IMARC Group, a leading market research company, has recently releases report titled “Licorice Extract Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global licorice extract market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Licorice Extract Market?
The global licorice extract market size reached US$ 1,966.6 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,544.9 Million by 2028, exhibiting a growth rate (CAGR) of 5.29% during 2023-2028.
What is Licorice Extract?
Licorice extract is obtained from the dried roots of Glycyrrhiza glabra plant. It has anti-cancer, anti-inflammatory, antioxidant, and antimicrobial properties, which help reduce inflammation, and kill harmful microbes. It aids in improving blood sugar levels, preventing cavities, and promoting weight loss. It is utilized in formulating medicine for heartburn, mouth sores, skin infections, and bacterial and viral infections. It is also used in preparing dietary supplements to cure various health conditions, such as digestive problems, menopausal symptoms, cough, and infections. Besides this, licorice extract is extensively used in personal care, cosmetics, and food and beverage products.
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What are the growth prospects and trends in the licorice extract industry?
There is a rise in the usage of licorice extracts in the pharmaceutical industry to manufacture various medicines and health supplements. Along with this, the rising occurrence of viral infections and digestive problems among individuals is bolstering the market growth.
Furthermore, the increasing adoption of the product in formulating numerous skincare products is creating a positive market outlook. The wide availability of products formulated with licorice extracts across online and offline distribution channels, such as hypermarkets, supermarkets, and medical stores, is also propelling the growth of the market.
Moreover, licorice extract is used as a flavor enhancer, additive, and natural sweetener in cake batters, chewing gums, sweet custard, and many beverages.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Food Grade
- Feed Grade
- Pharmaceutical Grade
Breakup by Form:
- Block
- Powder
- Paste
- Others
Breakup by Application:
- Food and Beverages
- Pharmaceutical
- Tobacco
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Alfarid Corporation Limited, AOS Products Pvt. Ltd., Avestia Pharma, C.E. Roeper GmbH, F&C Licorice Ltd., Herbochem, Hyundai Bioland, Mafco Worldwide LLC, Maruzen Pharmaceuticals Co. Ltd., Norevo GmbH, Shaanxi FUJIE Pharmaceutical Co. Ltd. and VPL Chemicals Pvt Ltd.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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