Licorice Extract Powder Market to Reach Valuation of USD 1.6 Billion by 2028 –Rising Demand for Natural Cosmetic Drive the Market

Vantage Market Research

Dec 26, 2022

In terms of revenue, the Global Licorice Extract Market is expected to reach USD 1.6 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 6.60% from 2022 to 2028.

Sweet and fragrant Licorice Extracts are derived from the roots of the licorice plant. Glycyrrhizin, found in licorice root, can cause unpleasant side effects in high doses. However, compounds in licorice have been shown to reduce inflammation, alleviate coughing, and speed up the body's own ulcer-healing process. Licorice plants are native to the southern European, western Asian, and northern African regions. Glycyrrhizin, found in licorice, is 30–50 times sweeter than sugar and is responsible for much of the extracts' sweetness. Heartburn, acid reflux, and an upset stomach are all signs of indigestion, and Licorice Extract is a common treatment. In addition to its native Afghanistan, licorice is also often cultivated in India, China, Italy, Iran, Pakistan, Azerbaijan, Turkmenistan, Uzbekistan, Turkey, and Iraq. It finds widespread application in sectors as diverse as the tobacco, cosmetics, food & beverage, and pharmaceutical markets.

Key Developments in the Industry

· In 2022, a study by GnanasekarMunirathinam and his team on the molecular mechanisms of the licorice-derived chemical glycyrrhizin for the prevention or treatment of cancer suggests that further research may lead to the development of specific drugs for use in clinical practise.

Market Dynamics

Licorice Extracts and roots have been used for thousands of years, particularly in Asia, to cure a variety of ailments, including but not limited to inflammation, respiratory problems, and digestive problems. Licorice contains more than 300 compounds, some of which have antiviral, antimicrobial, and anti-inflammatory properties. Licorice was a typical treatment for ailments like heartburn, stomach ulcers, toothaches, indigestion, asthma, fever, bronchitis, and coughs. In addition, this drug has recently been used to treat skin infections, cancer-related memory loss, and hepatitis C. Additionally, the growth of tumours in cases of breast, uterine, cutaneous, and colon cancer is inhibited by glycyrrhizin acid and glycyrrhizin. Numerous research conducted globally along similar lines has focused on the health advantages of licorice root and extracts. Due to Licorice Extract benefits for the pharmaceutical industry, OTC drugs, cough syrups, and lozenges frequently contain them. These advantages increase the need for Licorice Extract in a variety of applications.

Due to the expanding public awareness of their appearance, there is also a growing need for innovative beauty products with high efficacy, sensory benefits, and safety. Additionally, there is a huge increase in demand worldwide for natural, clean-label items. Licorice Extracts are commonly used in cosmetic products because of their anti-inflammatory and skin-lightening properties. Active Licorice Extracts are used in cosmetic formulations to block the signalling pathway for skin inflammation, which helps control flushing, redness, and other skin inflammations.

Due to the rising demand for natural ingredients derived from plants and expanding usage of herbal treatments, is predicted to have considerable growth in the Global Licorice Extracts market. In addition, since Licorice Extracts are used to flavour tobacco products, rising cigarette demand is anticipated to boost market expansion. However, the U.S. FDA (Food & Drug Administration) issued a warning to consumers in 2016 cautioning them against using cough syrup that contains licorice because it contains an unknown morphine compound that may have negative effects on human health, including allergic reactions, respiratory depression, and death.

The Global Licorice Extract Market is Segmented as follows

The Global Licorice Extract Market is segmented based on Product Grades, Forms, and Applications. On the basis ofProduct Grades, the market is segmented into Food Grade, Feed Grade, and Pharmaceutical Grade. On the basis ofForms, the market is segmented into Block, Powder, Paste, and Other Forms. On the basis ofApplications, the market is segmented into Food & Beverages, Pharmaceutical, Tobacco, and Other Applications.

List of the Key Players of the Global Licorice Extract Market is

Some of the key players in the Global Licorice Extract 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.

The Global Licorice Extract Market Scope can be Tabulated as below

Parameter Details
Market Size Provided for Years 2018 - 2030
Base Year 2023
Historic Years 2018 - 2022
Forecast Years 2024 - 2030
Segments Covered
  • Forms
    • Powder
    • Paste
    • Blocks
  • Product Grades
    • Pharmaceutical
    • Food
    • Feed
  • Applications
    • Pharmaceuticals
    • Tobacco
    • Food & Beverages
    • Other Applications
  • Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa
Regions & Counties Covered
  • North America
    • U.S.
    • Canada
    • Mexic
  • Eurpe
    • U.K
    • France
    • Germany
    • Italy
    • Spain
    • Rest Of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Suth Korea
    • South East Asia
    • Rest Of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest Of Latin America
  • Middle East & Africa
    • GCC Cuntries
    • South Africa
    • Rest Of Middle East & Africa
Companies Covered
  • 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)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Licorice Extract Powder Market Size, Share & Trends Analysis Report by Forms (Powder, Paste, Blocks) by Product Grades (Pharmaceutical, Food, Feed) by Applications (Pharmaceuticals, Tobacco, Food & Beverages, Other Applications) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2018 - 2023) & Forecast (2024 - 2032)