Global
Licorice Extracts Market: Overview
Liquorice
is the root of Glycyrrhiza glabra and Glycyrrhiza inflate from which
sweet flavours can be extracted. The licorice plant is native of
Mediterranean, Southern and Central Russia, Asia and Iran. The
extract is produced by boiling the licorice root and evaporating the
water, thus leaving behid licorice extracts which are times sweeter
than sucrose. This concentrated extract can be converted into either
powder, semi fluid and block form. The product is widely used in
tobacco industry to impart sweet flavours, which makes it easier to
inhale. Moreover, the product is also used in the manufacturing of a
wide range of candies and confectionary products. The products is
also one of the most widely used medicinal herbs worldwide, with
significant penetration of its medicinal usage in China. The global
market for licorice extracts is anticipated to expand with a decent
CAGR over the forecast period.
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Global
Licorice Extracts Market: Drivers and Restraints
The
prime factor driving the growth in the global licorice market is
increasing demand for US blend cigarettes worldwide, as licorice is
extensively used to impart flavours to these tobacco products.
Increasing preference for natural ingredients for pharmaceuticals,
particularly from European countries is another factor driving the
demand for licorice extracts. Moreover, the demand for natural
ingredients such as licorice extract is increasing not just from
conventional but also herbal medicine manufacturers, this can be
primarily attributed to commercialization of the herbal medicine
sector. Furthermore, the global confectionary industry is also
anticipated to execute impressive growth across the globe, amid
rising preference for sugar free items. Thus, driving continuous
demand for licorice extract. Increasing production of MAG sweeteners
(Monoammonium Glyzyrrhizinat) is another prime factor driving the
need for production of licorice extracts.
However,
licorice products need to incline with legal requirements on
Ochratoxin A levels, which can be considered as a biggest restraint
for this market.
Global
Licorice Extracts Market: Segmentation
On
the basis of form type,
- Powder
- Semi-Fluid/Paste
- Block
On
the basis of end use application,
Pharmaceutical
Herbal
Medicines
Industrial
Tobacco
Industry
Food
and Beverage
- Dairy
- Confectionary
- Bakery
- Savoury
- Others
Cosmetics
Others
Global
Licorice Extracts Market: Region Wise Outlook
The
Global
Licorice Extract Market is segmented into the seven key regions:
North America, Latin America, Western Europe, and Eastern Europe,
Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa
(MEA). The most prominent region in terms of consumption of licorice
extract is Western Europe. This can be primarily attributed to rising
demand for herbal medicines in Germany, Netherlands and Spain. North
America is also anticipated to account for a prominent market share
for licorice extract consumption. China which was earlier the net
exporter of licorice extracts is on the path of becoming a net
importer, this can be attributed because most of the licroice roots
in the country are harvested in an unorganized way and the country is
losing its resources. Thus an increasing demand for licorice extract
from China is reasonable anticipation. Furthermore, demand from APEJ
is anticipated to execute the highest growth rate over the forecast
period. Most of the licroice extract facilities are located in Middle
East and Africa region, particularly in Iran, but in terms of demand
the region lacks far behind Western Europe, North America and Asia
Pacific. Japan is also a leading country in terms of net imports and
demand for the region is anticpated to remain stagnant over the
forecast period.
Global
Licorice Extracts Market: Key Players
The
global licorice extract market is highly fragmented with a large
number of small regional players, particularly from Middle Eastern
and Asian countries. Some of the key players in the global licorice
extract market are:
- Norevo GmbH
- Mafco LLC
- Daepyung Co. Ltd.
- Hepner & Eschenbrenner
- ASEH Licorice MFG & Exp Co.
- CE Roeper
- Natural Licorice Co.
- Zentralfachschule der Deutschen Süßwarenwirtschaft e.V.
- Novel Nutrients Private Limited
- Shaanxi Hongda Plant Chemical Co. Ltd
- Riotto Botanical Co. Ltd
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