Of
late, the global licorice extracts market is witnessing a stable
progress, thanks to the growing demand for pharmaceutical products,
herbal medicines, and various other health products among people
across the world. The increasing uptake of natural ingredients in
medical supplements, together with the rising inclination of
consumers towards sugar-free products, boosted by the upswing in the
consumer consciousness towards health and fitness, is fueling the
demand for licorice extracts, reflecting greatly on this market.
Currently,
the market players are focusing aggressively on research and
development activities to develop new products in order to satisfy
the swelling demand for sugar-free products, as the rising prevalence
of diabetes and obesity has increased the concerns of consumers over
the high intake of sugar. This, as a result, is expected to benefit
the sales of licorice extracts in the years to come. Apart from this,
the opportunities generated by the advent of herbal medicines in
developed regions are also projected to reflect greatly on the market
for licorice extracts, globally. The overall opportunity in this
market, which stood at US$1.70 bn in 2016, is anticipated to reach
US$2.3 bn by 2025, expanding at a CAGR of 4.0% between 2017 and 2025.
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Asia
Pacific to Continue Leading Global Licorice Extracts Market
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.
Demand
for Licorice Extracts Greater in Food and Beverages Sector
Pharmaceuticals,
tobacco, and food and beverages are the key application areas for
licorice extracts. The demand for these extracts has been greater in
the food and beverages segment and is projected to remain doing so
over the forthcoming years. However, the tobacco segment is likely to
report a high-paced demand for licorice extracts in the near future
due to the increasing usage of these extracts at a sweetening agent.
The augmenting popularity of flavored tobacco products is also
expected to increase the application of these extracts in this
segment over the years to come.
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.
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