Materials & Chemicals Market Research News

Licorice extract industry perceived to develop substantially with a strong CAGR of 5.3% by 2023 to reach $2378.95 million published by leading research firm

Materials & Chemicals Research

Rising demand for plant based sweeteners, increasing demand for the uptake of natural ingredients in medical products and awareness about sugar free products and health fitness among the consumers are the major factors propelling the market growth.


imageGlobal Licorice Extract market is expected to grow from $1650.25 million in 2016 to reach $2378.95 million by 2023 with a CAGR of 5.3%. 

The key players in the market are currently focusing on various research and development activities to develop new products in order to meet the demand for sugar-free products. The market has huge opportunities with the implementation of herbal medicines in developed economies.

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By application, the pharmaceutical segment holds the largest revenue owing to its medicinal benefits such as prevention of cancer. In addition, rising applications of licorice extracts in pharmaceuticals is expected to increase the growth of this segment.

Food and Beverages is the fastest growing segment and is expected to remain the same in upcoming years.

Geographically, Europe holds the largest market share owing to shift in consumer preferences towards consumption of natural and plant based ingredients. Licorice extract in European countries is used to produce Mono Ammonium Glycyrrhizinate (MAG), a masking agent used in products sweetened by Stevie which is further expected to support the market growth in this region.

Germany is the largest importer of licorice extracts followed by U.K and Italy.

Some of the key players in the licorice extract market are Mafco Worldwide LLC, Norevo GmbH, ASEH Licorice MFG & Exp. Co, Zagros Licorice Co, F&C Licorice Ltd, Zelang Group, Aushadhi Herba, VPL Chemicals PVT Ltd, Ransom Naturals Ltd, Alfarid Corporation, SepidanOsareh Co, Bioland, Maruzen Pharmaceuticals Co. Ltd and Nutra Green.

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Grades Covered: Food Grade Pharmaceutical Grade Feed Grade

Products Covered: Flavonoids Glycyrrhizin Glycyrrhizinate

Forms Covered: Semi-Fluid/Liquid Block Powder

Applications Covered: Tobacco Pharmaceutical Cosmetics Food and Beverage Other Applications

Regions Covered: North America
Mexico Europe

Rest of Europe Asia Pacific
New Zealand
South Korea

Rest of Asia Pacific South America

Rest of South America Middle East & Africa
Saudi Arabia
South Africa

Rest of Middle East & Africa

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