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Licorice Root Market Size, Top key Players, Emerging Trends And Production Analysis Report By 2033
Licorice Root Market
As per the report, the licorice root market size has grown strongly in recent years. It will grow from $2.83 billion in 2023 to $3.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The licorice root market size is expected to see strong growth in the next few years. It will grow to $4.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
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Rising Demand For Natural And Organic Products Driving Growth In The Licorice Root Market
The rising demand for natural and herbal remedies is expected to propel the growth of the licorice root market going forward. Natural and herbal remedies refer to treatments and health practices that use plant-based substances, natural compounds, and traditional healing methods to promote health and treat various ailments. The use of natural and herbal remedies involves employing plant-based substances and natural compounds to promote health, treat diseases, and maintain overall well-being. Licorice root enhances organic products by offering natural sweetness, medicinal benefits, and skincare advantages and aligning with sustainable and ethical farming practices. For instance, in August 2021, according to a report published by The Journal of the American Botanical Council, a US-based organization responsible for information on medicinal plants and herbs, In the United States, yearly retail sales of herbal dietary supplements surpassed $10 billion in 2020, with sales of $11.26 billion in 2020, up 17.3% from 2019. Therefore, the rising demand for natural and herbal remedies drives the licorice root market.
Innovative Licorice Root Products With Companies Develop Authentic Offerings To Differentiate And Meet Modern Wellness Trends
Major companies operating in the licorice root market are focused on obtaining authentic licorice root products to enhance product differentiation in a competitive market and provide unique flavors and health benefits that align with modern wellness trends. Authentic licorice root products faithfully use real licorice root or its pure extracts, uphold traditional and natural preparation methods, and maintain high-quality standards, transparency, and health benefits. For instance, in July 2022, Lakrids by Bülow, a Denmark-based company that manufactures licorice root, launched LAEMON- Mellow Yellow. These are made with high-quality, natural ingredients that include licorice root. The LAEMON product combines salty licorice with the fresh flavor of lemon. The licorice core is swirled in white chocolate, cream, and vanilla to balance sweetness, sourness, and saltiness.
The licorice root market covered in this report is segmented -
1) By Product Type: Essential Oils, Liquid Malt Extract, Oleoresins, Herbs And Spices Dry Malt Extract, Malt Flour
2) By Product Form: Roots, Extracts
3) By Grade Type: Essential Standard Malt, Caramelized Malt, Roasted Malt
4) By Function Type: Performance Enhancers, Palatability Enhancers
5) By End User: Food And Beverage Industry, Tobacco Industry, Pharmaceutical Industry, Cosmetic Industry, Dietary Supplements
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Major companies operating in the licorice root market are S.r Organic, Sarv Biolabs Pvt Ltd, Finzelberg GmbH & Co. KG, Maruzen Pharmaceuticals Co Ltd., American Licorice Company, Beloorbayir Biotech Ltd., Geo Fresh Organic Privated Limited, Nanjing Zelang Medical Technology Co. Ltd., jiangsu Tiansheng Pharmaceutical Co. Ltd., Mafco Worldwide LLC, Norevo GmbH, VPL Chemicals Pvt Ltd., Athos Lifesciences Pvt. Ltd., Bio-Gate AG, PharmaCompass, Ransom Naturals Ltd., ASEH Licorice MFG & Exp. Co, Rainbow Expochem Company, Windson Organic Pvt Ltd, F&C Licorice Ltd
Contents of the report:
1. Executive Summary
2. Licorice Root Market Report Structure
3. Licorice Root Market Trends And Strategies
4. Licorice Root Market - Macro Economic Scenario
5. Licorice Root Market Size And Growth
…..
27. Licorice Root Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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