Licorice Extract Powder Market

Global Licorice Extract Powder Market is valued at USD 1.06 Billion in 2022 and is projected to reach a value of USD 1.71 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 6.20% over the forecast period.

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The demand for Licorice Extract Powder is fueled by the increasing demand for natural and herbal remedies, as well as the expansion of the food and beverage industry. Licorice's therapeutic benefits have been recognized for ages, and its usage in traditional Chinese medicine has been documented for over 3000 years. In recent years, there has been renewed interest in licorice as a treatment for stomach ulcers, lung infections, and skin disorders, among others. Due to their potentially beneficial impact on general health, natural and herbal medications are growing in popularity. Due to its touted benefits, Licorice Extract Powder is one such natural medicine that is gaining popularity on the market. Heartburn, stomach ulcers, and constipation can be alleviated with the use of Licorice Extract Powder. Extract of licorice root contains chemicals that improve immunity by encouraging the generation of white blood cells. Inflammation is also a major contributor to a variety of chronic disorders, including arthritis, asthma, and heart disease. Licorice Extract Powder can aid in reducing systemic inflammation. Licorice root extract's anti-inflammatory and antioxidant qualities can enhance skin health by reducing the appearance of wrinkles, fine lines, and age spots. Numerous possible benefits contribute to the rising popularity of natural and herbal medications. Powdered licorice extract is just one example of a natural medicine that is gaining popularity due to its extensive array of potential health advantages.

Historically, licorice has been used for a variety of purposes, including as a flavor enhancer, sweetener, and in traditional Chinese medicine. In recent years, Licorice Extract Powder has become popular as a dietary supplement due to its purported health benefits. Licorice Extract Powder is said to be beneficial for digestive health, immunity, and heart health. It is also claimed to help with weight loss, hormone balance, stress relief, and skin health. While there is some scientific evidence to support these claims, more research is needed. Despite the lack of definitive proof, the popularity of Licorice Extract Powder continues to grow. This is likely due to the fact that it is relatively safe and has few side effects. Licorice Extract Powder has long been prized as a dietary supplement for its unique flavor and health benefits. In recent years, Licorice Extract Powder has seen a surge in popularity due to the growing body of scientific evidence supporting its use. Licorice Extract Powder is rich in compounds like glycyrrhizin and glabridin, which have been shown to have numerous health benefits. Studies have shown that Licorice Extract Powder can help improve digestive health, reduce inflammation, improve heart health, and even boost cognitive function. With more and more people looking for natural ways to improve their health, it’s no wonder that Licorice Extract Powder is becoming increasingly popular.

The benefits of Licorice Extract Powder are numerous and varied. In addition to being a great flavoring agent, Licorice Extract Powder has been shown to have anti-inflammatory, antiviral, and antibacterial properties. Additionally, Licorice Extract Powder is a natural sweetener that can be used in place of sugar or artificial sweeteners. One of the primary benefits of Licorice Extract Powder is its ability to help heal stomach ulcers. Licorice Extract Powder helps to coat the lining of the stomach, protecting it from acidic digestive juices. This can lead to quicker healing times for ulcers and less pain for those suffering from them. Another common use for Licorice Extract Powder is as a treatment for respiratory ailments such as bronchitis and coughs. The expectorant properties of licorice help to expel mucus from the lungs, making it easier to breathe. Additionally, the antimicrobial properties of licorice can help to kill any bacteria that may be causing the respiratory infection. Licorice Extract Powder can also be used topically to treat skin conditions such as eczema and psoriasis. The anti-inflammatory properties of licorice can help to soothe irritated skin and reduce redness and swelling. Additionally, the antiviral properties of licorice can help to fight off infections that may be complicating these skin conditions.

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Key restraints of the Licorice Extract Powder market are as follows:

1. Health concerns associated with licorice consumption: Licorice root is known to contain compounds that can have negative effects on health if consumed in large quantities or for prolonged periods of time. These include compounds like glycyrrhizin, which can cause high blood pressure and potassium depletion, and carbenoxolone, which can cause gastric ulcers.

