Market Size of Licorice Extract Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.75 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Licorice Extracts Market Analysis
The licorice extract market is projected to record a CAGR of 4.75% over the next five years.
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 developed markets also boosts sales. For instance, according to the research article, in the Journal of Heliyon, 2021, the bioactive compounds in licorice, such as glycyrrhizin, glycyrrhizin acid, and isoliquirtin among others have been found to provide pharmacological benefit including anti-cancer, anti-atherogenic, anti-diabetic, anti-asthmatic, anti-inflammatory, anti-microbial, and others.
The alternatives pose a barrier to licorice extract industry growth and impede the adoption of licorice extract as a natural flavoring and sweetening agent like stevia, which is also 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.
