Licorice extract is made from licorice root, which is a popular medicinal herb all over the world. The extract is made by boiling the licorice root and then evaporating the majority of the water. It is a natural substance that can be purchased as a liquid or powdered root. Traditionally, licorice was used as a herbal medicine in China, but it is now widely employed as a flavoring agent in the food and beverage sector, such as in tea, confectionery, and other applications. The licorice extract market is predicted to develop due to the rising demand for plant-based natural sweeteners and flavors throughout the forecast period.
Licorice Extract Market Segmentation
The food industry, pharmaceutical industry, feed industry, cosmetic industry, and others are among the applications for licorice extract. Among these, the pharmaceutical industry is predicted to account for the largest value share over the forecast period. Over the projected period, increased therapeutic use of licorice extract, as well as expanding the potential for licorice extract in cancer prevention, are likely to drive segment growth. Shortly, the food industry is projected to have a positive impact on the licorice extract market. Because of its natural sweetness properties, licorice extract is increasingly being used in beverages and confectionery goods, which is likely to drive segment expansion in the licorice extract market.
Licorice Extract Regional Analysis
North America, Latin America, Western Europe, Eastern Europe, the Asia Pacific except Japan, the Middle East & Africa, and Japan are the regions in which the licorice extract market is split. Geographically, Europe is predicted to be one of the largest markets for licorice extract in terms of value, owing to a growing consumer preference for natural and plant-based products. Furthermore, Licorice is increasingly being utilized in European countries to manufacture Mono Ammonium Glycyrrhizinate (MAG), which is employed as a masking agent in stevia-sweetened goods, which is projected to promote market expansion in the region. In terms of licorice extract consumption, Germany is predicted to remain the largest market, followed by the United Kingdom and Italy. Germany is the most populous country in Europe.
MAFCO Worldwide LLC, Norevo GmbH, F&C Licorice, Ransom Naturals, Zagros Licorice, Aushadhi Herba, Sepidan Osareh, and VPL Chemicals are among the leading companies in the licorice extract industry.
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