The licorice root market size has grown strongly in recent years. It will grow from $2.83 billion in 2023 to $3.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. During the historic period, growth was driven by the growing consumer preference for healthy tea, increased utilization of licorice root in the food and beverage sector, its expanded use in traditional medicine, its popularity as a confectionery ingredient, and rising demand in pharmaceutical formulations.
The licorice root market size is expected to see strong growth in the next few years. It will grow to $4.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. In the forecast period, growth is expected to be fueled by the rising adoption of licorice root as a natural sweetener in food and beverages, increasing health and wellness trends, expansion of the nutraceutical industry, its heightened use in skincare and cosmetics, and a growing emphasis on sustainability and ethical sourcing practices. Key trends anticipated in this period include advancements in extraction technologies, the introduction of innovative root beer flavors, developments in herbal supplements, increased research and development efforts driving licorice root adoption, and innovations in product formulations.
The increasing demand for natural and herbal remedies is anticipated to drive growth in the licorice root market. Natural and herbal remedies involve using plant-based substances, natural compounds, and traditional healing methods to promote health and treat various ailments. Licorice root contributes to organic products by providing natural sweetness, medicinal benefits, and skincare advantages, while also supporting sustainable and ethical farming practices. For example, in August 2021, The Journal of the American Botanical Council reported that annual retail sales of herbal dietary supplements in the United States exceeded $10 billion in 2020, reaching $11.26 billion, marking a 17.3% increase from 2019. Consequently, the rising demand for natural and herbal remedies is a key driver of the licorice root market's expansion.
Leading companies in the licorice root market are focused on securing authentic licorice root products to differentiate their offerings in a competitive market. These products prioritize using real licorice root or its pure extracts, maintaining traditional and natural preparation methods, and upholding high standards of quality, transparency, and health benefits. For instance, in July 2022, Denmark-based Lakrids by Bülow introduced LAEMON- Mellow Yellow, combining salty licorice with the refreshing flavor of lemon in a blend of white chocolate, cream, and vanilla to balance sweetness, sourness, and saltiness.
In June 2023, Theo Chocolate, a Seattle-based chocolate company in the United States, announced its merger with American Licorice Company. This strategic partnership allows Theo Chocolate to address rising costs and operational challenges while continuing its commitment to delivering high-quality organic chocolate. American Licorice Company, known for manufacturing licorice root products, brings valuable expertise to the merger.
Major companies operating in the licorice root market are S.r Organic, Sarv Biolabs Pvt Ltd, Finzelberg GmbH & Co. KG, Maruzen Pharmaceuticals Co Ltd., American Licorice Company, Beloorbayir Biotech Ltd., Geo Fresh Organic Private Limited, Nanjing Zelang Medical Technology Co. Ltd., Jiangsu Tiansheng Pharmaceutical Co. Ltd., Mafco Worldwide LLC, Norevo GmbH, VPL Chemicals Pvt Ltd., Athos Lifesciences Pvt. Ltd., Bio-Gate AG, PharmaCompass, Ransom Naturals Ltd., ASEH Licorice MFG & Exp. Co, Rainbow Expochem Company, Windson Organic Pvt Ltd, F&C Licorice Ltd.
North America was the largest region in the licorice root market in 2023. The regions covered in the licorice root market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the licorice root market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Licorice root originates from the Glycyrrhiza glabra plant, native to Europe and Asia, containing glycyrrhizin - a compound imparting sweetness and medicinal properties. It is commonly employed in treating digestive ailments such as indigestion, heartburn, and gastritis, offering relief to the stomach and intestinal linings.
Licorice root is utilized in various product forms such as essential oils, liquid malt extract, oleoresins, dried herbs and spices, malt flour, and more. The term roots can denote underground plant parts, origins, anatomical structures, linguistic elements, mathematical concepts, and musical foundations. Product variations encompass essential standard malt, caramelized malt, and roasted malt extracts, serving diverse functions such as enhancing performance and palatability. These find applications across industries including food and beverage, tobacco, pharmaceuticals, cosmetics, and dietary supplements.
