Licorice Extract Market to Reach USD 3,266.2 Mn by 2032, Segmented by Product Type: Smooth, Crunchy, Chocolate Peanut Butter

The market for licorice extract is anticipated to expand at a CAGR of 5.1% over the course of the anticipated forecast period, according to research from Future Market Insights. By 2032, the market value is anticipated to have increased from USD 1,986.2 million in 2022 to USD 3,266.2 million. At the end of 2021, the market for licorice extract was valued at USD 1,893.4 Mn, and in 2022, it is anticipated to rise by 4.9% year over year.

Licorice extract is derived from licorice root which is widely used as a medicinal herbs across the globe. The extract is produced by boiling licorice root and subsequently evaporating most of the water. It is a natural ingredient which is available in liquid or powdered root form.

Traditionally, licorice was used as an herbal medicine in China bit now it is used by the tobacco industry and also widely used as a flavoring agent by the various food and beverages industry such as in tea, confectionary and others. Increasing demand for plant based natural sweetener and flavor is expected to support the licorice extract market growth during the forecast period.

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Licorice Extract Market Segmentation

Licorice extract is segmented on the basis of application which includes food industry, pharmaceutical industry, feed industry cosmetic industry and others. Among all these segment pharmaceutical industry is expected to represent major value share during the forecast period.  Increased medicinal usage of licorice extract coupled with rising opportunities of licorice extract in prevention of cancer is expected to drive the segment growth over the forecast period.

Food industry is expected to represent favorable growth in licorice extract market in the near future. Increasing application of licorice extract in beverages and confectionery products due to its natural sweetener property is expected to support the segment growth in licorice extract market.

Licorice extract market is further segmented on the basis of grade which includes pharmaceutical grade, food grade and feed grade. Due to increasing application and rising opportunities regarding the usage of licorice extract by the pharmaceutical industry is expected to support the segment growth over the forecast period.

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Licorice Extract Regional Analysis

Licorice extract market is segmented on the basis of region which includes North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa and Japan. Geographically, Europe is expected to be one of the largest market in terms of value for licorice extract, owing to increasing consumer shifting preference towards consumption of natural and plant based ingredients.

Moreover, in European countries Licorice is increasingly being used to produce Mono Ammonium Glycyrrhizinate (MAG), which is used as a masking agent in products sweetened by stevia which is further expected to support the market growth in the region.

Among the countries, Germany is expected to remain major markets in terms of consumptions for licorice extract followed by U.K. and Italy. In Europe, Germany was the largest importer of licorice in the year 2015.Asia Pacific is expected to represent favorable growth in terms of value over the forecast period. In the region China is the largest producer of licorice followed by other central Asian countries.

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Increasing demand for plant based natural ingredient especially in developed economies of Europe and North America is expected support market growth over the forecast period. In addition, increasing usage of licorice extract in pharmaceutical industry for manufacturing of herbal medicine and preventing from cancer treatment is further expected to fuel the market growth over the forecast period. However, continuous rise in price of licorice due to raw material shortage may restrain the market growth in the near future.

Key Players

Some of the key players operating in licorice extract market includes MAFCO Worldwide LLC, Norevo GmbH, F&C Licorice, Ransom Naturals, Zagros Licorice, Aushadhi Herba, Sepidan Osareh and VPL Chemicals among others.

The report covers exhaustive analysis on:

  • Licorice Extract Market Segments
  • Licorice Extract Market Dynamics
  • Licorice Extract Historical Actual Market Size, 2012 – 2014
  • Licorice Extract Market Size & Forecast 2015 to 2025
  • Licorice Extract Supply & Demand Value Chain
  • Licorice Extract Market Current Trends/Issues/Challenges
  • Competition & Companies involved
  • Licorice Extract Technology
  • Value Chain
  • Licorice Extract Market Drivers and Restraints

Regional analysis for Licorice Extract Market includes

  • North America
    • US & Canada
  • Latin America
    • Brazil, Mexico, Others
  • Western Europe
    • EU5
    • Nordics
    • Benelux
  • Eastern Europe
    • Russia
    • Poland
    • Rest of Eastern Europe
  • Asia Pacific
    • Australia and New Zealand (ANZ)
    • Greater China
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Japan
  • Middle East and Africa
    • GCC Countries
    • Other Middle East
    • North Africa
    • South Africa
    • Other Africa

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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Licorice Extract Market

Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

About FMI

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.


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