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Licorice Root: The Powerhouse Ingredient Transforming Health
According to The Business Research Company's, 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 growth in the historic period can be attributed to rise in the preference for healthy tea among consumers, increase in the use of licorice root in the food and beverage sector, Increased use in traditional medicine systems, popular ingredient in the confectionery industry, demand in pharmaceutical formulations.
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%. the growth in the forecast period can be attributed to increasing use of licorice root as a natural sweetener in food and beverages, rising health and wellness trends, growing nutraceutical industry, increased use in skincare and cosmetics, and rising focus on sustainability and ethical sourcing practices. Major trends in the forecast period include advancements in extraction technologies, introducing innovative flavor variations of root beer, innovations in herbal supplements, research and development increases the adoption of licorice root, and innovation in product formulations.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Licorice Root Market 2024 Key Insights:
• The licorice root market size is expected to grow to$4.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rising Demand For Natural And Organic Products Driving Growth In The Licorice Root Market
• Innovative Licorice Root Products With Companies Develop Authentic Offerings To Differentiate And Meet Modern Wellness Trends
• North America was the largest region in the licorice root market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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