Licorice Extract Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Licorice Extract Market is segmented by Form (Paste, Block, Powder, and Others); By Application (Food and Beverage, Cosmetics and Personal Care, Dietary Supplements, Tobacco Products, and Other Applications); and by Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and forecasts in value (USD million) for the above-mentioned segments.

Market Snapshot

licorice extract market
Study Period: 2016 -2027
Base Year: 2021
Fastest Growing Market: North America
Largest Market: Europe
CAGR: 4.75 %

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Market Overview

The licorice extract market is projected to record a CAGR of 4.75% during the forecast period (2022-2027).

During the first wave of COVID-19, the increased prices of raw materials and disrupted supply chain because of the lockdown has impacted the market negatively. However, consumers' increased awareness about health consciousness has raised the demand for licorice extracts. Moreover, increased demand for clean labels and natural and organic products boosted the global licorice extract market.

Over the medium term, the Licorice extract market is expected to be driven by the growing health consciousness among consumers and the prevalence of diseases such as diabetes, gut-related issues, and celiac diseases. Medicinal properties of the root have increased its demand in the pharmaceutical sector. The food industry is also contributing a good share in the market growth of licorice extract. There is an increasing demand for licorice root as a sweetener from candy and beverage manufacturing, which is a major factor driving the licorice extract market growth. Growing demand for natural and organic products in the developed markets also boosts sales.

But it is not the only food additive or natural sweetener available on the market. Stevia is a natural sweetener that is widely known and more commonly used. Anise is another naturally available plant with a very similar taste to licorice and is often used as a licorice substitute. Other naturally occurring herbs such as fennel, basil, chervil, tarragon, and tea tree are alternatives to licorice extract. These alternatives pose a barrier to licorice extract industry growth and impede the adoption of licorice extract as a natural flavoring and sweetening agent.

Scope of the Report

Licorice extract is made from a plant called “Glycyrrhiza glabra,” which is used in the pharmaceutical, cosmetic, and food industries. The licorice extract market is sub-segmented by form into paste, block, powder, and others. By application, the market is segmented into food and beverage, cosmetics and personal care, dietary supplements, tobacco products, and other applications. The market is also segmented by geography into North America, Europe, Asia-Pacific, and the Rest of the World. The report offers market size and forecasts in value (USD million) for the above segments.

By Form
Block
Powder
Paste
Others
By Application
Food and Beverages
Cosmetics and Personal Care
Dietary Supplements
Tobacco Products
Other Applications
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
Germany
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Indonesia
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

Growing Demand from Importing Countries

There are significant opportunities for new suppliers of licorice in major importing developed markets, such as Europe, owing to the growing applications of licorice and scarcity in production. The top importers are Germany, the United States, China, France, and the Netherlands. Various health benefits of licorice boost the sales of licorice extracts worldwide. Licorice root extracts protect the skin against oxidative stress injuries, accelerate wound epithelization, facilitate remodeling at the wound site, and efficiently reduce the symptoms of atopic dermatitis. Even though the market for licorice roots is relatively easy to enter, legal requirements on different business levels remain a major challenge in this market.

 licorice extracts market

Rising Popularity in North American Countries

The growing number of health-conscious consumers in the country, coupled with the rising preference for organic products, especially among the millennial population, is propelling the sales of licorice extracts in the country. In addition, the rising prevalence of various chronic disorders, such as diabetes and obesity, is expected to grow the market. The rising investments in research and development activities are also expected to provide opportunities for regional manufacturers. However, the lack of availability and increase in the cost of raw materials are expected to hamper the growth of the licorice extracts market.

 licorice extract manufacturers

Competitive Landscape

The licorice market is a growing market with increased demand from developed markets. Companies are devising numerous product-level strategies to scale up their businesses. Among them, increasing the effectiveness of extraction technology remains a coveted strategy in the licorice extract market. Major players in the market are located in Asia-Pacific and European countries. Some of the major players in the market are Norevo GmbH, and FC Licorice, among others. With the growing applications in the cosmetics and pharmaceutical industries, players are developing products specific to these markets.

Recent Developments

· In January 2021, Mafco announced a new category-specific, multi-tasking Magna-Brand products that address today's most challenging product and flavor-formulation problems. They have launched their latest products that, by selective compounding, are some of the most cost-effective and productive for Taste Modulation.

· In December 2019, MAFCO Worldwide LLC and Merisant Company announced a definitive business combination. Merisant and MAFCO comprise the operating subsidiaries of Flavors Holdings Inc., which is owned by affiliates of MacAndrews & Forbes Incorporated. Subject to the terms and conditions outlined in the Purchase and Sale agreement, Act II will combine with the businesses of Merisant, MAFCO, and certain of their subsidiaries.

· In March 2019, Naturex announced that it is investing in coloring foodstuffs with Vegebrite Ultimate Spirulina. A new extraction line, which triples spirulina production capacity, has been introduced at the company's production site in Avignon, France.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Form

      1. 5.1.1 Block

      2. 5.1.2 Powder

      3. 5.1.3 Paste

      4. 5.1.4 Others

    2. 5.2 By Application

      1. 5.2.1 Food and Beverages

      2. 5.2.2 Cosmetics and Personal Care

      3. 5.2.3 Dietary Supplements

      4. 5.2.4 Tobacco Products

      5. 5.2.5 Other Applications

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Spain

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 Germany

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Indonesia

        6. 5.3.3.6 Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Norevo GmbH

      2. 6.4.2 ASEH Licorice MFG & Exp. Co.

      3. 6.4.3 Maruzen Pharmaceuticals Co. Ltd

      4. 6.4.4 FC Licorice

      5. 6.4.5 MAFCO Worldwide LLC

      6. 6.4.6 Zagros Licorice Co.

      7. 6.4.7 Sepidan Osareh Co.

      8. 6.4.8 Naturex SA(Givaudan)

      9. 6.4.9 VPL Chemicals

      10. 6.4.10 Aseh Co.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

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Frequently Asked Questions

The Licorice Extract Market market is studied from 2016 - 2027.

The Licorice Extract Market is growing at a CAGR of 4.75% over the next 5 years.

North America is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2021.

Norevo GmbH, FC Licorice, MAFCO Worldwide LLC, Zagros Licorice co., Sepidan Osareh Jonoob Co. are the major companies operating in Licorice Extract Market.

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