The licorice root market research report is one of a series of new reports that provides licorice root market statistics, including licorice root industry global market size, regional shares, competitors with a licorice root market share, detailed licorice root market segments, market trends, and opportunities, and any further data you may need to thrive in the licorice root industry. This licorice market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The licorice root market consists of the sales of glycyrrhiza glabra, glycyrrhiza uralensis, and glycyrrhiza inflata. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The licorice root market size is expected to see strong growth in the next few years. It will grow to $4.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. In the forecast period, growth is expected to be fueled by the rising adoption of licorice root as a natural sweetener in food and beverages, increasing health and wellness trends, expansion of the nutraceutical industry, its heightened use in skincare and cosmetics, and a growing emphasis on sustainability and ethical sourcing practices. Key trends anticipated in this period include advancements in extraction technologies, the introduction of innovative root beer flavors, developments in herbal supplements, increased research and development efforts driving licorice root adoption, and innovations in product formulations.
The increasing demand for natural and herbal remedies is anticipated to drive growth in the licorice root market. Natural and herbal remedies involve using plant-based substances, natural compounds, and traditional healing methods to promote health and treat various ailments. Licorice root contributes to organic products by providing natural sweetness, medicinal benefits, and skincare advantages, while also supporting sustainable and ethical farming practices. For example, in August 2021, The Journal of the American Botanical Council reported that annual retail sales of herbal dietary supplements in the United States exceeded $10 billion in 2020, reaching $11.26 billion, marking a 17.3% increase from 2019. Consequently, the rising demand for natural and herbal remedies is a key driver of the licorice root market's expansion.
Leading companies in the licorice root market are focused on securing authentic licorice root products to differentiate their offerings in a competitive market. These products prioritize using real licorice root or its pure extracts, maintaining traditional and natural preparation methods, and upholding high standards of quality, transparency, and health benefits. For instance, in July 2022, Denmark-based Lakrids by Bülow introduced LAEMON- Mellow Yellow, combining salty licorice with the refreshing flavor of lemon in a blend of white chocolate, cream, and vanilla to balance sweetness, sourness, and saltiness.
In June 2023, Theo Chocolate, a Seattle-based chocolate company in the United States, announced its merger with American Licorice Company. This strategic partnership allows Theo Chocolate to address rising costs and operational challenges while continuing its commitment to delivering high-quality organic chocolate. American Licorice Company, known for manufacturing licorice root products, brings valuable expertise to the merger.
Major companies operating in the licorice root market are S.r Organic, Sarv Biolabs Pvt Ltd, Finzelberg GmbH & Co. KG, Maruzen Pharmaceuticals Co Ltd., American Licorice Company, Beloorbayir Biotech Ltd., Geo Fresh Organic Private Limited, Nanjing Zelang Medical Technology Co. Ltd., Jiangsu Tiansheng Pharmaceutical Co. Ltd., Mafco Worldwide LLC, Norevo GmbH, VPL Chemicals Pvt Ltd., Athos Lifesciences Pvt. Ltd., Bio-Gate AG, PharmaCompass, Ransom Naturals Ltd., ASEH Licorice MFG & Exp. Co, Rainbow Expochem Company, Windson Organic Pvt Ltd, F&C Licorice Ltd.
North America was the largest region in the licorice root market in 2023. The regions covered in the licorice root market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the licorice root market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Licorice root originates from the Glycyrrhiza glabra plant, native to Europe and Asia, containing glycyrrhizin - a compound imparting sweetness and medicinal properties. It is commonly employed in treating digestive ailments such as indigestion, heartburn, and gastritis, offering relief to the stomach and intestinal linings.
