Licorice Extract Market, Global Set for Rapid Growth by 2024

The extract is obtained from the licorice root which is widely used as a medicinal herb. For obtaining the extract the licorice root is boiled and then most of the water is evaporated. The licorice extract is available on the market in liquid and powder form.

The global market for the licorice extract is fragmented into the application and grade. Based on the application, the global market is segregated into the pharmaceutical industry, cosmetic industry, includes food industry, feed industry, and others. The increased usage of the licorice extract in the medicinal usage has increased its demand in the pharmaceutical sector. The food industry is also contributing a good share in the market growth of the licorice extract. On the basis of grade, the market is categorized into food grade, pharmaceutical grade, and feed grade. The segment that is contributing a good share in the global licorice extract market is food grade.

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The market for the licorice extract will grow significantly in the coming years. The key factor that is contributing to the market growth is the increasing preferences of the consumers for the products that are made from natural products which are especially in the developing economies. In the production of the herbal medicines and other herbal products, there is an increased usage of the licorice extract. The licorice extract has several health benefits thus its demand is increasing across the world. The factor that hampers the growth of the licorice extract market is the lack of the availability of the raw materials which are, in turn, increasing the price of the licorice.

According to the regional study, the global market for the licorice extract is diversified into North America, Western Europe, Asia Pacific, the Middle East and Africa, Eastern Europe, and Latin America. The region that is leading the licorice market is Europe. The European market leads the global market in terms of value and the rise in the consumer preference towards the consumption of the products that are made naturally are the factors that are contributing to the market growth in this region.

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In the countries of the European region, licorice extract is used for the production of the mono ammonium glycyrrhizinate, which is used in the products that are sweetened by using stevia as a masking agent. In Europe, it is Germany that has the major market for the licorice extract in terms of consumptions which is followed by the countries such as the U.K. and Italy. In the Asia Pacific region, the market for the licorice extract will grow favorably in the coming years. The emerging nation China is the major producer of the licorice.

The key market players that are involved in the licorice extract market include Norevo GmbH., Ransom Naturals, Aushadhi Herba, VPL Chemicals, MAFCO Worldwide LLC, F&C Licorice, Zagros Licorice, Sepidan Osareh, and others.

Global Licorice Extract Market: Regional Segment Analysis

North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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