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Pulished Date August, 2021
ID: 12094
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Global Licorice Extract Market Segmentation By Product Type (Feed grade, Food grade, and Pharmaceutical grade); By Form (Powder, Liquid and Block); By Application (Pharmaceutical, Food & Beverage, Tobacco, and Others) and Region - Industry Forecast of 2021 to 2026

Pulished: August, 2021
ID: 12094
Pages: 175

Global Licorice Extract Market Growth, Size and Forecast to 2026:

The Global Licorice Extract Market size is estimated to grow from US$1873.9 million in 2021 to US$ 3579.6 million by the end of 2026, expanding at a CAGR of 6.9% during 2021 and 2026.

Global Licorice Extract Market Scenario:

The Global Licorice Extract Market is augmented to have the highest market revenue owing to the increasing benefits of licorice extracts, growing awareness of licorice extracts for treatment of COVID-19, and increasing forces by the cosmetic industry. Licorice extract is primarily used in sweets as a flavoring agent and a sweetener. Licorice extracts are produced from the glycyrrhiza glabra plant, mainly in North Africa, Western Asia, and Southern Europe. Licorice extracts are broadly utilized in traditional medicine and herbalism. Licorice extracts are 30 to 50 times sweeter than sugar. In addition, it is also used as a flavoring agent for tobacco, which offers natural sweetness. Licorice is generally produced in India, China, Italy, Iraq, Afghanistan, Pakistan, Uzbekistan, and Turkey. In addition, licorice extracts are crucially used as a flavoring agent for enhancing the sweetness of some food. These are some significant factors that boost the global licorice extract market growth during the forecast period.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2020 – 2026

Base Year

2020

Forecast Period

2021 - 2026

CAGR

6.9%

Segments Covered

By Product Type, Form, Application and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Norevo GmbH, FC Licorice, MAFCO Worldwide LLC, Zagros Licorice Co, Sedan Osareh Co, Naturex SA, VPL Chemicals, Aseh Co and Others.

Licorice Extract Market Drivers:

The increasing awareness among the population across the globe regarding the benefits of licorice extracts for the treatment of COVID-19 and the rapidly increasing forces by the cosmetic industry are the significant factors fueling the global licorice market growth in the upcoming years. Moreover, licorice extract is considered the oldest herbal remedy globally, which is produced from glycyrrhiza glabra. Licorice extract is a flavor ingredient used in a variety of foods and beverages. It's also used as a sweetener to make sure foods are sweeter. However, it isn't the only natural sweetener or food ingredient on the market. Stevia, a natural sweetener, is becoming increasingly extensively used and recognized. Anise is a naturally occurring plant with a taste that is quite similar to licorice. It is used to treat several ailments, used as a flavoring agent in sweets and candies, and drinks. In recent years, most of the world's population uses licorice roots to treat coughs, heartburn, acid reflux, bacterial and virus infections. It is also available as a capsule in the market. These are the primary factors that propel the global licorice extract market growth during 2021-2026.

Licorice Extracts Market Restraints:

The government regulations regarding declining the tobacco industry and the availability of various alternatives in place of licorice in the food and beverage sector are the essential factors that hamper the licorice extract market growth in the upcoming years. The government has declared several rules and regulations on the tobacco industry. It was in an idea of declining the tobacco sector since it harms the lives of many people. Keeping the safety of the people in view, the government has decided to slow down the tobacco industry, which in turn hinders the growth of licorice extract. On the other hand, licorice extracts are replaced by star anise, which offers the same flavor as licorice. Thus, declines the global licorice extract market growth in the near future.

Recent Developments in the Licorice Extract Market:

Norevo GmbH explains that its licorice paste is low-viscous and comfortable in handling. Moreover, like blocks or granules, it offers the advantages of dissolving faster and thoroughly. Thus, these are primarily used in the food and beverage industry.

MAFCO Worldwide LLC announced new Magna brand products used for multi-tasking and address the flavor-formulation problems. It also added that these brands are available in powder and liquid forms.

Challenges in the Licorice Extract Market:

Some of the world's population may be sensitive to licorice and experience various symptoms include congestive heart failure, absence of a menstrual period, erectile dysfunction, excess fluid in the lungs, fluid and sodium retention, high blood pressure, headache, hypertensive encephalopathy, hypokalemic myopathy, lethargy, muscle wasting, mineralocorticoid effects, swelling, tiredness, weakness, etc. According to a study, it is said that people who intake a massive amount of salt or 5-6 grams of licorice may suffer from these problems. Therefore, although licorice extract is considered safe as a food ingredient, it may possess the above-mentioned side effects. Thus, it slows down the global licorice extract market growth during the forecast period.

