The latest report by IMARC Group, titled" Licorice Extract Market Report by Product Type (Food Grade, Feed Grade, Pharmaceutical Grade), Form (Block, Powder, Paste, and Others), Application (Food and Beverages, Pharmaceutical, Tobacco, and Others), and Region 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the market. The global licorice extract market size reached US$ 2,070.6 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,175.7 Million by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.

Factors Affecting the Growth of the Licorice Extract Industry:

• Increasing Demand in the Pharmaceutical Industry:

Licorice extract is renowned for its therapeutic properties, making it a staple in the pharmaceutical industry. The extract contains glycyrrhizin, which is known to have anti-inflammatory and immune-boosting properties. This has led to its widespread use in treatments for conditions such as peptic ulcers, hepatitis C, and throat infections. The ongoing research and clinical trials pointing to new health benefits of licorice extract continually broaden its applications in this sector. Furthermore, the global rise in health consciousness and the shift toward natural and plant-based medications have amplified the demand for licorice extracts. Consumers increasingly prefer treatments with organic ingredients over synthetic alternatives, considering them safer and with fewer side effects. This trend is bolstering the use of licorice in both over-the-counter medications and prescription drugs, thus driving the growth of its market.

• Expansion in Food and Beverage Applications:

Licorice extract is a popular flavoring agent in the food and beverage industry, known for its sweet, rich, and complex profile. It is used in a variety of products, including candies, beverages, and even tobacco. The distinct flavor of licorice is key to the unique taste of many confectioneries, especially in European and Asian markets where licorice-flavored products are traditionally popular. The versatility of licorice extract also sees its use in culinary applications, enhancing the taste of sauces, marinades, and desserts. Additionally, as global cuisine becomes more accessible, individuals are more eager to try new flavors, including those offered by licorice. This cultural culinary exploration is a significant driver for the increased demand for licorice extract in the food sector, facilitating market growth and diversification.

• Regulatory Support for Natural Ingredients:

Regulatory bodies worldwide are increasingly favoring the use of natural ingredients in various consumer products, including food and pharmaceuticals. Licorice extract, being a natural product, benefits significantly from these regulations. Governments and health organizations are promoting natural additives over synthetic ones due to their lower perceived health risks and environmental impact. Such regulatory support is accompanied by certifications and labels that highlight the natural content in products, appealing to health-conscious consumers. This regulatory environment promotes the use of licorice extract and also encourages manufacturers to innovate and expand their offerings with licorice as a key component. This has led to a broader acceptance and incorporation of licorice extract across different sectors, significantly driving its market growth.

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Leading Companies Operating in the Global Licorice Extract Market

• Alfarid Corporation Limited
• AOS Products Pvt. Ltd.
• Avestia Pharma
• C.E. Roeper GmbH
• F&C Licorice Ltd.
• Herbochem
• Hyundai Bioland
• Mafco Worldwide LLC
• Maruzen Pharmaceuticals Co. Ltd.
• Norevo GmbH
• Shaanxi FUJIE Pharmaceutical Co. Ltd.
• VPL Chemicals Pvt Ltd

Licorice Extract Market Report Segmentation: 

By Product Type:

• Food Grade
• Feed Grade
• Pharmaceutical Grade

Pharmaceutical grade dominates the market due to its extensive use in medical formulations, where its therapeutic properties are essential for treating various health conditions.

By Form:

• Block
• Powder
• Paste
• Others

Powder holds maximum number of shares due to its ease of storage, transportation, and integration into various product formulations, from pharmaceuticals to food items.

By Application:

• Food and Beverages
• Pharmaceutical
• Tobacco
• Others

Pharmaceutical represents the largest segment due to the extensive of licorice extract use in medications, leveraging its anti-inflammatory and immune-boosting properties for treating a variety of ailments.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Europe’s dominance in the licorice extract market is attributed to its long-standing cultural affinity for licorice flavors in confectionery and widespread use in traditional medicines.

Global Licorice Extract Market Trends:

Licorice extract is increasingly valued in the cosmetic and skincare industry due to its anti-inflammatory, antimicrobial, and skin-brightening properties. It is used in various products such as face creams, serums, and masks to treat skin conditions such as acne, eczema, and hyperpigmentation. The rising trend toward natural and organic beauty products has significantly boosted the demand for licorice extract as a preferred ingredient in formulations aimed at improving skin health and appearance. Additionally, continued innovation in how licorice extract is used and formulated in different industries has expanded its market. For instance, its incorporation into health supplements, nutraceuticals, and functional foods is increasing as manufacturers strive to offer products that provide added health benefits, such as enhanced digestion and immunity support.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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