Licorice Extract Industry
Summary:
- The global licorice extract market size was valued at USD 2,169.35 Million in 2024.
- The market is expected to reach USD 3,299.46 Million by 2033, exhibiting a CAGR of 4.53% from 2025-2033.
- Region-wise, the market has been divided into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
- Based on the product type, the market has been divided into food grade, feed grade, and pharmaceutical grade.
- On the basis of form, the market has been segmented into block, powder, paste, and others.
- Based on the application, the market has been classified into food and beverages, pharmaceutical, tobacco, and others.
- The rising need for clean-label ingredients is a primary driver of the licorice extract market.
- The increasing product adoption in pharmaceutical industry is reshaping the licorice extract market.
Industry Trends and Drivers:
- Growing demand for natural ingredients:
One of the key drivers of the licorice extract market is the increasing consumer preference for natural and clean-label ingredients in food and beverages. With growing awareness about the health risks associated with synthetic additives and artificial flavors, manufacturers are turning to plant-based alternatives like licorice extract to enhance the flavor and sweetness of products. Licorice extract is also valued for its low glycemic index, making it an attractive ingredient for low-sugar or sugar-free products. This trend is particularly strong in the beverage industry, where licorice extract is used in herbal teas, soft drinks, and functional beverages. As consumers continue to prioritize health and wellness in their dietary choices, the demand for natural sweeteners and flavor enhancers like licorice extract is expected to increase, driving growth in the food and beverage sector.
- Rising applications in pharmaceutical industry:
The pharmaceutical industry is another significant driver of the licorice extract market. Licorice extract is widely used in the formulation of various medicines due to its anti-inflammatory, antiviral, and antioxidant properties. It is commonly used in treatments for digestive issues, respiratory conditions, and skin disorders. The growing demand for natural remedies and herbal medicines has further increased the use of licorice extract in pharmaceutical products. Additionally, the extract's soothing properties make it a popular ingredient in cough syrups, lozenges, and throat sprays. As consumers increasingly seek plant-based medicinal solutions, pharmaceutical companies are incorporating licorice extract into their products to cater to this demand, which is boosting the overall market growth.
- Increasing use in cosmetic products:
The rising popularity of natural and organic skincare products is another major factor driving the licorice extract market. Licorice extract is known for its skin-soothing and brightening properties, making it a common ingredient in cosmetic products like creams, serums, and lotions. It is particularly effective in treating hyperpigmentation, reducing redness, and calming sensitive skin. As consumers become more conscious of the ingredients used in personal care products, they are favoring formulations that incorporate natural extracts like licorice. The demand for herbal-based cosmetics, free from harsh chemicals, is pushing manufacturers to include licorice extract in their product lines. This growing trend in the beauty and skincare industry is contributing to the steady growth of the licorice extract market globally.
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Licorice Extract Market Report Segmentation:
Breakup By Product Type:
- Food Grade
- Feed Grade
- Pharmaceutical Grade
Based on the product type, the market has been divided into food grade, feed grade, and pharmaceutical grade.
Breakup By Form:
- Block
- Powder
- Paste
- Others
On the basis of form, the market has been segmented into block, powder, paste, and others.
Breakup By Application:
- Food and Beverages
- Pharmaceutical
- Tobacco
- Others
Based on the application, the market has been classified into food and beverages, pharmaceutical, tobacco, and others.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Region-wise, the market has been divided into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
Top Licorice Extract Market Leaders:
- Alfarid Corporation Limited
- AOS Products Pvt. Ltd.
- Avestia Pharma
- C.E. Roeper GmbH
- F&C Licorice Ltd.
- Herbochem
- Hyundai Bioland
- Mafco Worldwide LLC
- Maruzen Pharmaceuticals Co. Ltd.
- Norevo GmbH
- Shaanxi FUJIE Pharmaceutical Co. Ltd.
- VPL Chemicals Pvt Ltd
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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