The global licorice extract market has witnessed significant growth in recent years and is expected to continue this trend in the forecast period from 2019 to 2029. Licorice extract is derived from the roots of the licorice plant, Glycyrrhiza glabra, and is used in various industries including food and beverage, pharmaceuticals, and cosmetics.
Market Size and Growth: The licorice extract market has experienced steady growth, driven by the increasing demand for natural and plant-based ingredients in various industries. The market is expected to reach a value of US$ 2.9 Bn by 2029, growing at a CAGR of 4% during the forecast period.
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Market Segmentation:
- By Service Type: The licorice extract market can be segmented into liquid extract, powder extract, and block extract.
- By Sourcing Type: Based on sourcing type, the market can be segmented into wild licorice extract and cultivated licorice extract.
- By Application: The market can be segmented by application into food and beverages, pharmaceuticals, cosmetics, and others.
- By Industry Vertical: The licorice extract market serves various industries such as food and beverage, pharmaceuticals, cosmetics, and others.
- By Region: The market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Regional Analysis:
- North America: The North America region is expected to dominate the licorice extract market, driven by the growing demand for natural and plant-based ingredients in the food and beverage industry.
- Europe: Europe is also a significant market for licorice extract, driven by the increasing awareness regarding the health benefits of licorice extract.
- Asia Pacific: The Asia Pacific region is expected to witness the fastest growth in the licorice extract market, driven by the growing demand for herbal medicines and traditional remedies in countries like China and India.
Market Drivers and Challenges:
- Drivers: The growing consumer preference for natural and plant-based ingredients, the increasing use of licorice extract in the pharmaceutical industry, and the rising demand for herbal medicines are driving the growth of the licorice extract market.
- Challenges: Challenges such as the availability of synthetic alternatives, regulatory issues related to the use of licorice extract in certain products, and the high cost of licorice extract are hindering the growth of the market.
Market Trends:
- Growing Demand for Organic Licorice Extract: There is a growing demand for organic licorice extract, driven by the increasing consumer preference for organic and natural products.
- Rising Use of Licorice Extract in Cosmetics: Licorice extract is increasingly being used in cosmetics due to its skin-lightening and anti-inflammatory properties.
- Expansion of Product Portfolio by Key Players: Key players in the licorice extract market are expanding their product portfolio to cater to the growing demand for licorice extract in various industries.
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Competitive Landscape: The licorice extract market is highly competitive, with key players focusing on product innovation, expansion, and partnerships to strengthen their market presence. Some of the key players in the market include Norevo GmbH, F&C Licorice Ltd, Mafco Worldwide LLC, Zagros Licorice Co., VPL Chemicals PVT Ltd., SepidanOsareh Co., ASEH Licorice MFG & Exp. Co., Maruzen, Pharmaceuticals Co. Ltd, Zelang Group, Ransom Naturals Ltd.
Future Outlook: The licorice extract market is expected to witness significant growth in the coming years, driven by the increasing demand for natural and plant-based ingredients. The market is expected to be driven by factors such as the growing use of licorice extract in the pharmaceutical industry, the rising demand for herbal medicines, and the expanding product portfolio of key players.
Key Market Study Points:
- Market Size and Growth Rate
- Market Segmentation
- Regional Analysis
- Market Drivers and Challenges
- Market Trends
- Competitive Landscape
- Future Outlook
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