Projected USD 3,351 Million Global Licorice Extract Market by 2030, Growing at a 6.81% CAGR – Insights by Straits Research
Health awareness and declining tobacco demand pose challenges for licorice extracts in cigarettes globally. On the other site, the surge in demand for organic products, driven by health and environmental concerns, opens substantial opportunities for licorice extract in both food and cosmetics industries.
New York, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) — Licorice is made from the liquorice plant’s roots, a medicinal plant. Extracts from the origins of the liquorice plant are aromatic and sweet. A component in licorice root called glycyrrhizin can be harmful if ingested in large doses. Licorice has been found to have substances that reduce inflammation, ease coughing, and help the body’s mechanisms for healing ulcers. Licorice plants can be found in their natural environments throughout Southern Europe, Western Asia, and North Africa. One of the primary sources of sweetness in licorice extracts is glycyrrhizin, which is between 30 and 50 times sweeter than sugar. Heartburn, acid reflux, and upset stomach are gastrointestinal symptoms that licorice extract is widely used to treat. In addition to Iraq, licorice is frequently grown in Afghanistan, India, China, Italy, Iran, Pakistan, Turkmenistan, Azerbaijan, Uzbekistan, and Turkey. The tobacco, cosmetics, food & beverage, pharmaceutical, and beauty sectors make substantial use of it.
The usage of licorice extract in cosmetics is growing due to consumer concern about their appearance and the increasing need for modern cosmetic goods that are secure, efficient, and have alluring sensory qualities. Furthermore, there is a growing market for natural clean label items worldwide, but it is firm in the US, the EU-5, China, Japan, and Australia. Licorice extracts are now used in cosmetics due to the anti-inflammatory and skin-lightening properties of the plant. Active licorice extracts are used in cosmetic formulations to control flushing, redness, and other skin inflammations by obstructing the skin inflammation signaling pathway. Licorice extracts also aid in skin lightening because they include glabridin, an antioxidant that prevents the enzyme tyrosinase from producing pigmentation due to sun exposure.
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The Multiple Benefits of the Product and the Use in the Cosmetic Industry to Drive the Global Licorice Extract Market
According to Straits Research, “The global licorice extract market size was valued at USD 1,978 million in 2021, presumed to reach USD 3,351 million by 2030, expanding at a CAGR of 6.81% during the forecast period.“ Licorice extracts and roots have been used for thousands of years, particularly in Asia, to cure various ailments, such as inflammation, respiratory problems, and digestive problems. Licorice contains more than 300 distinct compounds, some of which have antiviral, antimicrobial, and anti-inflammatory properties. In the past, licorice was used to treat heartburn, stomach ulcers, toothaches, indigestion, asthma, fever, bronchitis, and coughs. This drug has recently been used to treat skin infections, cancer-related memory loss, and hepatitis C.
Additionally, the growth of tumors in breast, uterine, cutaneous, and colon cancer is inhibited by glycyrrhizin acid and glycyrrhizin. Numerous research conducted globally along similar lines has focused on the health advantages of licorice root and extracts. Due to licorice extracts’ benefits for the pharmaceutical industry, OTC drugs, cough syrups, and lozenges frequently contain them. These advantages increase the need for licorice extracts in a variety of applications.
Growing Consumer Interest in Natural and Clean Label Products to Create Global Licorice Extract Market Opportunities
Consumer lifestyle changes frequently. Customers buy products suitable for their social standing, the standard of living, and culture. On the other hand, companies are trying to incorporate features into their products that suit the lifestyle of their target consumer. These encouraging trends also encourage innovation in the food, beverage, and cosmetics sectors. Concerns about the adverse effects of synthetic materials and the rise of allergies in food and cosmetics goods have led to a trend toward products comprised of natural, organic components. As a result, the food, beverage, and cosmetics industries have much to gain from the organic licorice extract market.
The Asia Pacific will command the market with the largest share while expanding at a CAGR of 7.71%. Licorice extracts are among the natural therapies for cough and the common cold. Cough medicines containing licorice extract can help to ease a sore throat. Licorice was widely used during the pandemic to make nourishing concoctions that would boost immunity and fend off infections. Licorice extract is used in many Asia Pacific countries to make tea and other local beverages. Licorice extract is also extensively used in Japan. Most of the licorice that enters Japan comes from China, but as Chinese licorice prices have risen, the Japanese market is having trouble. These elements support the growth of the Asia Pacific licorice extract market.
European licorice extract industry share will expand at a CAGR of 4.91% by 2030. The people of Europe enjoy confections, candies, and bakery products very much. Sweet sweets, chocolates, gummies, and jellies are widely produced and consumed. Licorice extract is frequently used to make sweets in many European nations. In the Netherlands, Germany, and Scandinavian countries, licorice is widely enjoyed, especially salty licorice sweets. The primary reason for this high consumption of licorice is that residents of these countries firmly believe that chewing salty licorice keeps them warm and controls their blood pressure during the region’s chilly winters. Therefore fueling the expansion of the licorice extract market.
- Based on the product type, the pharmaceutical grade section is projected to advance at a CAGR of 7.41% and hold the largest market share.
- Based on form, the powder section is projected to advance at a CAGR of 7.41% and hold the largest market share.
- Based on the application, the pharmaceutical section is projected to advance at a CAGR of 7.81% and hold the largest market share.
- Based on regional analysis, the Asia Pacific will command the market with the largest share while expanding at a CAGR of 7.71%.
Competitive Players in the Market
- BGG World
- E. Roeper GmbH
- F&C Licorice Ltd
- Glycyrrhiza Glabra Co., Ltd
- Mafco Worldwide LLC
- Maruzen Pharmaceuticals Co., Ltd
- Norevo GmbH
- Ransom Naturals
- Shaanxi Fujie Pharmaceutical Co, Ltd
- Zagros Licorice Co.
- In 2022, an investigation conducted by Gnanasekar Munirathinam and his research team of the molecular mechanisms of the chemical glycyrrhizin, derived from licorice, for the prevention or treatment of cancer reveals that additional study could result in particular medications for use in clinical practice.
Global Licorice Extract Market: Segmentation
By product type
- Food Grade
- Feed Grade
- Pharmaceutical Grade
- Food and Beverage
- North America
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