Licorice Extract Market Overview:
The licorice extract market is booming, driven by a surge in demand for natural and herbal ingredients, particularly in the food & beverage and pharmaceutical industries. It's estimated to reach a staggering USD 3,253.91 Million by 2030, growing at a CAGR of 6.0% during the forecast period. This ancient herb, prized for its sweetness, medicinal properties, and unique flavor profile, is witnessing a modern-day renaissance.
Licorice Extract Market Drivers:
Rising health consciousness: Consumers are increasingly opting for natural and organic products, recognizing licorice extract's potential health benefits like anti-inflammatory properties, digestive support, and immune system boosting.
Growing popularity of herbal remedies: Licorice extract's well-documented medicinal uses in traditional medicine are gaining traction in the West, driving its adoption in supplements and herbal products.
Versatility in applications: Licorice extract finds diverse uses beyond its traditional flavoring role in candies and confectionery. It enhances the taste of beverages, adds sweetness to baked goods, and serves as a functional ingredient in cosmetics and pharmaceuticals.
Increased disposable income: Consumers in emerging economies have greater spending power, leading to a rise in demand for premium and functional food & beverages, often containing licorice extract.
Licorice Extract Market Key Players:
Norevo GmbH
MAFCO Worldwide LLC
C.E. Roeper GmbH
FC Licorice
Sepidan Osareh Jonoob Co.
Zagros Licorice Co.
BGG World
VPL Chemicals PVT Ltd.
Extroil Naturals
Botanic Healthcare
Licorice Extract Market Segmentation:
By Grade: Food Grade, Feed Grade, and Pharmaceutical Grade
By Form: Powder, Liquid, and Block
By Application: Food & Beverages, Dietary Supplements, Pharmaceutical, Tobacco, and Others
By Region: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Licorice Extract Market Regional Analysis:
The Asia Pacific region dominates the licorice extract market, driven by strong demand from China, Japan, and South Korea.
Europe and North America follow, with growing awareness and adoption of natural ingredients in these markets.
Emerging economies in Latin America and the Middle East & Africa present promising growth opportunities for the future.
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