The global licorice extract market size was valued at USD 2,169.35 Million in 2024. Looking forward, IMARC Group estimates the market to reach USD 3,299.46 Million by 2033, exhibiting a CAGR of 4.53% from 2025-2033. Europe currently dominates the market, holding a market share of over 32.8% in 2024. The European market’s growth can be attributed to the rising health consciousness, escalating demand for natural products, and robust use in herbal medicines.
Licorice extract is a herbal extract derived from wild and organically grown Glycyrrhiza glabra licorice roots. It has a sweet and aromatic flavor and is produced by boiling the pulp of licorice roots. It is commonly available in paste, liquid, block and powdered forms that are used as a natural sweetener and flavoring agent in candies, beverages and medicines. It exhibits various anti-inflammatory, anticancer, antimicrobial and antioxidant properties that aid in the treatment of hot flashes, acid reflux, digestive ailments, menopausal symptoms, heartburn and bacterial and viral infections. Licorice extract also aids in treating peptic ulcers, hepatitis C, preventing cavities, improving blood sugar levels and promoting weight loss. As a result, it finds extensive application across various industries, such as pharmaceutical, cosmetics and food and beverage.
Licorice Extract Market Trends:
Significant growth in the food and beverage industry is one of the key factors creating a positive outlook for the market. Licorice extract is widely used in food products as a food additive or natural sweetener in cake batters, chewing gums, sweet custard and can also be mixed into a meat rub as a flavor enhancer. Additionally, the increasing product demand in the pharmaceutical industry is favoring the market growth. Licorice extract is widely used to manufacture medicines for indigestion, toothache, asthma, fever, bronchitis and skin infections. Moreover, the shifting consumer preference toward organic products, especially among the millennials due to the rising health consciousness, is providing a thrust to the market growth. In line with this, the widespread product adoption in the tobacco industry as a de-bittering agent is positively impacting the market growth. Other factors, including rising expenditure capacities of the consumers, along with the widespread product adoption in the cosmetic industry as a natural skin brightener, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global licorice extract market, along with forecast at the global, regional, and country levels from 2025-2033. The market has been categorized based on product type, form, and application.
Breakup by Product Type:
- Food Grade
- Feed Grade
- Pharmaceutical Grade
- Block
- Powder
- Paste
- Others
- Food and Beverages
- Pharmaceutical
- Tobacco
- Others
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Alfarid Corporation Limited, AOS Products Pvt. Ltd., Avestia Pharma, C.E. Roeper GmbH, F&C Licorice Ltd., Herbochem, Hyundai Bioland, Mafco Worldwide LLC, Maruzen Pharmaceuticals Co. Ltd., Norevo GmbH, Shaanxi FUJIE Pharmaceutical Co. Ltd. and VPL Chemicals Pvt Ltd.
Key Questions Answered in This Report
1.What is licorice extract?
2.How big is the licorice extract market?
3.What is the expected growth rate of the global licorice extract market during 2025-2033?
4.What are the key factors driving the global licorice extract market?
5.What is the leading segment of the global licorice extract market based on product type?
6.What is the leading segment of the global licorice extract market based on form?
7.What is the leading segment of the global licorice extract market based on application?
8.What are the key regions in the global licorice extract market?
9.Who are the key players/companies in the global licorice extract market?
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global Licorice Extract Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
- 6 Market Breakup by Product Type
- 6.1 Food Grade
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Feed Grade
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Pharmaceutical Grade
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 7 Market Breakup by Form
- 7.1 Block
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Powder
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Paste
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Others
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 8 Market Breakup by Application
- 8.1 Food and Beverages
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Pharmaceutical
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Tobacco
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Others
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
- 10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
- 11 Value Chain Analysis
- 12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
- 13 Price Analysis
- 14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Alfarid Corporation Limited
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.2 AOS Products Pvt. Ltd.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.3 Avestia Pharma
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.4 C.E. Roeper GmbH
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.5 F&C Licorice Ltd.
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.6 Herbochem
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.7 Hyundai Bioland
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.8 Mafco Worldwide LLC
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.9 Maruzen Pharmaceuticals Co. Ltd.
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.10 Norevo GmbH
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.11 Shaanxi FUJIE Pharmaceutical Co. Ltd.
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.12 VPL Chemicals Pvt Ltd
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
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