licorice root market forecast, licorice root market share, licorice root market strategies, licorice root market scope, licorice root market analysis, licorice root market growth
At what pace is the licorice root market growing, and what is its estimated value?
The licorice root market size has grown strongly in recent years. It will grow from $3.04 billion in 2024 to $3.28 billion in 2025 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to rise in the preference for healthy tea among consumers, increase in the use of licorice root in the food and beverage sector, Increased use in traditional medicine systems, popular ingredient in the confectionery industry, demand in pharmaceutical formulations.
The licorice root market size is expected to see strong growth in the next few years. It will grow to $4.39 billion in 2029 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing use of licorice root as a natural sweetener in food and beverages, rising health and wellness trends, growing nutraceutical industry, increased use in skincare and cosmetics, and rising focus on sustainability and ethical sourcing practices. Major trends in the forecast period include advancements in extraction technologies, introducing innovative flavor variations of root beer, innovations in herbal supplements, research and development increases the adoption of licorice root, and innovation in product formulations.
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How have varous drivers impacted the growth of the licorice root market?
Growing demand in the pharmaceutical industry is expected to propel the growth of the licorice root market going forward. The pharmaceutical industry refers to companies and organizations involved in the research, development, production, and distribution of drugs and medications. Demand in the pharmaceutical industry is growing due to factors such as an aging population, increased prevalence of chronic and infectious diseases, and improved global access to healthcare. Licorice root is used in the pharmaceutical industry for its anti-inflammatory, antiviral, and antimicrobial properties, aiding in treatments for digestive issues, respiratory ailments, and immune support formulations. For instance, in December 2022, according to the Association of the British Pharmaceutical Industry, a US-based trade association, branded medicines will need to return nearly £3.3 billion in sales revenue to the government, equivalent to 26.5% of sales. This marks a significant increase from approximately £0.6 billion in 2021 and £1.8 billion in 2022. Therefore, growing demand in the pharmaceutical industry is driving the growth of the licorice root market.
What are the primary segments of the licorice root market?
The licorice root market covered in this report is segmented –
1) By Product Type: Essential Oils, Liquid Malt Extract, Oleoresins, Herbs And Spices Dry Malt Extract, Malt Flour
2) By Product Form: Roots, Extracts
3) By Grade Type: Essential Standard Malt, Caramelized Malt, Roasted Malt
4) By Function Type: Performance Enhancers, Palatability Enhancers
5) By End User: Food And Beverage Industry, Tobacco Industry, Pharmaceutical Industry, Cosmetic Industry, Dietary Supplements
Subsegments:
1) By Essential Oils: Pure Licorice Essential Oil, Licorice Oil Blends
2) By Liquid Malt Extract: Light Liquid Malt Extract, Dark Liquid Malt Extract
3) By Oleoresins: Licorice Oleoresins for Flavoring, Licorice Oleoresins for Pharmaceuticals
4) By Herbs and Spices: Whole Licorice Root, Ground Licorice Root
5) By Dry Malt Extract: Light Dry Malt Extract, Dark Dry Malt Extract
6) By Malt Flour: Light Malt Flour, Dark Malt Flour
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Which firms are leading the licorice root market?
Major companies operating in the licorice root market are S.r Organic, Sarv Biolabs Pvt Ltd, Finzelberg GmbH & Co. KG, Maruzen Pharmaceuticals Co Ltd., American Licorice Company, Beloorbayir Biotech Ltd., Geo Fresh Organic Privated Limited, Nanjing Zelang Medical Technology Co. Ltd., jiangsu Tiansheng Pharmaceutical Co. Ltd., Mafco Worldwide LLC, Norevo GmbH, VPL Chemicals Pvt Ltd., Athos Lifesciences Pvt. Ltd., Bio-Gate AG, PharmaCompass, Ransom Naturals Ltd., ASEH Licorice MFG & Exp. Co, Rainbow Expochem Company, Windson Organic Pvt Ltd, F&C Licorice Ltd
How will industry trends affect the trajectory of the licorice root market?
Major companies operating in the licorice root market are focused on obtaining authentic licorice root products to enhance product differentiation in a competitive market and provide unique flavors and health benefits that align with modern wellness trends. Authentic licorice root products faithfully use real licorice root or its pure extracts, uphold traditional and natural preparation methods, and maintain high-quality standards, transparency, and health benefits. For instance, in July 2022, Lakrids by Bülow, a Denmark-based company that manufactures licorice root, launched LAEMON- Mellow Yellow. These are made with high-quality, natural ingredients that include licorice root. The LAEMON product combines salty licorice with the fresh flavor of lemon. The licorice core is swirled in white chocolate, cream, and vanilla to balance sweetness, sourness, and saltiness.
Which geographic trends are shaping the licorice root market, and which region has the highest market share?
North America was the largest region in the licorice root market in 2024. The regions covered in the licorice root market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Licorice Root Market Report 2025 Offer?
The licorice root market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Licorice root is the root of the Glycyrrhiza glabra plant, which is native to Europe and Asia. It contains a compound called glycyrrhizin, which is responsible for its sweet flavor and many of its medicinal properties. Licorice root is often used to treat digestive issues such as indigestion, heartburn, and gastritis. It can help soothe the lining of the stomach and intestines.
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