Licorice Extract Market – Industry Trends and Forecast for period from 2024 to 2031
The "Licorice Extract Market" is focused on controlling cost, and improving efficiency. Moreover, the reports offer both the demand and supply aspects of the market. The Licorice Extract market is expected to grow annually by 6.50% (CAGR 2024 - 2031).
This entire report is of 142 pages.
Licorice Extract Introduction and its Market Analysis
The Licorice Extract market research reports highlight a lucrative market driven by increasing demand for natural sweeteners and health benefits associated with licorice. Licorice Extract is derived from the roots of the licorice plant and is used in various industries such as food and beverage, pharmaceuticals, and cosmetics. Major factors driving revenue growth include rising consumer awareness about natural ingredients, growing preference for plant-based products, and expanding applications in the healthcare sector. Market analysis reveals key players like Magnasweet, Zagros Licorice, and Norevo GmbH leading the market with innovative product offerings. The report's main findings suggest a promising market outlook with recommendations for companies to focus on product diversification and marketing strategies to tap into new growth opportunities.
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Licorice Extract is a popular ingredient known for its numerous benefits in the pharmaceutical, food, cosmetic, and other industries. The market for Licorice Extract is segmented into Pharmaceutical Grade, Food Grade, and Feed Grade, catering to different application needs. Pharmaceutical Grade Licorice Extract is widely used in the pharmaceutical industry for its anti-inflammatory and soothing properties. Food Grade Licorice Extract is commonly added to food and beverages for its sweet flavor and potential health benefits. Feed Grade Licorice Extract is utilized in animal feed for its digestive and immune-boosting properties.
Regulatory and legal factors play a crucial role in the Licorice Extract market, as different countries may have specific regulations regarding the usage and safety of this natural ingredient. Market conditions may vary based on the region, with some countries having stringent regulations in place to ensure the quality and safety of Licorice Extract products. Therefore, companies operating in the Licorice Extract market must stay informed about the legal and regulatory requirements to maintain compliance and ensure the success of their business. Overall, the Licorice Extract market offers a wide range of opportunities for companies looking to tap into the growing demand for natural and healthy ingredients across various industries.
Top Featured Companies Dominating the Global Licorice Extract Market
The Licorice Extract Market is highly competitive with several key players operating globally. Some of the major companies in the market include Magnasweet, ASEH, Zagros Licorice, Sepidan Osareh, F&C Licorice, Norevo GmbH, Ransom Naturals, Maruzen Pharmaceuticals, MCFS, Aushadhi Herbal, Avestia Pharma, VPL Chemicals, Zelang, Changyue, and Bokai.
These companies play a significant role in the Licorice Extract Market by offering a variety of licorice extract products such as powder, liquid, and paste for use in various industries including food and beverages, pharmaceuticals, cosmetics, and personal care. These companies have a strong presence in different regions and cater to a diverse range of customers.
Companies like Magnasweet and Norevo GmbH have a strong focus on product innovation and research and development to introduce new and advanced licorice extract products. ASEH and Zagros Licorice have a wide distribution network and partnerships with key players in the industry to expand their market reach and increase their customer base.
Sales revenue for some of these companies varies widely based on their market presence and product offerings. For example, Norevo GmbH reported sales revenue of USD 100 million in 2020, while Ransom Naturals reported sales revenue of USD 50 million.
Overall, these companies play a vital role in the growth of the Licorice Extract Market by providing high-quality products, innovative solutions, and excellent customer service. Their market presence and strategic initiatives help in driving the market growth and meeting the demand for licorice extract products across various industries.
- Magnasweet
- ASEH
- Zagros Licorice
- Sepidan Osareh
- FandC Licorice
- Norevo GmbH
- Ransom Naturals
- Maruzen Pharmaceuticals
- MCFS
- Aushadhi Herbal
- Avestia Pharma
- VPL Chemicals
- Zelang
- Changyue
- Bokai
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Licorice Extract Market Analysis, by Type:
- Pharmaceutical Grade
- Food Grade
- Feed Grade
Pharmaceutical grade licorice extract is highly purified and used in medicines and supplements for its medicinal properties. Food grade extract is used in food and beverage products for flavor and health benefits. Feed grade extract is added to animal feed for its health benefits. The diverse applications of these different grades of licorice extract contribute to the overall growth of the market. Pharmaceutical grade extract has a strong demand due to increasing health concerns and the rising trend of natural remedies. Food and feed grade extracts have also gained popularity as consumers seek natural ingredients in their products.
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Licorice Extract Market Analysis, by Application:
- Pharmaceutical
- Food
- Cosmetic
- Others
Licorice extract is used in various applications such as pharmaceuticals, where it is utilized in cough syrups and throat lozenges for its soothing and anti-inflammatory properties. In foods, it is used as a natural sweetener and flavoring agent. In cosmetics, licorice extract is added to skin care products for its anti-inflammatory and brightening effects. Other applications include use in herbal medicine and traditional remedies. The fastest growing application segment in terms of revenue is the cosmetic industry, as consumers are increasingly seeking natural and plant-based ingredients in their skincare products.
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Licorice Extract Industry Growth Analysis, by Geography:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
The Licorice Extract market is expected to experience significant growth in North America, particularly in the United States and Canada. In Europe, countries such as Germany, France, the ., Italy, and Russia are expected to dominate the market. In the Asia-Pacific region, China, Japan, South Korea, India, Australia, Indonesia, Thailand, and Malaysia are anticipated to be key players in the market. Latin America, including Mexico, Brazil, Argentina, and Colombia, is also expected to see growth in the Licorice Extract market. In the Middle East & Africa, Turkey, Saudi Arabia, UAE, and Korea are projected to contribute to the market expansion. North America is expected to hold the largest market share, followed by Europe and Asia-Pacific. The expected market share of the Licorice Extract market in different regions is estimated as follows: North America - 35%, Europe - 30%, Asia-Pacific - 25%, Latin America - 5%, and Middle East & Africa - 5%.
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