Press release
Licorice Root Market Overview: Major Segments, Strategic Developments, and Leading Companies
Licorice Root Market
Licorice Root Market Size and Long-Term Growth Outlook
The licorice root market is projected to reach a value of $4.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.6%. This positive trajectory is fueled by rising demand from the nutraceutical industry, the increasing adoption of clean-label food products, expanding pharmaceutical research applications, and a surge in cosmetic uses. Additionally, a growing emphasis on sustainable sourcing of herbs contributes significantly to market expansion. Key trends expected to influence the market include the heightened use of licorice in herbal remedies, a growing preference for natural sweeteners, broader applications of licorice extracts, rising popularity of plant-based ingredients, and an intensified focus on maintaining standardized extract quality.
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Leading Companies Driving the Licorice Root Market
Several prominent companies dominate the licorice root sector, including S.r Organic, Sarv Biolabs Pvt Ltd, Finzelberg GmbH & Co. KG, Maruzen Pharmaceuticals Co. Ltd., Beloorbayir Biotech Ltd., Geo Fresh Organic Pvt Ltd, Nanjing Zelang Medical Technology Co. Ltd., Jiangsu Tiansheng Pharmaceutical Co. Ltd., Mafco Worldwide LLC, Norevo GmbH, VPL Chemicals Pvt Ltd, Athos Lifesciences Pvt. Ltd., Ransom Naturals Ltd., ASEH Licorice MFG & Exp. Co, Rainbow Expochem Company, Windson Organic Pvt Ltd, F&C Licorice Ltd, Norevo Licorice Extracts, Naturex (Givaudan Active Botanicals), Martin Bauer Group, Shaanxi Sciphar Natural Products Co Ltd, and Xi'an Natural Field Bio-Technique Co Ltd.
In a recent strategic move, US-based Theo Chocolate announced in June 2023 its merger with American Licorice Company, a domestic manufacturer of licorice root products. This partnership aims to help Theo Chocolate manage rising operational costs while continuing to produce premium organic chocolate, leveraging American Licorice Company's expertise and resources.
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Emerging Trends Shaping the Future of the Licorice Root Market
To keep pace with evolving consumer preferences, leading players are focusing on innovative product development, such as premium licorice confectionery collections that emphasize natural, plant-based flavors and functional ingredients. These high-end products blend quality licorice root extracts with complementary flavors to offer a healthier alternative to traditional sugar-laden licorice.
A notable example of this innovation is Denmark-based Bülow's June 2024 launch of the Lakrids by Bülow Summer Collection. Building on the success of its 2022 line, this new range combines natural licorice root extract with exotic elements like tropical fruits and delicate spices. The result is a balanced flavor profile that merges classic licorice sweetness and chewiness with contemporary taste innovations. Designed for gourmet snacking, gifting, and upscale retail, these artisan-quality products highlight both sophisticated flavor and the appeal of natural ingredients.
Detailed Segmentation of the Global Licorice Root Market
This report breaks down the licorice root market into several important segments:
1) By Product Type: Oleoresins, Herbs and Spices
2) By Product Form: Roots, Extracts
3) By End User: Food and Beverage Industry, Tobacco Industry, Pharmaceutical Industry, Cosmetic Industry, Dietary Supplements
Further subdivisions include:
- Oleoresins: Licorice Oleoresins for Flavoring, Licorice Oleoresins for Pharmaceuticals
- Herbs and Spices: Whole Licorice Root, Ground Licorice Root
This classification offers a clear framework for understanding the diverse applications and product variations within the licorice root market.
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