2. Limited applications of Licorice Extract Powder: Licorice Extract Powder is primarily used as a flavoring agent in food and beverage products. It has limited applications in other industries such as cosmetics and pharmaceuticals.

3. Fluctuations in raw material prices: Licorice Extract Powder is derived from the root of the licorice plant, which is grown extensively in China. Any fluctuation in the prices of licorice roots can have a direct impact on the price of Licorice Extract Powder.

4. Stringent regulations regarding the use of licorice extracts: Licorice extracts are subject to strict regulation by various food safety authorities due to their potential side effects on health. This limits the use of Licorice Extract Powder in food and beverage products

Top Market Trends

Some of the major trends driving the growth of the Licorice Extract Powder market are as follows:

1. Increasing health consciousness among people:

With the increasing awareness about the harmful effects of chemicals and synthetic ingredients, people are now more inclined towards using natural and organic products. This is one of the key factors driving the growth of the Licorice Extract Powder market as it is a natural ingredient with a wide range of health benefits.

2. Rising demand from the food & beverage industry:

Licorice extract powder is extensively used in the food & beverage industry as a flavoring agent owing to its sweet taste. Additionally, it has several health benefits which are attracting the attention of manufacturers toward its use in various food & beverage products.

3. Growth of the cosmetics industry:

The cosmetics industry is growing at a rapid pace globally and this trend is expected to continue in the coming years. The demand for Licorice Extract Powder from this industry is driven by its ability to lighten skin tone and reduce pigmentation. Additionally, it also has anti-inflammatory and skin-soothing properties which make it an ideal ingredient for various cosmetic products

4. A continued trend toward plant-based ingredients:

There is a continued trend towards plant-based ingredients as consumers seek out healthier options. Licorice Extract Powder is derived from the root of the licorice plant, making it a natural and vegan-friendly choice. This ingredient is also gluten-free, making it ideal for those with allergies or sensitivities.

5. Natural Sweeteners: Natural sweeteners are becoming more popular as people become more aware of the health risks associated with artificial sweeteners. Licorice Extract Powder is a natural sweetener that is also low in calories. This makes it a popular choice for people who are looking for a healthier alternative to sugar.

Market Segmentation

The market is segmented by Form, Product Grade, Applications, and Region. On the basis of Form, the market is segmented into Powder, Paste and Blocks. Based on Product Grade, the market is segmented into Pharmaceutical, Food, and Feed. On the basis of applications, the market is segmented into Pharmaceuticals, Tobacco, Food & Beverages, and Other Applications. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Form

In 2021, the Powder segment led the Licorice Extract Powder market, which is projected to expand at a CAGR of 3.6% over the forecast period. In comparison to other types of licorice extract, its handling, storage, and transportation are more convenient, and it has a longer shelf life. The powdered form of licorice extract is utilized in numerous industries, including food & drinks, cosmetics, and pharmaceuticals. Due to its use as a flavoring agent in a variety of confectioneries and bakery goods, food & beverages is the major end-use market for Licorice Extract Powder. Moreover, rising consumer desire for organic and natural ingredients is also driving the expansion of Licorice Extract Powder in food & beverage applications. The diverse applications of Licorice Extract Powder in industries including food & beverage, medicines, cosmetics, and tobacco also contribute to its expansion. Licorice Extract Powder has a relaxing effect and is used in food and beverage items as a natural sweetener and taste enhancer. It is also used as an expectorant and demulcent in throat sprays and cough syrups and lozenges. In addition, licorice extracts are utilized in cosmetics due to their anti-inflammatory and skin-lightening qualities.

