The global licorice extract market is projected to grow at a CAGR of 5.15% to reach US$965.831 million by 2027, from US$679.426 million in 2020.
Increasing awareness among people regarding the beneficial properties of licorice extract is leading to a rise in consumption.
The trend of leading a sedentary lifestyle has increased among individuals owing to the increased spending power. However, there are risks involved that can lead to severe health problems such as diabetes or other problems related to the heart or other vital organs like the liver.
As such, efforts are being made to increase the consumption of healthy foods, take a healthy diet, and mix good and beneficial ingredients in foods to make them more nutritious. This has resulted in increasing consumption of licorice in different foods and beverages owing to the health benefits of consuming licorice extract, which mostly arises from the popularity of ancient Chinese medicine. Some of the health benefits include a reduction in stress levels owing to its property of releasing cortisol and producing adrenaline. It is also beneficial in cleaning up the respiratory system. It can ease the effects and the stress being imposed on the bronchial system by enhancing breathing capabilities.
Additionally, it is also beneficial in clearing out the stomach properly by effectively treating different gastrointestinal problems such as food poisoning, stomach ulcers, and heartburn, among others. Therefore, these factors are bolstering the market growth over the forecast period.
Product Offerings by major market players in the licorice extract market
The offering of better varieties of Licorice Extract with enhanced properties such as quality and flavor, among others, by existing and new players in different markets are estimated to lead to increased adoption and propel the market growth further over the forecast period.
Some of the examples of product offerings are as follows:
The North American region to hold a considerable share over the forecast period and the Asia Pacific region holds a noteworthy potential to grow over the forecast period
The North American region is expected to hold a considerable share over the forecast period owing to the increasing investment being made in beauty and personal care products in order to boost the development of the cosmetics industry and cater to the rising demand for better products from women in the countries such as the US.
Moreover, the Asia Pacific region holds the potential to grow into an influential market owing to the rising awareness of leading a healthy life and taking a good diet, the rising demand from middle-aged and older women for skin care products due to high temperatures, and the rising pollution in the countries such as India.
The use of licorice is rising in the cosmetics and personal care segment
The demand for cosmetics and personal care products is rising owing to the rising awareness to enhance and improve the overall beauty. Furthermore, the demand for beauty products with added active and other ingredients in order to boost the different properties of the skin is also growing. Licorice as an added ingredient in cosmetics and personal care products is gaining good traction owing to the serval properties and benefits it can provide. Some of these benefits include controlling the redness induced in the skin due to improper care and hygiene or skincare routine, flushing of the skin of women, etc.
Besides, as most women prefer skin lightening treatments due to prolonged exposure to the sun, or the occurrence of black spots and blemishes on the skin, licorice also provides relief by acting as a skin lightening agent due to presence of the active ingredient called glabridin.
Furthermore, there are market players involved in the provision of cosmetic and beauty products with added licorice root extracts in order to enhance different skin properties and alleviate certain skin conditions. For example, In September 2019, Evonik Care Solutions, a part of the nutrition and the cosmetic industry arm of the company, announced the launch of their new product called the “ROVISOME Sensitive NG.”This product is an active ingredient that will be added to their delivery system technology in order to transport calendula and licorice extracts deep inside the skin layers, and it can soothe the skin, among showing other benefits.
The COVID-19 pandemic resulted in the closure of major industrial and commercial processes, owing to the strict lockdown and social distancing regulations. The licorice market also suffered as a result of the disruptions in supply and production lines. However, owing to the rising demand for healthy living and increased health consciousness among customers, the market demand soon returned to normal. The introduction of new organic skincare and food products also led to the rise in market demand. Moreover, the growing e-commerce and inline shopping trends positively affected the global licorice market. Further, with the withdrawal of previously implemented lockdown procedures, the market is anticipated to grow substantially.
|Market size value in 2020||US$679.426 million|
|Market size value in 2027||US$965.831 million|
|Growth Rate||CAGR of 5.15% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Form, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||NOREVO GmbH, MAFCO Worldwide LLC, Zagros Licorice co., F&C Licorice Ltd., VPL Chemicals., Sepidan Osareh Jonoob Co., Herbochem|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the licorice extract market size by 2027?
A1. The global licorice extract market is projected to reach a market size of US$965.831 million by 2027.
Q2. What are the growth prospects for the licorice extract market?
A2. The licorice extract market is projected to grow at a CAGR of 5.15% over the forecast period.
Q3. Which region holds the largest market share in the licorice extract market?
A3. The North American region to hold a considerable share in the licorice extract market over the forecast period.
Q4. What is the size of the global licorice extract market?
A4. Licorice Extract Market was valued at US$679.426 million in 2020.
Q5. What factors are anticipated to drive the licorice extract market growth?
A5. Rising awareness among individuals regarding the health benefits of licorice extract is leading to a surge in consumption.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Licorice Extract Market Analysis, By Form
6. Global Licorice Extract Market Analysis, By Application
6.1. Food and Beverage
6.2. Cosmetics and Personal Care
6.3. Tobacco Products
7. Global Licorice Extract Market Analysis, by Geography
7.2. North America
7.2.1. United States
7.3. South America
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. United Arab Emirates
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Norevo GmbH
9.2. MAFCO Worldwide LLC
9.3. Zagros Licorice co.
9.4. F&C Licorice Ltd.
9.5. VPL Chemicals.
9.6. Sepidan Osareh Jonoob Co.
MAFCO Worldwide LLC
Zagros Licorice co.
F&C Licorice Ltd.
Sepidan Osareh Jonoob Co.
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.