Global Licorice Extract Market Size Projected to US$ 2,544.9 Million by 2028, Growing at a 5.29% CAGR - Exclusive Report by IMARC Group

IMARC Group's report titled "Licorice Extract Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The global licorice extract market size reached US$ 1,966.6 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,544.9 Million by 2028, exhibiting a growth rate (CAGR) of 5.29% during 2023-2028.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/licorice-extract-market/requestsample

Factors Affecting the Growth of the Licorice Extract Industry:

• Evolving Health and Wellness Trends:

In today's health-conscious world, consumers are increasingly turning to natural remedies and supplements to enhance their well-being. In recent years, licorice extract has gained immense popularity due to its numerous health benefits, including anti-inflammatory properties, aiding digestion, and supporting the immune system. As a result, the licorice extract market is growing as consumers seek herbal and plant-based solutions to address health concerns, such as digestive issues or immunity support. This trend is driving the demand for licorice extract in various forms, including capsules, teas, and herbal remedies.

• Rapid Expansion in the Cosmetics and Personal Care Industry:

Licorice extract has found a prominent place in the cosmetics and personal care sector. Its skin-lightening, anti-inflammatory, and soothing properties make it a highly sought-after ingredient in skincare, haircare, and beauty products. With the growing emphasis on natural and botanical ingredients in the beauty industry, there has been a rise in the use of licorice extract in products such as skin creams, serums, and shampoos. As consumers increasingly prioritize clean and natural beauty solutions, the demand for licorice extract in cosmetics continues to stimulate the market growth.

• Rising Food and Beverage Applications:

Licorice extract plays a crucial role in the food and beverage industry as a natural flavoring and sweetening agent. Its unique sweet and slightly bitter flavor profile makes it a popular choice in confectionery, beverages, and culinary applications. With the rising demand for natural and organic food additives and flavors, licorice extract has found its way into a wide range of food products. This widespread use in food and beverages, particularly in products marketed as natural or organic, contributes significantly to the growth of the licorice extract market, as it aligns with consumer preferences for cleaner and more natural ingredients.

Leading Companies Operating in the Global Licorice Extract Industry:

• 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.

Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/licorice-extract-market

Licorice Extract Market Report Segmentation:

By Product Type:

• Food Grade
• Feed Grade
• Pharmaceutical Grade

Pharmaceutical grade represented the leading segment due to the strict quality and purity standards required for medicinal and healthcare applications.

By Form:

• Block
• Powder
• Paste
• Others

Powder accounted for the largest market share owing to its versatility and ease of incorporation into various applications, including pharmaceuticals, supplements, and cosmetics.

By Application:

• Food and Beverages
• Pharmaceutical
• Tobacco
• Others

Pharmaceuticals represented the largest segment as it benefits from licorice extract's therapeutic properties, such as anti-inflammatory and soothing effects.

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 the region's long-standing tradition of licorice consumption and its strong presence in the pharmaceutical and confectionery industries.

Global Licorice Extract Market Trends:

The licorice extract market is primarily driven by the escalating product demand as a crucial ingredient in various medicinal and healthcare products owing to the rising reliance of the pharmaceutical industry on licorice extract for its therapeutic properties, such as anti-inflammatory and soothing effects.

Additionally, the increasing trend toward natural and herbal remedies and rising health-consciousness among consumers has augmented the use of licorice extract in pharmaceuticals and supplements, thus fueling market growth. Furthermore, the prevalent use of licorice extract in the cosmetics and personal care sector, where it is highly sought after for its skin-lightening and anti-inflammatory attributes, is supporting market growth.

Browse Other Related Report:

Natural Sweeteners Market Report 2024-2032 : https://www.imarcgroup.com/natural-sweeteners-market

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