Authored By: Sarah
11 Jul 2024

 Liquorice Market Size to grow by USD 676 million between 2024-2028

According to a research report “ Liquorice Market” by Grade Type (Food grade, Feed grade, Pharmaceutical grade) Application (Food and beverages, Pharmaceuticals, Tobacco, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 676 million, at a CAGR of  5.97% during the forecast period. In response to the escalating consumer preference for natural, additive-free food and beverages, market players are prioritizing research and development (R&D) investments to introduce herbal extracts that cater to this demographic. The burgeoning health-conscious consumer base, particularly in the herbal tea sector, is driving demand for such products. Manufacturers are emphasizing the natural benefits of liquorice extracts, which are free from gluten, artificial flavors, colors, and preservatives, to attract this consumer segment. The increasing awareness regarding the potential health risks associated with synthetic ingredients further fuels the demand for natural alternatives, thereby bolstering the market growth for liquorice extracts.

Browse market data tables, figures, and in-depth TOC on “Liquorice Market” by Grade Type (Food grade, Feed grade, Pharmaceutical grade) Application (Food and beverages, Pharmaceuticals, Tobacco, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Grade Type, the Food grade segment is projected to dominate the market size in 2024

In response to the growing consumer preference for natural, gluten-free, and chemically-free food and beverages, key market players are investing heavily in research and development to introduce herbal extracts, including liquorice extract, which cater to this demand. The increasing awareness regarding the potential health risks associated with synthetic chemicals has led to a surge in demand for naturally sourced ingredients. Regulatory bodies, such as global health organizations and food safety associations, have imposed stringent regulations to limit the use of artificial flavorings and promote the adoption of herbal extracts as their natural counterparts.

By Application, Food and beverages  segment is expected to hold the largest market size for the year 2024

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APAC is forecasted to hold the largest market size by region in 2024

The liquorice market represents a significant business opportunity, with global revenue projected to reach USD3.5 billion by 2027. Key drivers include increasing consumer preference for natural sweeteners and the growing demand for functional foods. Major players include Perfetti Van Melle, Ferrero SpA, and Haribo GmbH & Co. KG. Strategic partnerships, product innovation, and geographical expansion are crucial strategies for market growth.

The Liquorice Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AOS Products Pvt. Ltd.
  • Aushadhi Herbal
  • Avestia Pharma
  • Beijing Gingko Group
  • Botanic Healthcare 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.
.

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Research Analysis Overview

The liquorice market encompasses a wide range of applications, from the Food Industry to the Pharmaceutical Sector. The primary source of liquorice is the Glycyrrhiza plant, which contains various plant-based ingredients, including Isoliquirtin and Flavonoids. In the Food Industry, liquorice is used as a natural sweetener, replacing artificial sweeteners, and in the production of dairy products and plant-based foods. In the Pharmaceutical Sector, liquorice extract is used in the pharmaceutical grade segment for medicinal properties, particularly for those suffering from Celiac diseases, gut-related issues, and Diabetes. The extract is available in various forms, such as Granules, Semi-Liquid, Powder, Paste, Blocks, and Glycyrrhizinate and Glycyrrhizin. Liquorice also has significant applications in skincare products due to its anti-inflammatory and antioxidant properties. The global liquorice market is expected to grow significantly due to its versatile uses and increasing health awareness.

Market Research Overview

The liquorice market encompasses a wide range of applications, from skincare products to pharmaceutical grade segments. The key ingredient in liquorice is the glycyrrhiza plant, which is rich in active compounds like glycyrrhizinate, glycyrrhizin, and flavonoids. These compounds have medicinal properties, making liquorice a popular ingredient in various industries. In the food industry, liquorice is used as a natural sweetener and flavoring agent. However, its medicinal properties extend beyond food and beverages. In the pharmaceutical sector, liquorice extract is used to treat various conditions, including skin disorders, digestive ailments, viral infections, bacterial inctions, and even some chronic diseases like diabetes, celiac diseases, and high blood pressure. The skincare segment of the liquorice market is gaining popularity due to its skin-lightening benefits. Liquorice extract is known to reduce inflammation and irritation, making it an effective treatment for conditions like psoriasis, athlete's foot, and eczema. The natural sweetener and flavoring agent are also used in functional foods, such as obesity-fighting beverages, immune-booster drinks, herbal teas, and even craft beers. The millennial population is driving the demand for natural ingredients in food and beverages, leading to an increase in the use of liquorice extract in various applications. From non-alcoholic spirits and revitalizing water to dairy drinks and bakery products, liquorice extract is finding its way into various beverages and foods. The pharmacological benefits of liquorice extract are also being explored in the production of dietary supplements and pharmaceutical grade liquorice products, such as granules, semi-liquid, paste, blocks, and powders. Despite its numerous health benefits, it's important to note that excessive consumption of liquorice can have adverse effects, including high blood pressure, heartburn, and acid reflux. Therefore, it's essential to consume liquorice in moderation and consult a healthcare professional before using it as a treatment for any medical condition. The liquorice market is vast and diverse, with applications ranging from offline retail stores to online sales platforms, tobacco products, and feed industries. The market is expected to grow significantly in the coming years, driven by the increasing demand for natural ingredients and the medicinal properties of liquorice extract.

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