Press release
Licorice Root Market to rise from $2.3 Bn (2024) to $4.5 Bn (2034) at 6.9% CAGR | Key Players: Norevo, Mafco Worldwide LLC, F&C Licorice Ltd
Licorice Root Market
Licorice Root Market is gaining significant momentum worldwide, driven by the rising preference for natural, herbal, and sustainable ingredients across diverse industries. Licorice root, derived from the Glycyrrhiza glabra plant, is widely recognized for its therapeutic, flavoring, and antioxidant properties. It plays a vital role in pharmaceuticals, cosmetics, and food products. The Licorice Root Market is anticipated to expand from $2.3 billion in 2024 to $4.5 billion by 2034, growing at a robust CAGR of 6.9%. The increasing awareness of natural health remedies and the global shift towards organic living are fueling this market's growth trajectory.
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Market Size, Share & Demand Analysis
In 2024, the Licorice Root Market recorded a production volume of around 320 million metric tons, which is projected to reach 480 million metric tons by 2028. The pharmaceutical segment holds the largest market share, accounting for 45%, followed by the food and beverage sector with 30%, and cosmetics with 25%. The surge in herbal medicines and functional foods has significantly amplified market demand. Licorice root extracts, powders, and pastes are increasingly sought after for their medicinal and sweetening benefits. The expanding use of licorice root in natural sweeteners, dietary supplements, and clean-label cosmetics is expected to further strengthen market performance over the forecast period.
Market Dynamics
The Licorice Root Market is propelled by key factors such as growing consumer awareness regarding herbal health solutions and the demand for plant-based ingredients. In pharmaceuticals, licorice root is valued for its anti-inflammatory and antiviral properties, while the food sector benefits from its natural sweetening and flavor-enhancing characteristics. Additionally, the beauty industry's move toward natural formulations has created opportunities for licorice-based skincare and cosmetic products.
However, the market faces challenges such as supply chain disruptions and environmental constraints due to overharvesting. Global trade tensions and tariff fluctuations have also impacted raw material pricing. In response, leading producers are adopting sustainable sourcing and localized cultivation strategies to ensure stable supply chains and cost efficiency.
Key Players
Norevo
Mafco Worldwide LLC
F& C Licorice Ltd
Zagros Licorice Co
Ransom Naturals Ltd
VPL Chemicals Pvt Ltd
Sepidan Osareh Co
Maruzen Pharmaceuticals Co Ltd
Aushadhi Herbal
AOS Products Pvt Ltd
Herbs Egypt
Alfarid Corporation
Huaian Brothers Biotechnology Co Ltd
Hindustan Mint & Agro Products Pvt Ltd
Biolandes
Naturex SA
Shree Bankey Behari Lal Aromatics
Gansu Yalan Pharmaceutical Co Ltd
Zelang Group
Rizhao Longfa Group Co Ltd
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Key Players Analysis
The Licorice Root Market features several key players who are driving innovation, product diversification, and technological advancement. Major companies include MAFCO Worldwide LLC, Norevo GmbH, Zagros Licorice Co., Ransom Naturals Ltd, and VPL Chemicals Pvt Ltd. These firms are investing in advanced extraction technologies, research collaborations, and sustainable production methods to meet global demand. Additionally, mid-sized players such as Aushadhi Herbal and Huaian Brothers Biotechnology Co. Ltd are emerging as competitive participants by focusing on organic and eco-friendly licorice root cultivation.
Regional Analysis
The Asia-Pacific region dominates the Licorice Root Market, led by China, India, and Japan-countries with deep-rooted traditions in herbal medicine. The region benefits from favorable climatic conditions and abundant cultivation zones. North America ranks as the second-largest market, with the United States experiencing rising consumer demand for natural supplements and herbal remedies. Europe also holds a strong position, particularly in Germany and France, where clean-label and organic product preferences are high. Emerging markets in the Middle East and Africa are showing rapid growth, driven by traditional usage and local production in Iran. Latin America, though smaller, is gaining attention for its potential in natural ingredient sourcing and growing awareness of licorice's health benefits.
Recent News & Developments
Recent developments in the Licorice Root Market reflect a clear trend toward sustainability and innovation. Companies such as Naturex SA have entered joint ventures with Asian herbal medicine manufacturers to expand their presence in the health and wellness sector. Meanwhile, the European Union has implemented new regulations promoting sustainable sourcing and product traceability. In North America, strategic collaborations between licorice root suppliers and major confectionery brands are giving rise to new licorice-flavored food innovations. Furthermore, private investments in licorice root processing facilities are enhancing production capacity and efficiency.
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Scope of the Report
The Licorice Root Market report provides comprehensive insights into market trends, dynamics, and competitive strategies. It evaluates the market across product types, applications, and regions while analyzing growth opportunities, challenges, and regulatory factors. The study highlights how sustainability, technological innovation, and shifting consumer preferences are shaping the future of this market. As demand for natural, plant-based solutions continues to rise, the Licorice Root Market is poised for long-term growth, supported by advancements in extraction technology and sustainable farming practices.
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