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.
Sizing and Forecast
The licorice root market size has grown strongly in recent years. It will grow from $2.83 billion in 2023 to $3.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. 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 $4.09 billion in 2028 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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Segmentation & Regional Insights
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
North America was the largest region in the licorice root market in 2023. The regions covered in the licorice root market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising demand for natural and herbal remedies is expected to propel the growth of the licorice root market going forward. Natural and herbal remedies refer to treatments and health practices that use plant-based substances, natural compounds, and traditional healing methods to promote health and treat various ailments. The use of natural and herbal remedies involves employing plant-based substances and natural compounds to promote health, treat diseases, and maintain overall well-being. Licorice root enhances organic products by offering natural sweetness, medicinal benefits, and skincare advantages and aligning with sustainable and ethical farming practices. For instance, in August 2021, according to a report published by The Journal of the American Botanical Council, a US-based organization responsible for information on medicinal plants and herbs, In the United States, yearly retail sales of herbal dietary supplements surpassed $10 billion in 2020, with sales of $11.26 billion in 2020, up 17.3% from 2019. Therefore, the rising demand for natural and herbal remedies drives the licorice root market.
Key Industry Players
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
The licorice root market report table of contents includes:
1. Executive Summary
- Licorice Root Market Characteristics
- Licorice Root Market Trends And Strategies
- Licorice Root Market – Macro Economic Scenario
- Global Licorice Root Market Size and Growth
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32. Global Licorice Root Market Competitive Benchmarking - Global Licorice Root Market Competitive Dashboard
- Key Mergers And Acquisitions In The Licorice Root Market
- Licorice Root Market Future Outlook and Potential Analysis
- Appendix
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