Global Licorice Root Market – Industry Trends and Forecast to 2029

Global Licorice Root Market, By Product Form (Roots and Extracts), Product Type (Essential Oils, Liquid Malt Extract, Oleoresins, Herbs and Spices Dry Malt Extract, and Malt Flour), Function Type (Performance Enhancers and Palatability Enhancers), Grade Type (Standard Malt, Caramelized Malt, and Roasted Malt), Raw Material Type (Maize, Barley, Wheat, Rice, Rye, and Oat), Ingredient Type (Lipids, Protein, Polysaccharide, and Others), End User (Food and Beverage Industry, Tobacco Industry, Pharmaceutical Industry, Cosmetic Industry, and Dietary Supplement) – Industry Trends and Forecast to 2029.

Market Analysis and Size

Licorice root extracts are considered as highly important flavouring agent in the food and beverage industry. It is also widely used in the tobacco industry as de-bittering agent globally. These herbaceous extracts are being highly adopted among population owing to the rise in health consciousness globally.

Global Licorice Root Market was valued at USD 0.98 billion in 2021 and is expected to reach USD 1.54 billion by 2029, registering a CAGR of 5.90% during the forecast period of 2022-2029. “Pharmaceutical Industry” accounts for the largest end user segment in the respective market owing to the rise in shift toward the use of organic treatments. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behaviour.

Market Definition

The liquorice or licorice plant refers to an herbaceous perennial legume, and the extracts of the plant are utilized traditional medicine and herbalism. The root is beneficial in smoothening gastrointestinal problems. Licorice root extract could also be used for repairing stomach lining and restore balance.

Report Scope and Market Segmentation

Licorice Root Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Use in Food and Beverage Sector

The increase in the use of the licorice root in the food and beverage sector, such as sweetener for candy acts as one of the major factors driving the growth of licorice root market.

• Pharmaceutical Sector

The surge in demand from pharmaceutical sector for medicinal preparation related to treatment of cough and asthma accelerate the market growth.

• Preference for Healthy Tea

The rise in the preference for healthy tea among consumers changing the manufacturing approach in production of herbal tea further influence the market.

Opportunities

Furthermore, expanding inclination of tobacco division towards evolving of sugary and flavoured smoke articles, extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, widespread utilization in confectionary and bakery will further expand the market.

Restraints/Challenges

On the other hand, concerns regarding health issues caused by excessive consumption of licorice root, such as high blood pressure, adrenal hormone disturbance, hypokalemia, and hypernatremia are expected to obstruct market growth. Also, fluctuations in raw materials are projected to challenge the licorice root market in the forecast period of 2022-2029.

This licorice root market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on licorice root market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Covid-19 Impact on Licorice Root Market

The COVID-19 has impacted licorice root market. The limited investment costs and lack of employees hampered sales and production of extracts. However, market key players adopted new safety measures for developing the products. The online distribution channel changing the shopping habits of people as it offers benefits such as easy payment methods, availability of a wide range of products, doorstep delivery and heavy discounts assisted in the growth of the market during the pandemic, and will further accelerate the growth during the post-pandemic situation.

Global Licorice Root Market Scope and Market Size

The licorice root market is segmented on the basis of product form, product type, function type, grade type, raw material type, ingredient type, and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Form

• Roots
• Extracts

On the basis of product form, the licorice root market is segmented into roots and extracts. The roots are further sub-segmented into blocks, powder, paste and other.

Product Type

• Essential Oils
• Liquid Malt Extract
• Oleoresins
• Herbs And Spices Dry Malt Extract
• Malt Flour

On the basis of product type, the licorice root market is segmented into essential oils, liquid malt extract, oleoresins, herbs and spices dry malt extract, and malt flour.

Function Type

• Performance Enhancers
• Palatability Enhancers

On the basis of function type, the licorice root market is segmented into performance enhancers and palatability enhancers.

Grade Type

• Essential Standard Malt
• Caramelized Malt
• Roasted Malt

On the basis of grade type, the licorice root market is segmented into essential standard malt, caramelized malt, and roasted malt.

Raw Material Type

• Maize
• Barley
• Wheat
• Rice
• Rye
• Oat

On the basis of raw material type, the licorice root market is segmented into maize, barley, wheat, rice, rye, and oat.

Ingredient Type

• Lipids
• Protein
• Polysaccharide
• Others

On the basis of ingredient type, the licorice root market is segmented into lipids, protein, polysaccharide, and others.

End User

• Food and Beverage Industry
• Tobacco Industry
• Pharmaceutical Industry
• Cosmetic Industry
• Dietary Supplements

On the basis of end user, the licorice root market is segmented into food and beverage industry, tobacco industry, pharmaceutical industry, cosmetic industry, and dietary supplements.

Licorice Root Market Regional Analysis/Insights

The licorice root market is analysed and market size insights and trends are provided by country, product form, product type, function type, grade type, raw material type, ingredient type, and end user as referenced above.

The countries covered in the licorice root market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America dominates the licorice root market because of the increase in the consumer awareness within the region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 because of the increasing demand from pharmaceutical industry in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Licorice Root Market Share Analysis

The licorice root market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to licorice root market.

Some of the major players operating in the licorice root market are

• Iran Medical Herb. (Iran)
• Fanavaran-e-Tosee Sanat-e-Gharb (Iran)
• Glycyrrhiza Glabra Co, Ltd. (Eurasia)
• Naturex SA (France)
• NOREVO (Germany)
• Green Agro Invest LLC (Uzbekistan)
• Hepner & Eschenbrenner GmbH & Co. KG (Germany)
• MARUZEN PHARMACEUTICALS CO., LTD. (Japan)
• Nutra Green Biotechnology Co., Ltd. (China)