Licorice Extract Market Segmentation:

By Product Type:

  • Feed grade
  • Food grade
  • Pharmaceutical grade

Depending on the product type, the global licorice extract market is augmented into feed grade, food-grade, and pharmaceutical grade. Pharmaceutical grades tend to hold the most prominent global licorice extract market share. Licorice extract is traditionally proven that these can be majorly used in medicines to treat various diseases. In addition, European medical agencies included licorice in herbal medicine. On the other hand, feed grade is estimated to have a significant CAGR due to the adoption of licorice extracts to enhance and improve the immunity and health of the livestock.

 By Form:

  • Powder
  • Liquid
  • Block

Depending on the form, the global licorice extract market is divided into powder, liquid, and block. Besides liquid and block, powder form plays a dominant role in the global licorice extract market. It is anticipated to grow with the highest CAGR during the forecast period owing to the increasing demand for licorice extracts in powder form by the food & beverage sector and pharmaceutical sector.

By Application:

  • Pharmaceutical
  • Food & Beverage
  • Tobacco
  • Others

The global licorice extract market is divided into pharmaceuticals, food & beverages, tobacco, and others, depending on the application. However, the pharmaceutical sector held the maximum global licorice extract market growth during 2021-2026 owing to the anti-inflammatory, anti-viral and anti-microbial properties of licorice extracts broadly used in pharmaceutical firms.

Global Licorice Extract Market Regional Analysis:

The Global Licorice Extract Market Report includes the segmentation of Regions:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Asia Pacific region held the largest global licorice extract market share and is projected to have the highest CAGR in the global licorice extract market during the foreseen period owing to the increasing demand for licorice extract and increasing awareness regarding the benefits of the licorice extracts among the population mainly in India and China. On the other hand, North America and Europe tend to hold the significant global licorice extract market growth owing to the increasing opportunities for new suppliers of licorice, mainly in Germany, the U.S, and France. Furthermore, the Middle East & Africa Licorice Extract Market tends to grow with a significant CAGR in the upcoming years owing to the rising food and beverage industry in Africa, Brazil, and Saudi Arabia.

Impact of COVID-19 on the Global Licorice Extract Market:

Global Licorice Extract Market experienced a negative impact by COVID-19 in the first phase of lockdown because of the increasing prices for raw materials and disruptions in the supply chain. However, the growing awareness regarding the benefits of licorice among consumers worldwide positively affects the global licorice extract market. Moreover, the growing demand for clean labels, natural products, and organic products is further uplifting the global licorice extract market growth during the forecast period.

Licorice Extract Market Key Players:

The companies covered in the report include:

  • Norevo GmbH
  • FC Licorice
  • MAFCO Worldwide LLC
  • Zagros Licorice Co.
  • Sedan Osareh Co.
  • Naturex SA
  • VPL Chemicals
  • Aseh Co.

 

 

