Licorice Extracts Market Globally Expected to Drive Growth through 2025

According to TMR, the opportunity in the global market for licorice extracts is anticipated to expand at a CAGR of 4.0% during the period from 2017 to 2025, rising from US$1.70 bn in 2016 to US$2.3 bn by the end of the period of the forecast. The powder form of licorice extracts has been reporting a higher demand across the world due to its widespread application in food and beverages and skincare products. Analysts project the scenario to remain same throughout the forecast period, reveals the research study.

Geographically, the worldwide market for licorice extracts has been categorized into the Middle East and Africa, Europe, North America, Latin America, and Asia Pacific. Driven by China, India, and Japan, Asia Pacific dominated the global market in 2016 with a share of more than 32%. Analysts expect this regional market to retain its position over the forthcoming years.

Europe, which held the second position in the global licorice extracts market in 2016, is likely to continue in the same position in the near future. The increasing demand for low-calorie foods, owing to rising consumer preference for a healthier lifestyle is expected to boost this regional market. The U.K., Germany, France, Italy, and the Rest of Europe have been driving the Europe market for licorice extracts, among which, Germany has taken the lead on the ground of the increasing demand of natural ingredients into various medical supplements.

Amongst other regional markets, North America is anticipated to witness a prominent rise in the years to come, thanks to the new opportunities being created by the growing usage of herbal medicines. The licorice extracts markets in the Middle East and Africa and Latin America are also expected to experience healthy growth in their shares over the next few years, thanks to the continuous research and development in this field.

“The rising demand for herbal medicines and various other products related to health and wellness across the world is having a substantial impact in the global licorice extract market,” says an analyst at TMR. Nowadays, people are more conscious regarding their health and fitness, which has prompted them to shift to various medical supplements, especially natural, herbal, and sugar-free, leading to an increased uptake of natural ingredients in medical supplements. This, as a result, is boosting the demand for licorice extracts, worldwide, reflecting positively on this market.

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Going forward, the market is likely to gain significantly in the near future from the increasing usage of sugar-free products, fueled by the augmenting concerns over the rising prevalence of diabetes and obesity. However, the dominance of synthetic sweeteners over the years, owing to their cost effectiveness and easy availability may limit the uptake of licorice extracts to some extent in the years to come, notes the research study.

Norevo GmbH, F&C Licorice Ltd., Mafco Worldwide LLC, Zagros Licorice Co., VPL Chemicals PVT Ltd., SepidanOsareh Co., ASEH Licorice MFG & Exp. Co., Maruzen Pharmaceuticals Co. Ltd., Zelang Group, and Ransom Naturals Ltd. are the key players operating in the global licorice extracts market.