Licorice Root Market Expected To Expand At A CAGR Of Approximately 5.3% During 2032
According to analysts at Zion Market Research, the global Licorice Root Market Analysis shows that global demand for licorice extracts year-on-year (YoY) growth of 4.7% in 2022 to USD 848.9 Million and is estimated to be USD 1,418.4 Million in 2032 witnessing a prominent CAGR of 5.3%. The licorice plant or liquorice is an herb that is a perennial legume. Licorice extracts are utilized in traditional medicines for reducing gastrointestinal problems. In the case of food poisoning, heartburn, and stomach ulcers, the licorice root extracts are utilized to restore balance and heal the stomach lining. It is also suggested for the treatment of respiratory issues. The licorice root extract is an extremely vital flavoring agent and component currently in the tobacco & confectionery industries.
Some of the key players in the market are Herbs Iran, NOREVO GmbH, and Naturex SA. The leading companies are involved in a number of expansion and growth strategies to achieve a competitive advantage. The industrial participants also pursue value chain incorporation with business operations in numerous stages of the value chain.
Rising Demand For Licorice Root From Food Industry To Boost The Global Licorice Root Market
The rising demand for licorice root from the candy and beverage industry to use as a sweetener is a key factor impelling the growth of the worldwide licorice root market. Additionally, the increasing demand from the pharmaceutical segment for medicinal manufacturing related to the treatment of asthma and cough is another aspect likely to contribute to the growth of the global licorice root market. Besides, growing inclination toward healthy tea amongst consumers resulted in manufacturers in the production of herbal tea is another major factor estimated to support the development of the global licorice root market. The technological innovations and augmenting research & development activities by prominent players are projected to create new prospects in terms of proceeds for companies operating in the worldwide licorice root market in the forecasted period.
The global licorice root market is bifurcated based on the product form, end-use industry, and regional analysis. On the basis of product form, the market is divided into powder, roots, extracts, blocks, and paste. On the basis of the end-use industry, the market is divided into tobacco industry, food & beverage industry, cosmetic industry, and healthcare & pharmaceutical industry.
Asia Pacific Region Projected To Dominate The Global Licorice Root Market
Based on the geographical analysis, the global licorice root market is divided into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. The market across Asia Pacific region is projected to rule the global licorice root market with regard to revenue and is likely to continue its supremacy over the forecasted period. The domination can be due to the presence of major manufacturers operating in the nations and surging demand from the pharmaceutical industry across this region. The markets across Europe and North America are likely to contribute noteworthy market shares to the global licorice root market. The market across Europe is anticipated to witness faster growth, due to augmenting demand from the food & beverage industry.
Some of the key players in the market are
- FC Licorice
- Norevo GmbH
- Zagros Licorice Co.
- Naturex SA
- Sepidan Osareh Co.
- VPL Chemicals
- MAFCO Worldwide LLC
- Aseh Co
The global licorice root market is segmented as follows:
By product form:
- Roots
- Blocks
- Extracts
- Powder
- Paste
By end-use industry:
- Healthcare & Pharmaceutical Industry
- Food & Beverage Industry
- Tobacco Industry
- Cosmetic Industry
By region:
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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