Global
Licorice Extracts Market: Overview
Licorice
is the root of the licorice (glycyrrhiza glabra) plant from which a
sweet flavor is extracted and used in various industries as a
sweetening agent. The root is principally used in making the extract,
while the hard woody plant is pulped and boiled to further refine the
content. In addition, it also offers various health benefits by
acting as an antiviral, anti-inflammatory, antimicrobial, and
hepato-protective agent. Licorice extracts find application in
tobacco, food items, beverages, herbal medicines, pharmaceutical
industry, and a variety of skin care products. The global market for
licorice
extracts is expected to expand at a considerable rate in the
future owing to an increased demand for them.
Herbal
medicine is a key health care option adopted globally due to its
organic nature, lack of side-effects, and limited use of synthetic
chemicals. With increased demand for herbal medicine all over the
globe, natural ingredients in medicines are witnessing a rise in
demand. In 2013, WHO developed and launched the ‘WHO Traditional
Medicine Strategy 2014–2023’ which emphasized on the integration
of complementary and traditional medicine to encourage universal
health care and ensure the safety, quality, and effectiveness of
herbal medicine. Therefore, natural ingredients in medicines are
propelling the market in a positive direction.
Additionally,
demand for natural low-calorie sweeteners is rising at a rapid rate
globally owing to multiple health disorders including obesity and
cholesterol issues which have resulted in a decline in the use of
sugar-containing products. This drives the global licorice extracts
market positively, as they are a natural sweetener used in the food &
beverages industry on a large scale. However, synthetic sweeteners
are still used in higher quantities than natural sweeteners in all
application industries.
The
food & beverages sector employs the former extensively as they
are cost-effective and easy to use. Usage of natural sweeteners is
still limited, restraining the overall growth of licorice extracts
globally. Developing nations in Asia and the Middle East have always
used herbal and natural medicines since pre-historic times. With
rising knowledge about their benefits and lack of production capacity
in developed countries of North America and Europe, these markets
offer huge opportunities to the global licorice extracts market.
North America imports a major portion of the product.
Global
Licorice Extracts Market: Segmentation
Global
licorice extract market is segmented on the basis of product form,
type, and application. The global licorice extract market is
segmented into three types of form- powder, semi fluid/paste and
block. Powder licorice is a free flowing yellow-brown powder with a
characteristic fragrance with a well-balanced, mild licorice flavor
with detectable sweetness. Semi-fluid/paste licorice is a
concentrated solution of licorice extract with a dark brown
appearance and high viscosity. Block licorice is a solid mass of
licorice which has a strong sweet note of licorice. In terms of type
the market is segmented by pharmaceutical grade, food grade and feed
grade.
Licorice
extracts has multiple medicinal properties in them. They help curing
a large number of diseases such as hives, bronchitis, indigestion,
lyme disease, genital warts and chronic fatigue among others.
Licorice contains glycyrrhizin which is sweet in nature and is thus
used as a natural sweetener which is used as a substitute of regular
table sugar. Additionally, feed grade licorice when added to animal
and fish feed has boosted growth performance and improves immune
response, and improved biochemical reactions.
In
terms of application the market is segmented by pharmaceutical,
tobacco, food and beverage and others. Licorice extract find huge
application in the pharmaceutical industry owing to its antiviral,
anti-inflammatory, antibacterial, antioxidant, antispasmodic and
antidepressant, expectorant and demulcent property. Licorice extract
is mostly used as flavoring agent in tobacco and its acts as a
natural sweetener to tobacco products. Licorice extract is used as a
sweetening and flavoring agent in the food & confectionery
industry and is used in large quantities in making sweets and
candies. It is also used in the manufacture of mint and menthol
candies. Other applications of licorice include use in skin care,
personal care and cosmetics and animal feed.
Companies
Mentioned in the Report
In
order to get a better understanding of the global licorice extract
market, a key trends analysis has been included for all the segments.
In addition, the market players in the licorice extract market have
also been profiled. The leading players in the market include Norevo
GmbH, Mafco Worldwide LLC., F&C Licorice Ltd., Zagros Licorice
Co, SepidanOsareh Co, VPL Chemicals PVT Ltd., ASEH Licorice MFG &Exp.
Co., Zelang Group, Maruzen Pharmaceuticals Co. Ltd., and Ransom
Naturals Ltd.
The
global licorice extracts market can be segmented as follows:-
By
Form
- Powder
- Semi fluid/Paste
- Block
By
Type
- Pharmaceutical Grade
- Food Grade
- Feed Grade
By
Application
- Pharmaceutical
- Food and Beverage
- Tobacco
- Others
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