Licorice Extract Market Share & Size | Industry Forecast, 2024-2032
By Ritesh on June 18, 2024
Licorice dry root with powder on wooden background
The global licorice extract market size was worth around USD 1.8 Billion in 2021 and is predicted to grow to around USD 2.7 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.8% between 2022 and 2030.
➤ Increasing public awareness of the advantageous properties of licorice extract to stimulate market expansion
As individuals’ purchasing power has increased, their propensity to adopt sedentary lifestyles has also increased. Even so, certain complications may result in severe health issues, including diabetes or complications with the heart or other critical organs, such as the liver. Consequently, initiatives are underway to encourage the consumption of nutritious foods, sustain a healthy diet, and incorporate beneficial and exceptional components into meals to enhance their nutritional value. The health benefits of consuming licorice extract, which are primarily attributable to the prevalence of ancient Chinese medicine, have led to a rise in the consumption of licorice in a variety of foods and beverages.
➤ The market growth can be restricted by the cost-effectiveness of synthetic sweeteners.
Medical personnel recommend that patients restrict their sugar intake to mitigate the adverse health consequences of obesity and diabetes. This is advantageous for low-calorie sweeteners. Synthetic sweeteners have become more prevalent due to their affordability, whereas the transition to natural sweeteners is still in its infancy. Consequently, this factors serves as a significant impediment to market expansion during the forecast period.
➤ A lucrative opportunity is presented by the growing demand from the cosmetics and personal care industry.
The demand for personal care products and cosmetics is on the rise as individuals become more cognizant of how to improve and enhance their overall appearance. Additionally, the demand for beauty products that contain active ingredients and other components to improve the appearance of the epidermis is on the rise. The numerous qualities and advantages of licorice are contributing to its increasing popularity as a component in personal care products and cosmetics. Some of these benefits include the ability to reduce redness that is caused by poor skin care and hygiene or a lack of a skincare routine, as well as the ability to flush women’s skin. Therefore, the global licorice extract market is anticipated to experience a profitable development opportunity during the forecast period as a result of the escalating demand for licorice extracts from the cosmetics and personal care industry.
➤ The tobacco industry’s decline presents a substantial obstacle to market expansion.
Increased health awareness and awareness of the detrimental effects of tobacco use on health are expected to lead to a decline in the global tobacco industry in the years ahead. The demand for tobacco use has decreased in approximately 60% of the countries since 2010. From 2018 to 2025, the World Health Organization anticipates a decrease in tobacco consumption by 27 million individuals. The licorice imparts a sweet and nutty flavor to the inhalation. Furthermore, licorice is employed as a flavoring in a variety of tobacco products, such as cigars and chewing tobacco. Therefore, it is anticipated that the tobacco industry’s decline will present a significant obstacle to market expansion during the forecast period.
• Merisant Company and MAFCO Worldwide LLC announced a formal business combination in December 2019. The operating subsidiaries of Flavors Holdings Inc. are Merisant and MAFCO, which are under the control of MacAndrews & Forbes Incorporated affiliates. Act II will merge with the companies of Merisant, MAFCO, and specific subsidiaries, subject to the terms and conditions outlined in the Purchase and Sale agreement.
• Mafco launched a new line of multi-tasking Magna-Brand products in January 2021 that are category-specific and designed to address the most challenging flavor-formulation and product challenges of the present day. They have recently introduced their most recent products, which are highly productive and cost-effective for Taste Modulation as a result of selective compounding.
➤ The market is anticipated to be dominated by the Asia Pacific region during the forecast period.
The Asia Pacific region is anticipated to be the primary driver of market growth during the forecast period, as it currently holds the largest global licorice extract market share. Licorice extracts are more frequently employed to cure the common cold and cough at home. To alleviate a sore larynx, consider consuming cough medications that contain licorice extracts. During the pandemic, licorice was frequently employed to create fortifying remedies that bolstered immunity and warded off infections. Licorice extract is employed in numerous Asia Pacific nations to prepare tea and other regional beverages. Licorice extracts are also extensively employed in Japan. Japan imports the majority of its licorice from China; however, the Japanese market is experiencing difficulties as a result of the increase in Chinese licorice prices. The Asia Pacific licorice extract market is bolstered by these factors.
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