The
presence of a number of well-established players points towards a
high degree of competition in the global licorice extracts market,
states the report by Transparency Market Research (TMR). Over the
coming years, innovation and product advancements is likely to remain
the most preferred strategy among the market players, looking for
expansion in their presence.
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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.
Strong
Demand from Asian Countries to Safeguard Asia Pacific’s Lead
The
Middle East and Africa, Europe, North America, Latin America, and
Asia Pacific have been considered as the prime regional markets for
licorice extracts in this research report. The study further presents
a comprehensive assessment of these regional markets, according to
which Asia Pacific, with a share of more than 32%, led the global
market for licorice extracts in 2016. Thanks to the high demand for
these extracts in China, India, Japan, and the Rest of Asia Pacific,
this regional market is expected to continue on the top throughout
the forecast period.
Europe
is likely to follow Asia Pacific closely and occupy the second
position in the global market over the years to come, thanks to the
rising demand for low calorie foods, boosted by the increasing
preference of consumers for a healthier lifestyle. North America, on
the other hand, is anticipated to register a significant rise in its
market share in the near future.
The
imminent growth opportunities generated by the augmenting usage of
herbal medicines is likely to propel the North America market for
licorice extracts over the next few years. The Latin America and the
Middle East and Africa markets for licorice
extracts are also projected to witness noticeable growth
during the forecast period, states the research report.
Increasing
Awareness about Health and Wellness to Drive Demand
“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.
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.
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