Licorice extract is derived from licorice root which is widely used as a medicinal herbs across the globe. The extract is produced by boiling licorice root and subsequently evaporating most of the water. It is a natural ingredient which is available in liquid or powdered root form. Traditionally, licorice was used as an herbal medicine in China bit now it is used by the tobacco industry and also widely used as a flavoring agent by the various food and beverages industry such as in tea, confectionary and others. Increasing demand for plant based natural sweetener and flavor is expected to support the licorice extract market growth during the forecast period.
Licorice Extract Market Segmentation
Licorice extract is segmented on the basis of application which includes food industry, pharmaceutical industry, feed industry cosmetic industry and others. Among all these segment pharmaceutical industry is expected to represent major value share during the forecast period. Increased medicinal usage of licorice extract coupled with rising opportunities of licorice extract in prevention of cancer is expected to drive the segment growth over the forecast period. Food industry is expected to represent favorable growth in licorice extract market in the near future. Increasing application of licorice extract in beverages and confectionery products due to its natural sweetener property is expected to support the segment growth in licorice extract market.
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Licorice extract market is further segmented on the basis of grade which includes pharmaceutical grade, food grade and feed grade. Due to increasing application and rising opportunities regarding the usage of licorice extract by the pharmaceutical industry is expected to support the segment growth over the forecast period. Food grade licorice extract is expected to represent substantial share in terms of value in the near future. Increasing usage of licorice extract by the food industry due to rising demand for the consumption of natural ingredient is expected to support the segment growth over the forecast period.
Licorice Extract Regional Analysis
Licorice extract market is segmented on the basis of region which includes North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa and Japan. Geographically, Europe is expected to be one of the largest market in terms of value for licorice extract, owing to increasing consumer shifting preference towards consumption of natural and plant based ingredients. Moreover, in European countries Licorice is increasingly being used to produce Mono Ammonium Glycyrrhizinate (MAG), which is used as a masking agent in products sweetened by stevia which is further expected to support the market growth in the region. Among the countries, Germany is expected to remain major markets in terms of consumptions for licorice extract followed by U.K. and Italy. In Europe, Germany was the largest importer of licorice in the year 2015.Asia Pacific is expected to represent favorable growth in terms of value over the forecast period. In the region China is the largest producer of licorice followed by other central Asian countries.
Increasing demand for plant based natural ingredient especially in developed economies of Europe and North America is expected support market growth over the forecast period. In addition, increasing usage of licorice extract in pharmaceutical industry for manufacturing of herbal medicine and preventing from cancer treatment is further expected to fuel the market growth over the forecast period. However, continuous rise in price of licorice due to raw material shortage may restrain the market growth in the near future.
Some of the key players operating in licorice extract market includes MAFCO Worldwide LLC, Norevo GmbH, F&C Licorice, Ransom Naturals, Zagros Licorice, Aushadhi Herba, Sepidan Osareh and VPL Chemicals among others.