Global Licorice Extract Market growing at a CAGR of 6.0% from 2023 to 2030
Category : Materials And Chemicals | Published Date : Aug 2023
Key Market Overview
Consegic Business Intelligence analyzes that the licorice extract market is predicted to grow at a compound annual growth rate of 6.0% from 2023 to 2030 and is expected to reach USD 3,253.91 million in 2030 which was valued at USD 2,056.48 million in 2022.
The report highlights the increasing adoption of licorice extracts in pharmaceutical, which is supplementing global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the licorice extract market.
Global Licorice Extract Market By Overview
The licorice extract market is bifurcated into grade, form, and application. Based on grade, the market is segmented into food grade, feed grade, and pharmaceutical grade. In 2022, the pharmaceutical grade segment dominates the overall licorice extract market. The form segment is categorized into powder, liquid, and block. In 2022, the powder segment accounted for the highest market share in the licorice extract market. In the context of application, the market is segmented into food & beverages, dietary supplements, pharmaceutical, tobacco, and others. In 2022, the pharmaceutical segment dominates the overall licorice extract market.
Get Free SampleMarket Dynamics
Driver:
- The booming pharmaceuticals industry is fostering the licorice extract market growth at the global level.
- Increasing demand for dietary supplements is benefiting the growth of the global licorice extract market.
Restraints:
- The high cost associated with licorice extract is restraining the growth of the market at the global level.
Market Segmentation:
| Report Attributes | Report Details |
| By Grade | Food Grade, Feed Grade, and Pharmaceutical Grade |
| By Form | Powder, Liquid, and Block |
| By Application | Food & Beverages, Dietary Supplements, Pharmaceutical, Tobacco, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The market is dominated by certain major companies such as Norevo GmbH, MAFCO Worldwide LLC, C.E. Roeper GmbH, and FC Licorice which have a strong market position in the current market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions. Furthermore, the licorice extract market is expected to witness substantial growth in the coming years due to the increasing development of new food & beverage manufacturing facilities in key regions such as North America, Asia Pacific, and others.
The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
- Norevo GmbH
- MAFCO Worldwide LLC
- C.E. Roeper GmbH
- FC Licorice
- Sepidan Osareh Jonoob Co.
- Zagros Licorice Co.
- BGG World
- VPL Chemicals PVT Ltd.
- Extroil Naturals
- Botanic Healthcare