The global licorice extract market was valued at US$ 1,779.59 Mn in 2016 and is expected to reach US$ 2,915.63 Mn by 2025, registering a CAGR of 5.7% over the forecast period (2017–2025), according to a Licorice Extract Market, by Product Type (Food Grade, Feed Grade and Pharmaceutical Grade), by Form (Powder, Liquid and Block), by Application (Food & Beverages, Pharmaceutical, Tobacco and others).
Licorice extract is concentrated juice obtained by steam and water distillation of the roots of Glycyrrhiza glabra. Licorice extracts contain several phytoconstituents such as glycyrrhizinic acid, glycyrrhizin, isoflavones, and glabrin A and B. It has therapeutic properties and is an important ingredient in traditional Chinese and Indian medicines. Licorice extract is used as coloring and flavoring agent in candies, beverages, cigarettes, and other products. Glycyrrhizin, which is present in Licorice extract make it 50 times sweeter than sucrose. Increasing demand for plant-based food ingredients and herbal medicines is driving growth of the licorice extract market.
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Key Trends and Analysis of the Licorice Extract Market:
Among product type, the pharmaceutical grade held a dominant position in 2016, owing to a wide range of therapeutic applications of pharmaceutical grade licorice extracts. The applications included, demulcent, tonic, diuretic, expectorant, mild laxative, anti-inflammatory, anti-arthritic, anti-viral, antibiotic, anti-ulcer, antitussive, aphrodisiac, memory stimulant, anti-mitotic, memory stimulant, estrogenic, anti-oxidant, anti-caries agent, anti-neoplastic, hypolipidemic, anticholinergic, and antidiuretics.
Among application, pharmaceutical segment held a dominant position in 2016 and is expected to maintain its dominance over the forecast period. This is attributed to the use of licorice in various over-the-counter drugs and cough syrups.
Among forms, powder form is projected to hold a dominant position over the forecast period as it is widely used in skin care products and in various food & beverages applications. The powder form of licorice extracts has a characteristics fragrance with high sweetness and mild licorice flavor.
Key Takeaways of the Market: