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) published by Coherent Market Insights. 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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