NEW
YORK, July 12, 2024 /PRNewswire/ -- The global
liquorice market is estimated to grow by USD
676 million from 2024-2028, at a CAGR of 5.97%, according to
Technavio. The growing demand for food and beverages with herbal
ingredients, driven by the trend towards immunity-boosting
properties of herbal extracts, is a key driver of market growth.
However, providing high-quality herbal products poses a challenge.
Key market players include AOS Products Pvt. Ltd., Aushadhi Herbal,
Avestia Pharma, Beijing Gingko Group, and others.
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
snapshot of this report
Liquorice Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
5.97%
|
Market growth
2024-2028
|
USD 676
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
5.28
|
Regional
analysis
|
APAC, Europe, North
America, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 35%
|
Key
countries
|
China, India, Germany,
The Netherlands, and US
|
Key companies
profiled
|
AOS Products Pvt. Ltd.,
Aushadhi Herbal, Avestia Pharma, Beijing Gingko Group, Botanic
Healthcare Group, C.E. Roeper GmbH, Extroil Naturals, F and C
Licorice Ltd., Glycyrrhiza Glabra Co. Ltd., HB Natural Ingredients,
Herbal Creations, Mafco Worldwide LLC, Maruzen Pharmaceutical Co.
Ltd., Norevo GmbH, Nutra Green Biotechnology Co. Ltd., Ransom
Naturals Ltd., Sepidan Osareh Jonoob Co., Shaanxi FUJIE
Pharmaceutical Co. Ltd., Shirin Daru Co., and Zagros Licorice
co.
|
Market Driver
The global liquorice market has witnessed rising demand for
herbal liquorice products due to their immunity-boosting
properties. Liquorice root contains enzymes that stimulate the
production of lymphocytes and macrophages, which are essential for
the body's natural defense system. In developed countries like the
US, Canada, and the UK, where
health concerns are a priority, the consumption of herbal
supplements is high. Obesity and inflammatory health conditions are
prevalent in these regions, leading consumers to opt for functional
foods and beverages that enhance immunity. These factors are
projected to fuel the growth of the liquorice market in the
forecast period.
The licorice market is experiencing significant growth due to
the increasing recognition of its medicinal properties. With trends
like stomach ulcers, skin disorders, and various digestive
ailments, licorice extract has emerged as a popular natural
sweetener and flavoring agent. Its anti-inflammatory,
antimicrobial, anticancer, antioxidant properties make it a
sought-after ingredient in the pharmaceutical sector and food
industry. Licorice plant extracts, rich in isoliquirtin, offer
numerous pharmacological benefits. They help alleviate menopausal
symptoms such as hot flashes and acid reflux. In the food industry,
licorice extract is used in dairy, bakery, beverages, dietary
supplements, craft beers, herbal drinks, immune-booster drinks,
water plus, and dairy drinks. Moreover, licorice extract's
stress-reducing properties and skin-soothing abilities make it an
excellent addition to various products. It aids in combating
bacterial infections, viral infections, high blood pressure, and
gut-related issues like celiac diseases. Overall, the market for
licorice extract continues to expand, driven by its versatility and
health benefits.
Discover 360° analysis of this market. For
complete information, schedule your consultation - Book
Here!
Market Challenges
• In the global
liquorice market, vendors face the challenge of ensuring the
stringent quality standards for herbal extract products. Herbal
products are derived from naturally grown herbal plants, which may
be subjected to varying conditions during cultivation and sourcing.
Manufacturing methods and quality control procedures for herbal
extracts differ significantly from those used for conventional
pharmaceutical products, consumer goods, and food and beverages.
The cultivation of herbs like Glycyrrhiza glabra increases the risk
of toxic contamination. Adherence to Good Manufacturing Practices
(GMP) is crucial for quality assurance. The World Health
Organization provides guidelines for GMPs in manufacturing herbal
medicines. In the European Union (EU), manufacturers of herbal
medicinal products must comply with the Traditional Herbal
Medicinal Product Directive (2004/24/EC), which includes submitting
product constituents, manufacturing methods, therapeutic
indications, adverse reactions, and posology. Strict adherence to
these regulations and guidelines poses a challenge for vendors in
the global liquorice market and may negatively impact market growth
during the forecast period.
• Liquorice
Market faces several challenges in the modern beverage industry.
Non-alcoholic spirits and cocktails segment witnessing growth pose
competition. The millennial population prefers healthier options,
leading to a focus on functional foods and natural flavors. Obesity
is a concern, limiting the use of chemical impact and artificial
sweeteners. Botanical ingredients and natural flavors from the
Glycyrrhiza plant offer licorice therapeutic benefits, but
challenges include eczema, athlete's foot, and psoriasis due to
potential inflammation and irritation. Skin-lightening benefits are
a plus, but extraction technology and pharmaceutical-grade licorice
segments face regulatory hurdles. Applications in pharmaceuticals,
feed, food and beverages, tobacco products, and skincare products
present opportunities. Online and offline sales channels expand
market reach, but licorice's impact on lung infections and
glycyrrhizin, glycyrrhizinate, flavonoids, blocks, paste, powder,
granules, and semi-liquid forms require careful consideration.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This liquorice market report extensively covers market
segmentation by
- Grade Type
- 1.1 Food grade
- 1.2 Feed grade
- 1.3 Pharmaceutical grade
- Application
- 2.1 Food and beverages
- 2.2 Pharmaceuticals
- 2.3 Tobacco
- 2.4 Others
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Food grade- The global liquorice market is
experiencing growth due to increasing consumer preference for
natural food and beverage ingredients. Key market players are
focusing on research and development (R&D) investments to
launch herbal extracts, such as liquorice, that cater to this
demand. Consumer awareness regarding the health risks of synthetic
chemicals in food and beverages is driving this trend. Regulatory
bodies, including the European Food Safety Authority (EFSA) and the
US Food and Drug Administration (FDA), are promoting the use of
herbal extracts and banning synthetic flavorings. For instance,
EFSA approved the use of liquorice extract in food and beverages in
May 2020, while the FDA banned seven
synthetic flavorings linked to cancer. These regulations are
expected to boost the demand for herbal extracts, including
liquorice, and contribute to the growth of the food and beverage
segment of the global liquorice market during the forecast
period.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
Liquorice, derived from the Glycyrrhiza plant, offers various
forms such as Glycyrrhizin, Glycyrrhizinate, Flavonoids,Blocks,
Paste, Powder, Granules, and Semi-Liquid. These forms find
extensive applications in diverse sectors. In the Pharmaceutical
sector, they are used for treating Diabetes, Gut-related issues,
and Celiac diseases due to their medicinal properties. In the Food
Industry, they serve as a Natural Sweetener, replacing Artificial
sweeteners, and are used in Food and Beverages, especially in
licorice extracts. The Pharmaceutical grade segment is used in
producing Pharmaceuticals, while the Food Industry utilizes the
lower-grade forms. Liquorice extracts are also used in Skincare
products and as Plant-based Ingredients in Dairy. The flavonoids
Isoliquirtin and Glycyrrhizinate have significant health benefits.
Overall, Liquorice and its derivatives have a wide range of
applications in various industries.
Market Research Overview
Liquorice, derived from the Glycyrrhiza plant, offers various
forms such as Glycyrrhizin, Glycyrrhizinate, Flavonoids, Blocks,
Paste, Powder, Granules, and Semi-Liquid. This natural sweetener
and flavoring agent is used extensively in Pharmaceutical, Feed,
Food and Beverages, Tobacco Products, and various industries online
and offline. Licorice therapeutic benefits include treatment for
lung infections, stomach ulcers, skin disorders, and more. It acts
as an anti-inflammatory, antimicrobial, anticancer, antioxidant,
and menopausal symptom reliever. In the Food Industry, licorice is
used in Dairy, Bakery, Beverages, Dietary Supplements, Craft Beers,
Herbal Drinks, Immune-booster drinks, and functional foods. Its
medicinal properties are explored in the Pharmaceutical Sector and
Skincare products. With the rise of plant-based ingredients,
licorice extract is gaining popularity as a natural sweetener and
functional ingredient in various industries. The millennial
population's preference for natural and functional foods fuels the
demand for licorice extract and its derivatives. However, it's
important to note that excessive consumption of licorice can have
side effects, including high blood pressure and potassium levels.
Extraction technology plays a crucial role in ensuring the quality
and purity of licorice extract. While licorice has numerous health
benefits, it's essential to consider the chemical impact and
potential interactions with medications.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Grade Type
-
- Food Grade
- Feed Grade
- Pharmaceutical Grade
- Application
-
- Food And Beverages
- Pharmaceuticals
- Tobacco
- Others
- Geography
-
- APAC
- Europe
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/liquorice-market-size-is-set-to-grow-by-usd-676-million-from-2024-2028-growing-demand-for-food-and-beverages-with-herbal-ingredients-boost-the-market-technavio-302194713.html
SOURCE Technavio