Global Licorice Extracts Market By Grade (Food Grade, Pharmaceutical Grade, Feed Grade), Product (Glycyrrhizin, Glycyrrhizinate, Flavonoids), Form (Block, Liquid, Powder, Semi-Fluid/Paste), Application (Pharmaceutical, Food & Beverages, Cosmetics, Feed, Tobacco, Others), Distribution Channel (Distributor, Direct), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Licorice Extracts Market
Global licorice extracts market is expected to rise to an estimated value of USD 2.77 billion by 2026, registering a steady CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the rise in consumption of population adopting fitness lifestyles and healthy products.
Market Definition: Global Licorice Extracts Market
Licorice extracts are derived from the roots of licorice plant, which are generally wildly cultivated. They are required to be atleast 3-4 years old before they can be cultivated or extracted. These products are derived in the form of powder, pastes, liquids and other forms by boiling the roots and evaporating all of the water content. These extracts are commonly used in cosmetics, pharmaceutical products, food and beverages.
- Increase demand for the product amid changes in lifestyle of consumers for the consumption of natural, herbal products
- Usage of licorice as an alternative to sugar amid rising levels of obesity globally; this factor is expected to drive the growth of the market
- Concerns regarding shortage of licorice roots/plants is expected to restrain the growth of the market
- Side effects associated with the product such as allergies, vision errors are factors restraining the growth of the market
Segmentation: Global Licorice Extracts Market
- Food Grade
- Pharmaceutical Grade
- Feed Grade
- Food & Beverages
By Distribution Channel
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In October 2017, International Scientific and Practical Conference, “Issues of the modern pharmaceutical industry: licorice root (recycling technology) and innovative preparations based on it” was held in Tashkent, Uzbekistan from October 25-26, 2017. This conference was held for the discussion between experts in the field of licorice root recycling as most of the demand for licorice root is expected to be transformed and exceed the supply globally, due to its benefits and increased application in food, pharmaceutical, cosmetics and personal care products.
- In March 2017, Sanat Products Limited announced that they had acquired Hindustan Herbals Limited, complementing their strategy to expand their leadership and product portfolio of licorice along with the derivates. This will also help them provide expanded levels of ayurvedic and other products to the food, beverages and pharmaceutical industries to around 40 countries where they have established customers.
Competitive Analysis: Global Licorice Extracts Market
Global licorice extracts market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of licorice extracts market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Licorice Extracts Market
Few of the major competitors currently working in the licorice extracts market are FC Licorice; Iranlicorice.com; NOREVO; Zagros Licorice co.; MAFCO Worldwide LLC; VPL Chemicals; RANSOM NATURALS LTD; Aushadhi Herbal; Aseh Co.; ZELANG; Sanat Products Limited; Maruzen Pharmaceutical Co., Ltd.; Alfarid Corporation Limited; SK BIOLAND; Nutra Green Biotechnology Co.,Ltd.; Avestia Pharma; Magnasweet and Mitsubishi Corporation Life Sciences Limited.
Research Methodology: Global Licorice Extracts Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Competitive analysis of key competitors involved in the market
- Complete analysis of market segmentation and which segments are set to flourish in the forecast period of 2019 to 2026
- Market drivers and restraints analysis along with the analysis of the market structure