What Is The Current and Historic Market Size Analysis Of The Licorice Root Market?
The licorice root market has seen considerable growth due to a variety of factors.
• The licorice root market has experienced strong growth in recent years. It will rise from $3.04 billion in 2024 to $3.28 billion in 2025, growing at a CAGR of 7.8%.
This growth is attributed to the increasing preference for healthy tea, greater use of licorice root in food and beverages, its application in traditional medicine, and its rising popularity in confectionery and pharmaceutical formulations.
What are the Market Size and Expected Growth Rates for the Licorice Root Market?
The licorice root market is expected to maintain its strong growth trajectory in upcoming years.
• The licorice root market is projected to grow to $4.39 billion by 2029, at a CAGR of 7.6%.
Growth will be driven by the increased use of licorice root as a natural sweetener, the rise of health and wellness trends, the growing nutraceutical industry, and sustainability efforts. Trends include advancements in extraction technologies, product innovations, and increased adoption of licorice root in herbal supplements.
Which Key Drivers Are Propelling The Licorice Root Market's Growth?
The rising demand in the pharmaceutical industry is expected to drive the growth of the licorice root market. As the pharmaceutical industry grows due to factors like aging populations and higher disease prevalence, the use of licorice root increases for its medicinal properties. For example, in December 2022, the British Pharmaceutical Industry reported a significant increase in sales returns to the government. As a result, the pharmaceutical sector is helping boost the demand for licorice root.
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
Subsegments:
1) By Essential Oils: Pure Licorice Essential Oil, Licorice Oil Blends
2) By Liquid Malt Extract: Light Liquid Malt Extract, Dark Liquid Malt Extract
3) By Oleoresins: Licorice Oleoresins for Flavoring, Licorice Oleoresins for Pharmaceuticals
4) By Herbs and Spices: Whole Licorice Root, Ground Licorice Root
5) By Dry Malt Extract: Light Dry Malt Extract, Dark Dry Malt Extract
6) By Malt Flour: Light Malt Flour, Dark Malt Flour
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How Are Emerging Trends Reshaping The Dynamics Of The Licorice Root Market?
Leading businesses in the licorice root market are striding towards accruing genuine licorice root products to enrich their product diversification in a fiercely competitive environment, offering novel flavors and health incentives that align with contemporary health trends. Genuine licorice root products remain true to their source, utilizing either the pure licorice root or its untainted extracts, honoring the conventional and organic processing techniques, and perpetuating optimum quality, transparency, and vitality boosting characteristics. For instance, in July 2022, Lakrids by Bülow, a licorice root manufacturer stationed in Denmark, unveiled LAEMON- Mellow Yellow. These are composed of superior quality, organic ingredients, inclusive of licorice root. The LAEMON product amalgamates the savory taste of licorice with the tangy tinge of lemon. The licorice nucleus is twisted in white chocolate, creaminess, and vanilla notes to harmonize the sweet, sour, and salty elements.
Who Are the Key Players In The Licorice Root Market?
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 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
What Are The Regional Insights Into The Licorice Root Market?
North America was the largest region in the licorice root market in 2024. The regions covered in the licorice root market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
