Press release
Strong Growth Ahead: Licorice Root Market Size To Grow At Arecord 7.6% Cagr By 2029
Licorice Root Market Size
How Big Is the Licorice Root Market Size Expected to Be by 2034?
The licorice root market has grown significantly in recent years. It is expected to grow from $3.04 billion in 2024 to $3.28 billion in 2025, at a compound annual growth rate (CAGR) of 7.8%. The growth is driven by the increasing preference for healthy teas, expanding use of licorice root in the food and beverage sector, its popularity in traditional medicine, its use in the confectionery industry, and demand for its applications in pharmaceutical formulations.
The licorice root market is expected to see strong growth, reaching $4.39 billion by 2029, with a CAGR of 7.6%. This is driven by the increasing use of licorice root as a natural sweetener in food and beverages, health and wellness trends, the growing nutraceutical industry, increased use in skincare and cosmetics, and a heightened focus on sustainability and ethical sourcing. Trends to watch include innovations in extraction technologies, new flavor variations for root beer, development of herbal supplements, and increased research and development, which are boosting the adoption of licorice root and driving new product formulations.
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What Are the Emerging Segments Within the Licorice Root Market?
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 Long-Term Drivers Are Shaping Licorice Root Market Trends?
The growing demand in the pharmaceutical industry is expected to propel the growth of the licorice root market. The pharmaceutical industry's expansion is driven by factors such as an aging population, rising chronic diseases, and better global access to healthcare. Licorice root, known for its anti-inflammatory, antiviral, and antimicrobial properties, is used in various treatments, including digestive, respiratory, and immune support medications. In December 2022, Association of the British Pharmaceutical Industry reported that branded medicines would need to return £3.3 billion in sales revenue to the government, reflecting the growth in the pharmaceutical industry. Thus, this demand is stimulating the growth of the licorice root market.
Who Are the Top Competitors in Key Licorice Root Market Segments?
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
What Are the Latest Developing Trends in the Licorice Root Market?
Leading businesses in the licorice root market are putting their efforts into sourcing genuine licorice root products to set themselves apart in a competitive field, offering distinctive tastes and health advantages in keeping with current wellness fads. These products using real licorice root or its unadulterated extracts are ensured to retain traditional and natural production techniques while upholding high-quality, transparency, and health benefits. For example, Lakrids by Bülow, a licorice root producer based in Denmark, unveiled a product named LAEMON- Mellow Yellow in July 2022. This product, made from top-notch, all-natural ingredients like licorice root, marries the saltiness of licorice with the refreshing taste of lemon. The licorice heart is encased in white chocolate, cream, and vanilla to harmonize sweet, sour, and salty notes.
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Which Regions Are Becoming Hubs for Licorice Root Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Licorice Root Market?
2. What is the CAGR expected in the Licorice Root Market?
3. What Are the Key Innovations Transforming the Licorice Root Industry?
4. Which Region Is Leading the Licorice Root Market?
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