The global licorice extract market is projected to grow at a CAGR of 4.89% to reach US$923.524 million by 2025, from US$693.292 million in 2019.
Rising awareness among the individuals regarding the health benefits of licorice extract is leading to a surge in the 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, taking a healthy diet, and mixing 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 in ancient Chinese medicine. Some of the health benefits include a reduction in the stress levels owing to its property of releasing cortisol and producing adrenaline. It is also beneficial in cleaning up the respiratory system and is able to ease the effects and the stress being imposed on the bronchial system by enhancing the 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 owing 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 the beauty and personal care products in order to boost the development of the cosmetics industry and cater to the rising demand of 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 and the rising demand from the middle-aged and older women for skincare 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 the cosmetics and personal care products is gaining good traction owing to the serval properties and benefits it is able to provide. Some of these benefits include controlling the redness that is induced in the skin due to the improper care and hygiene or skincare routine, flushing of the skin of women etc.
Besides, as a majority of women are prefering 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 the 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 sin properties and alleviate certain skin conditions. For example, In September 2019, Evonik Care Solutions, which is a part of the nutrition and the cosmetic industry arm of the company announced the launch 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 is able to soothe the skin among showing other benefits.