Liquorice Market to grow by USD 95.27 Billion (2024-2028), driven by rising demand for food and beverages with herbal ingredients, with AI driving market transformation - Technavio

The global liquorice demand, driven by its increasing applications in the food and beverage, pharmaceutical, and tobacco industries, is expected to witness steady growth. The market is forecast to expand by USD 676 million at a CAGR of 5.97% between 2023 and 2028. Key factors fueling this growth include the rising preference for herbal ingredients, the demand for natural sweeteners, and the medicinal properties of liquorice. Liquorice suppliers are responding to this by enhancing production capacity to meet growing consumer needs.Derived from the Glycyrrhiza plant, liquorice contains glycyrrhizin and glycyrrhizinate, which offer significant applications in food flavoring, pharmaceuticals, and skincare. Liquorice pricing trends indicate a steady increase due to rising raw material costs and heightened demand. Additionally, liquorice production is expanding, particularly in regions with a strong presence of herbal extract manufacturers. The liquorice exports and liquorice imports dynamics are shaped by regulatory policies and trade agreements influencing the distribution network. Moreover, liquorice consumption is increasing in health-conscious demographics, further supporting market expansion. Liquorice distribution channels, including online and offline retailers, are evolving to cater to the growing needs of liquorice buyers and industries relying on liquorice sourcing for herbal and natural products.Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Market Segmentation

By Grade Type

• Food grade

• Feed grade

• Pharmaceutical grade

By Application

• Food and beverages

• Pharmaceuticals

• Tobacco

• Others

By Geography

• APAC (China, India)

• Europe (Germany)

• North America (US)

• Middle East and Africa

• South America

Regional Market Trends

• China and India: Growing preference for natural remedies and increasing demand for liquorice-based products.

• Germany: Expansion of liquorice-based food and pharmaceutical products.

• United States: Rising adoption of liquorice extracts in sugar-free and functional foods.

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Market Dynamics

Market Drivers

• Increasing demand for food and beverages with herbal ingredients.

• Rising adoption of liquorice extract in pharmaceutical applications.

Market Trends

• Growth in demand for immunity-boosting herbal extracts.

• Expansion of liquorice use in skincare and functional food industries.

Market Challenges

• Ensuring high-quality herbal liquorice products amid diverse sourcing challenges.

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Key Market Players

• AOS Products Pvt. Ltd.

• Aushadhi Herbal

• Avestia Pharma

• Beijing Gingko Group

• C.E. Roeper GmbH

• Extroil Naturals

• F and C Licorice Ltd.

• Glycyrrhiza Glabra Co. Ltd.

• HB Natural Ingredients

• Herbal Creations

• Mafco Worldwide LLC

• Maruzen Pharmaceutical Co. Ltd.

• Norevo GmbH

• Nutra Green Biotechnology Co. Ltd.

• Ransom Naturals Ltd.

• Sepidan Osareh Jonoob Co.

• Shaanxi FUJIE Pharmaceutical Co. Ltd.

• Shirin Daru Co.

• Zagros Licorice Co.

Recent Developments

• Companies have been investing in R&D to enhance liquorice extract formulations and expand market presence. (As per abstract, no specific month/year details provided)

Future Insights

The liquorice market is poised for substantial growth, with increasing demand from pharmaceutical and food industries. As herbal ingredients gain traction, market players will continue to invest in innovation, ensuring a strong supply chain for liquorice-based products. With a growing consumer base seeking natural and plant-based alternatives, the liquorice market is set to thrive in the coming years.