D to develop herbal extracts that meet consumers' needs, due to an increase in demand for food and drink products that are Free of Gluten, No Artificial Colors, or Preservatives. Additionally, increased consumer awareness about the adverse side- effects of synthetic chemicals used in food and beverages has led to a rise in demand for natural ingredients such as extracts. Several regulations have been imposed by global health organizations and food safety associations to prohibit the use of artificial flavorings in food and beverages and promote the use of naturally extracted counterparts such as herbal extracts. This will increase the segment growth during the forecast period.
The pharmaceutical segment of the market is projected to grow at a moderate rate during the forecast period. The more number of people diagnosed with chronic inflammatory diseases due to changes in lifestyles and eating habits has created a need for the consumption of herbal medicine. However, herbal extracts are used in pharmaceutical applications in the form of phytomedicines. Companies in the market offer a variety of extracts, including power, solid, liquid, and gels. Medicines such as providing relief for colds and coughs, promoting respiratory health and digestive health, offering antioxidant properties, lowering blood sugar levels, and maintaining liver health, metabolic health, immune system support, kidney health, and others provide a wide range of health benefits to consumers. This will increase the segment growth during the forecast period.
The market share growth by the food grade segment will be significant during the forecast period. It is expected to maintain its dominance during the forecast period. In the year 2023, the market was dominated by the food-grade segment. It is anticipated that it will continue to dominate throughout the forecast period.
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The food grade segment was the largest and was valued at USD 691.20 million in 2018. According to the Food and Drug Administration (FDA), liquorice root is generally accepted to be safe for food use. Topical gels are said to treat skin conditions like acne or eczema, and licorice tea is said to soothe sore throats. Herbal tea is in high demand as the number of health-conscious consumers grows. Herbal tea manufacturers are developing liquorice-infused products and highlighting these benefits to attract health-conscious consumers. The food-grade segment, which, in turn, is anticipated to drive the growth of the market in focus during the forecast period.
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APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is expected to witness moderate growth during the forecast period owing to factors such as rising consumer awareness of the side effects of allopathic medicines and growing awareness about the medicinal benefits, as well as the therapeutic effect of herbal products such as liquorice. In order to raise the number of consumers who care about their health and ensure that liquorice is included in products, these benefits are put forward by tea producers.
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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Exploring the Diverse Applications and Health Benefits of Licorice in the market, derived from the roots of the Licorice plant (Glycyrrhiza glabra), is a popular natural sweetener and flavoring agent, widely used in various industries including Pharmaceutical, Feed, Food and Beverages, and Tobacco Products. The primary components of licorice are glycyrrhizin and glycyrrhizinate, along with flavonoids, which contribute to its unique therapeutic benefits. In the pharmaceutical sector, licorice is known for its anti-inflammatory, antimicrobial, anticancer, antioxidant, and anti-stress properties. It is used to treat lung infections, stomach ulcers, skin disorders, and menopausal symptoms like hot flashes, acid reflux, and heartburn. In food and beverages, licorice is used as a natural sweetener and flavoring agent, while in tobacco products, it is used to enhance the taste and reduce the harshness.
In addition, the Licorice is also used in the form of paste, powder, granules, and semi-liquid blocks for various applications. The market is growing, both online and offline, due to the increasing awareness of its health benefits. Licorice extract is used to treat bacterial infections, digestive ailments, viral infections, and even food poisoning. Its anti-inflammatory properties make it effective in reducing pigmentation and soothing the skin. Furthermore, licorice is also known to help lower high blood pressure and alleviate symptoms of gastric ulcers. In conclusion, the licorice market is driven by the diverse applications and numerous health benefits of licorice and its derivatives. The market is expected to grow significantly in the coming years, as more people become aware of its therapeutic properties and its use as a natural sweetener and flavoring agent.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.97% |
Market Growth 2024-2028 |
USD 676 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.28 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 35% |
Key countries |
China, India, Germany, The Netherlands, and US |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AOS Products Pvt. Ltd., Aushadhi Herbal, Avestia Pharma, Beijing Gingko Group, Botanic Healthcare Group, C.E. Roeper GmbH, Extroil Naturals, F and C Licorice Ltd., Glycyrrhiza Glabra Co. Ltd., HB Natural Ingredients, Herbal Creations, Mafco Worldwide LLC, Maruzen Pharmaceutical Co. Ltd., Norevo GmbH, Nutra Green Biotechnology Co. Ltd., Ransom Naturals Ltd., Sepidan Osareh Jonoob Co., Shaanxi FUJIE Pharmaceutical Co. Ltd., Shirin Daru Co., 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 the market forecast period |
Customization purview |
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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 Grade Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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