Press release
Licorice Root Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Licorice Root
The growing demand in the pharmaceutical industry is expected to support the growth of the licorice root market. The pharmaceutical sector is expanding due to factors like an aging population, higher rates of chronic and infectious diseases, and improved healthcare access. Licorice root is valued in the pharmaceutical industry for its anti-inflammatory, antiviral, and antimicrobial properties. It's used in treatments for digestive, respiratory, and immune system issues. For example, the Association of the British Pharmaceutical Industry reported that branded medicines in the UK would need to return nearly £3.3 billion in sales revenue to the government in 2024, a significant rise from previous years. Therefore, the expanding pharmaceutical industry is driving the growth of the licorice root market.
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What growth opportunities are expected to drive the licorice root market's CAGR through 2034?
The licorice root market will grow from $3.04 billion in 2024 to $3.28 billion in 2025 at a CAGR of 7.8%, driven by its rising use in herbal teas, traditional medicine, confectionery, and pharmaceuticals.
The licorice root market is projected to grow to $4.39 billion by 2029 at a CAGR of 7.6%. Growth is driven by its rising use as a natural sweetener, increasing popularity in the nutraceutical industry, expansion in skincare and cosmetics, and sustainable sourcing initiatives. Key trends include advancements in extraction technologies, innovations in herbal supplements, research-driven product development, new flavor variations, and increasing adoption in health-focused applications.
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What are the emerging trends shaping the future of the licorice root market?
Companies in the licorice root market are focusing on obtaining authentic licorice root products to enhance differentiation and cater to wellness trends. These products offer unique flavors and health benefits, adhering to traditional methods. In July 2022, Lakrids by Bülow launched LAEMON- Mellow Yellow, a product combining salty licorice with lemon flavor, covered in white chocolate, to offer a balanced taste and health benefits.
Which growth-oriented segments of the licorice root market are leading the industry's development?
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
Subsegments:
1) By Essential Oils: Pure Licorice Essential Oil, Licorice Oil Blends
2) By Liquid Malt Extract: Light Liquid Malt Extract, Dark Liquid Malt Extract
3) By Oleoresins: Licorice Oleoresins for Flavoring, Licorice Oleoresins for Pharmaceuticals
4) By Herbs and Spices: Whole Licorice Root, Ground Licorice Root
5) By Dry Malt Extract: Light Dry Malt Extract, Dark Dry Malt Extract
6) By Malt Flour: Light Malt Flour, Dark Malt Flour
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What regions are leading the charge in the licorice root market?
North America was the largest region in the licorice root market in 2024. The regions covered in the licorice root market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the licorice root market?
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
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What Is Covered In The Licorice Root Global Market Report?
•Market Size Forecast: Examine the licorice root market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the licorice root market for a structured understanding.
•Key Players Overview: Analyze major players in the licorice root market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the licorice root market.
•Segment Contributions: Evaluate how different segments drive overall growth in the licorice root market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the licorice root market.
•Industry Challenges: Identify potential risks and obstacles affecting the licorice root market.
•Competitive Landscape: Review strategic developments in the licorice root market, including expansions, agreements, and new product launches.
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