Based on Product Grade

According to the findings of a recent study, the Food segment dominated the Licorice Extract Powder market in terms of both volume and value. This is primarily due to the growing demand for licorice-flavored food and beverage products, as well as the increasing use of licorice extract as a natural sweetener. The pharmaceutical segment was the second largest contributor to the global Licorice Extract Powder market in terms of value, followed by the feed segment. The major application areas for Licorice Extract Powder in the pharmaceutical industry include cough syrups, throat lozenges, and stomach ulcer medications. In the feed industry, it is used as a digestive aid and flavor enhancer. The global Licorice Extract Powder market is expected to register healthy growth in the coming years, driven by the growing demand from end-use industries.

Based on Applications

Today, Licorice Extract Powder is extensively employed as an ingredient in Foods and Beverages. It has a sweet flavor and can be utilized as a natural sweetener. Additionally, Licorice Extract Powder is believed to provide health benefits, such as aiding digestion and treating stomach ulcers. In 2021, the Food and Beverage industry held the biggest market share for Licorice Extract Powder worldwide. In addition, the health benefits of Licorice Extract Powder drive its demand in this market sector. During the projected period, the Pharmaceutical industry is anticipated to be the second-largest consumer of Licorice Extract Powder. This is due to the fact that Licorice Extract Powder has multiple therapeutic characteristics and is utilized in numerous traditional medications. Additionally, it serves as an active ingredient in a number of today's drugs. During the projection period, the Tobacco industry is anticipated to be the third-largest consumer of Licorice Extract Powder. This is due to the fact that it is used as a flavoring additive in cigarettes and cigars. Furthermore, it can help hide the harshness of cigarette smoke.

Based on Region

North America dominated the global Licorice Extract Powder market in 2021 with over 38% share in terms of value. This is mainly due to the presence of a large number of manufacturers and suppliers of Licorice Extract Powder in this region. Moreover, North America is also one of the largest consumers of Licorice Extract Powder due to its wide range of applications in various industries such as food & beverage, pharmaceuticals, and cosmetics.

Europe was the second-largest regional market for Licorice Extract Powder in 2021. The European Licorice Extract Powder market is expected to grow at a moderate rate during the forecast period. This can be attributed to the increasing demand for natural ingredients in various end-use industries such as food & beverage and cosmetics. APAC is projected to be the fastest-growing regional market for Licorice Extract Powder during the forecast period. The growing demand for organically sourced ingredients from end-use industries such as food & beverage and cosmetics is expected to fuel the growth of the APAC Licorice Extract Powder market during the forecast period.

Competitive Landscape

The key players in the Global Licorice Extract Powder Market include- Norevo GmbH (Germany), F&C Licorice Ltd. (Israel), Mafco Worldwide LLC (US), Zagros Licorice Co (Iran), VPL Chemicals Pvt. Ltd. (India), SepidanOsareh Co. (Iran), ASEH Licorice MFG & Exp. Co. (Iran), Maruzen Pharmaceuticals Co. Ltd. (Japan), Zelang Group (China), Ransom Naturals Ltd. (UK) and others.

Recent Market Developments

● Vegebrite Ultimate Spirulina was introduced as a food coloring by Naturex in March 2019. At its plant in Avignon, France, the company has installed a new extraction line that triples the number of spirulina it can produce.

● In December of this year, MAFCO Worldwide LLC and Merisant Company announced that they would be merging into one company. Flavors Holdings Inc. is wholly owned by MacAndrews & Forbes Incorporated, with its operating subsidiaries being Merisant and MAFCO. Act II will merge with Merisant, MAFCO, and some of their subsidiaries, subject to the terms and circumstances indicated in the Purchase and Sale agreement.

● In January 2021, Mafco introduced a new line of Magna-Brand products, each tailored to a certain category and capable of performing many tasks. Through careful compounding, their newest offerings are among the most reasonably priced and fruitfully Taste Modulating items on the market.

● Based on their findings in 2022, Gnanasekar Munirathinam and his team of researchers suggest that further exploration into the molecular pathways of the licorice-derived chemical glycyrrhizin for cancer prevention or therapy could lead to specific drugs for use in clinical practice.

Segmentation of the Global Licorice Extract Powder Market