Licorice root is utilized in various product forms such as essential oils, liquid malt extract, oleoresins, dried herbs and spices, malt flour, and more. The term roots can denote underground plant parts, origins, anatomical structures, linguistic elements, mathematical concepts, and musical foundations. Product variations encompass essential standard malt, caramelized malt, and roasted malt extracts, serving diverse functions such as enhancing performance and palatability. These find applications across industries including food and beverage, tobacco, pharmaceuticals, cosmetics, and dietary supplements.
The licorice root market research report is one of a series of new reports that provides licorice root market statistics, including licorice root industry global market size, regional shares, competitors with a licorice root market share, detailed licorice root market segments, market trends, and opportunities, and any further data you may need to thrive in the licorice root industry. This licorice market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The licorice root market consists of the sales of glycyrrhiza glabra, glycyrrhiza uralensis, and glycyrrhiza inflata. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Licorice Root Market Characteristics3. Licorice Root Market Trends and Strategies32. Global Licorice Root Market Competitive Benchmarking33. Global Licorice Root Market Competitive Dashboard34. Key Mergers and Acquisitions in the Licorice Root Market
4. Licorice Root Market - Macro Economic Scenario
5. Global Licorice Root Market Size and Growth
6. Licorice Root Market Segmentation
7. Licorice Root Market Regional and Country Analysis
8. Asia-Pacific Licorice Root Market
9. China Licorice Root Market
10. India Licorice Root Market
11. Japan Licorice Root Market
12. Australia Licorice Root Market
13. Indonesia Licorice Root Market
14. South Korea Licorice Root Market
15. Western Europe Licorice Root Market
16. UK Licorice Root Market
17. Germany Licorice Root Market
18. France Licorice Root Market
19. Italy Licorice Root Market
20. Spain Licorice Root Market
21. Eastern Europe Licorice Root Market
22. Russia Licorice Root Market
23. North America Licorice Root Market
24. USA Licorice Root Market
25. Canada Licorice Root Market
26. South America Licorice Root Market
27. Brazil Licorice Root Market
28. Middle East Licorice Root Market
29. Africa Licorice Root Market
30. Licorice Root Market Competitive Landscape and Company Profiles
31. Licorice Root Market Other Major and Innovative Companies
35. Licorice Root Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Licorice Root Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on licorice root market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for licorice root? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The licorice root market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Product Type: Essential Oils; Liquid Malt Extract; Oleoresins; Herbs And Spices Dry Malt Extract; Malt Flour2) By Product Form: Roots; Extracts
3) By Grade Type: Essential Standard Malt; Caramelized Malt; Roasted Malt
4) By Function Type: Performance Enhancers; Palatability Enhancers
5) By End User: Food And Beverage Industry; Tobacco Industry; Pharmaceutical Industry; Cosmetic Industry; Dietary Supplements
Key Companies Mentioned: S.r Organic; Sarv Biolabs Pvt Ltd; Finzelberg GmbH & Co. KG; Maruzen Pharmaceuticals Co Ltd.; American Licorice Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- S.r Organic
- Sarv Biolabs Pvt Ltd
- Finzelberg GmbH & Co. KG
- Maruzen Pharmaceuticals Co Ltd.
- American Licorice Company
- Beloorbayir Biotech Ltd.
- Geo Fresh Organic Privated Limited
- Nanjing Zelang Medical Technology Co. Ltd.
- jiangsu Tiansheng Pharmaceutical Co. Ltd.
- Mafco Worldwide LLC
- Norevo GmbH
- VPL Chemicals Pvt Ltd.
- Athos Lifesciences Pvt. Ltd.
- Bio-Gate AG
- PharmaCompass
- Ransom Naturals Ltd.
- ASEH Licorice MFG & Exp. Co
- Rainbow Expochem Company
- Windson Organic Pvt Ltd
- F&C Licorice Ltd
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | August 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 3.04 Billion |
Forecasted Market Value ( USD | $ 4.09 Billion |
Compound Annual Growth Rate | 7.6% |
Regions Covered | Global |