1. Introduction                         

          1.1 Market Definition                

          1.2 Scope of the report             

          1.3 Study Assumptions             

          1.4 Base Currency, Base Year and Forecast Periods            

2. Research Methodology                    

          2.1 Analysis Design         

          2.2 Research Phases                 

                   2.2.1 Secondary Research

                   2.2.2 Primary Research    

                   2.2.3 Data Modelling       

                   2.2.4 Expert Validation    

          2.3 Study Timeline          

3. Report Overview                   

          3.1 Executive Summary             

          3.2 Key Inferencees         

4. Market Dynamics                            

          4.1 Impact Analysis         

                   4.1.1 Drivers         

                   4.1.2 Restaints     

                   4.1.3 Opportunities         

          4.2 Regulatory Environment                

          4.3 Technology Timeline & Recent Trends               

5. Competitor Benchmarking Analysis                     

          5.1 Key Player Benchmarking               

                   5.1.1 Market share analysis       

                   5.1.2 Products/Service    

                   5.1.3 Regional Presence   

          5.2 Mergers & Acquistion Landscape             

          5.3 Joint Ventures & Collaborations               

6. Market Segmentation                      

          6.1 Licorice Extract Market , By Product Type          

                   6.1.1 Feed grade   

                   6.1.2 Food grade   

                   6.1.3 Pharmaceutical grade       

                   6.1.4 Market Size Estimations & Forecasts (2021-2026)   

                   6.1.5 Y-o-Y Growth Rate Analysis       

                   6.1.6 Market Attractiveness Index       

          6.2 Licorice Extract Market , By Form            

                   6.2.1 Powder        

                   6.2.2 Liquid 

                   6.2.3 Block 

                   6.2.4 Market Size Estimations & Forecasts (2021-2026)   

                   6.2.5 Y-o-Y Growth Rate Analysis       

                   6.2.6 Market Attractiveness Index       

          6.3 Licorice Extract Market , By Application             

                   6.3.1 Pharmaceutical       

                   6.3.2 Food & Beverage     

                   6.3.3 Tobacco       

                   6.3.4 Others

                   6.3.5 Market Size Estimations & Forecasts (2021-2026)   

                   6.3.6 Y-o-Y Growth Rate Analysis       

                   6.3.7 Market Attractiveness Index       

7. Geographical Landscape                            

          7.1 Global Identity Governance and Administration Market, by Region              

          7.2 North America - Market Analysis (2021 - 2026)         

                   7.2.1 By Country   

                             7.2.1.1 USA

                             7.2.1.2 Canada

                   7.2.2 By Product Type     

                   7.2.3 By Form       

                   7.2.4 By Application        

          7.3 Europe            

                   7.3.1 By Country   

                             7.3.1.1 UK

                             7.3.1.2 France

                             7.3.1.3 Germany

                             7.3.1.4 Spain

                             7.3.1.5 Italy

                             7.3.1.6 Rest of Europe

                   7.3.2 By Product Type     

                   7.3.3 By Form       

                   7.3.4 By Application        

          7.4 Asia Pacific               

                   7.4.1 By Country   

                             7.4.1.1 China

                             7.4.1.2 India

                             7.4.1.3 Japan

                             7.4.1.4 South Korea

                             7.4.1.5 South East Asia

                             7.4.1.6 Australia & NZ

                             7.4.1.7 Rest of Asia-Pacific

                   7.4.2 By Product Type     

                   7.4.3 By Form       

                   7.4.4 By Application        

          7.5 Latin America            

                   7.5.1 By Country   

                             7.5.1.1 Brazil

                             7.5.1.2 Argentina

                             7.5.1.3 Mexico

                             7.5.1.4 Rest of Latin America

                   7.5.2 By Product Type     

                   7.5.3 By Form       

                   7.5.4 By Application        

          7.6 Middle East and Africa         

                   7.6.1 By Country   

                             7.6.1.1 Middle East

                             7.6.1.2 Africa

                   7.6.2 By Product Type     

                   7.6.3 By Form       

                   7.6.4 By Application        

8. Key Player Analysis                         

          8.1 Norevo GmbH           

                   8.1.1 Business Description        

                   8.1.2 Products/Service    

                   8.1.3 Financials     

                   8.1.4 SWOT Analysis       

                   8.1.5 Recent Developments       

                   8.1.6 Analyst Overview    

          8.2 FC Licorice                

          8.3 MAFCO Worldwide LLC                  

          8.4 Zagros Licorice Co.             

          8.5 Sedan Osareh Co.                

          8.6 Naturex SA               

          8.7 VPL Chemicals           

          8.8 Aseh Co.         

9. Market Outlook & Investment Opportunities                            

Appendix                        

          List of Tables                  

          List of Figures                 

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The Segment-level analysis in terms of By Product Type, Form, Application and along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

 

  1. Global Licorice Extract  Market By Region, From 2021-2026 ( USD Billion )
  2. Global Licorice Extract  Market By Product Type , From 2021-2026 ( USD Billion )
  3. Global Feed grade Market By Region, From 2021-2026 ( USD Billion )
  4. Global Food grade Market By Region, From 2021-2026 ( USD Billion )
  5. Global Pharmaceutical grade Market By Region, From 2021-2026 ( USD Billion )
  6. Global Licorice Extract  Market By Form, From 2021-2026 ( USD Billion )
  7. Global Powder Market By Region, From 2021-2026 ( USD Billion )
  8. Global Liquid Market By Region, From 2021-2026 ( USD Billion )
  9. Global Block Market By Region, From 2021-2026 ( USD Billion )
  10. Global Licorice Extract  Market By Application , From 2021-2026 ( USD Billion )
  11. Global Pharmaceutical Market By Region, From 2021-2026 ( USD Billion )
  12. Global Food & Beverage Market By Region, From 2021-2026 ( USD Billion )
  13. Global Tobacco Market By Region, From 2021-2026 ( USD Billion )
  14. Global Others Market By Region, From 2021-2026 ( USD Billion )

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