How Is The Global Licorice Root Market Defined?
Licorice root is the root of the Glycyrrhiza glabra plant, which is native to Europe and Asia. It contains a compound called glycyrrhizin, which is responsible for its sweet flavor and many of its medicinal properties. Licorice root is often used to treat digestive issues such as indigestion, heartburn, and gastritis. It can help soothe the lining of the stomach and intestines.
Licorice Root Global Market Report 2024 provides data on the global licorice root market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The licorice root market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Licorice Root Market Size And Annual Growth Rates?
The licorice root market has shown strong growth, rising from $2.83 billion in 2023 to $3.04 billion in 2024 at a CAGR of 7.5%. The historic growth was fueled by increased demand for healthy tea, its use in food and beverage industries, traditional medicine, confectionery, and pharmaceuticals. The market is expected to grow to $4.09 billion by 2028 at a CAGR of 7.6%, driven by its use as a natural sweetener, health and wellness trends, growth in the nutraceutical sector, application in skincare, and focus on sustainability and ethical sourcing. Major trends include advancements in extraction technologies, innovative flavor profiles in root beer, development of herbal supplements, and product innovations.
Which Key Drivers Are Propelling The Licorice Root Market's Growth?
The increasing interest in natural and herbal remedies is expected to drive the growth of the licorice root market. Natural and herbal remedies involve using plant-based substances, natural compounds, and traditional healing methods to support health and treat various ailments. Licorice root is valued in organic products for its natural sweetness, medicinal properties, and skin benefits, aligning with sustainable farming practices. For instance, in August 2021, The Journal of the American Botanical Council reported that U.S. retail sales of herbal dietary supplements exceeded $10 billion in 2020, with sales reaching $11.26 billion, a 17.3% increase from 2019. Consequently, the rising demand for natural and herbal remedies is fueling the growth of the licorice root market.
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What Are The Key Segments Within The Global Licorice Root Market?
The licorice root market covered in this report is segmented –
1) By Product Type: Essential Oils, Liquid Malt Extract, Oleoresins, Herbs And Spices Dry Malt Extract, Malt Flour
2) 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
How Are New Trends Impacting The Size Of The Licorice Root Market?
Companies in the licorice root market are prioritizing the acquisition of authentic licorice root products to strengthen market differentiation by offering unique flavors and health benefits that align with modern wellness trends. Authentic licorice root products utilize real licorice root or pure extracts, maintaining traditional preparation methods and emphasizing high quality, transparency, and health benefits. For instance, in July 2022, Lakrids by Bülow, a Denmark-based licorice manufacturer, introduced LAEMON - Mellow Yellow. This product combines natural licorice root with the fresh taste of lemon, balanced by white chocolate, cream, and vanilla to create a harmonious blend of sweetness, sourness, and saltiness.
Which Region Drives The Highest Growth In The Licorice Root Market?
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.
