Licorice Extract Powder Market

The global Licorice Extract Powder Market is valued at USD 2258.2 Million in 2023 and is projected to reach a value of USD 3543.4 Million by 2032 at a CAGR (Compound Annual Growth Rate) of 6.60% between 2024 and 2032.

Key highlights of Licorice Extract Powder Market

• Europe dominated the market in 2023, obtaining the largest revenue share of 31.6%.
• The Pharmaceuticals segment dominated the Licorice Extract Powder market with the largest market share of 42.5% in 2023
• The Powder segment dominated the Licorice Extract Powder market with the largest market share of 52.09% in 2023
• Various technological advancements impact the cultivation, extraction, refining, and product development of licorice extract, which affects the market for licorice extract.

Licorice Extract Powder Market: Regional Overview

Europe Dominated Sales with a 31.6% share in 2023. In Europe, licorice compounds derived from the Glycyrrhiza glabra plant's root have a long history of use in traditional medicine and confections. European culture has incorporated licorice for centuries. It has been used for medicinal purposes since ancient times. It became a popular constituent in traditional sweets and confections over time, establishing a strong cultural association that continues to shape consumer preferences. In the European food industry, the use of licorice extracts as a natural flavor enhancer has increased demand. Licorice is well -known for its potential health benefits, such as its soothing effects on digestive issues and sore sinuses. The European licorice extract market is poised for sustained expansion as consumers continue to seek out natural and unique flavor experiences in their food and beverages. Different countries and regions incorporate licorice in their cuisine in distinctive ways, resulting in a wide variety of licorice-based products. Due to their historical significance, flavor-enhancing properties, medicinal benefits, and alignment with contemporary consumer trends, licorice extracts have found a stable and expanding market in Europe.

Germany Licorice Extract Powder Market Overview

The Licorice Extract Powder market in Germany, with a valuation of USD 201.9 Million in 2023, is projected to reach around USD 311.4 Million by 2030. This forecast indicates a substantial Compound Annual Growth Rate (CAGR) of 6.4 % from 2024 to 2030. There are numerous applications for licorice extracts in Germany, and several factors contribute to the growth of this market. Germans have a special affection for licorice-flavored confections, especially licorice candies and chocolates. The sweetness and mild spiciness of licorice extracts complement the nation's sweet tooth. Extracts of licorice have a lengthy history of use in German herbal medicine and due to their soothing properties, they are frequently used in herbal infusions and remedies for digestive complaints and respiratory issues. In Germany, the growth of the licorice extract market is driven by its distinct flavor profile, cultural significance, and alignment with health-conscious trends. In addition, the country's influence on the broader European market and dedication to quality and innovation strengthens the position of licorice extracts in the region.

The global Licorice Extract Powder market can be categorized as Application, Forms, Product Grade, and Region.

Licorice Extract Powder Market: Application Overview

In 2023, the Pharmaceuticals segment dominated the market, with the largest share accounting for 42.5% of the overall market. The Licorice Extract Powder market, segmented by the Application, includes Pharmaceuticals, Tobacco, Food & Beverage, Other Applications. Licorice extract, derived from the Glycyrrhiza plant's roots, has been recognized for centuries for its medicinal properties. In the pharmaceutical industry, this natural compound is a vital component in the formulation of numerous medications. Particularly, its anti-inflammatory properties are used to treat respiratory conditions such as asthma and bronchitis, contributing to the expansion of the licorice extract market. Pharmaceuticals constitute the market's cornerstone. Its anti-inflammatory and expectorant properties, as well as its applications in hygiene and weight management, have made licorice extract a valuable component in the development of numerous pharmaceutical products. The growth of the licorice extract market in the pharmaceutical industry is fueled by ongoing research and an increasing emphasis on natural remedies, making it an indispensable component of the global healthcare landscape.

Licorice Extract Powder Market: Forms Overview

In 2023, the Powder segment dominated the market, with the largest share accounting for 52.09% of the overall market. The Licorice Extract Powder market, segmented by the Forms, includes Powder, paste and blocks. A popular type of licorice extract that has been refined into a fine, dry, and easily dispersible substance is referred to as powder in the context of the global Licorice Extract Powder market. Licorice extract's conversion into powder has a substantial market impact and supports the expansion of the sector in a number of important ways. Licorice extract powder, first and foremost, improves the product's adaptability and shelf life. Due to moisture and other variables that can cause degradation, licorice extract may only have a short shelf life in either its natural liquid or solid state. Licorice Extract Powder powder is crucial to the expansion of the world market for Licorice Extract Powder. It is a sought -after ingredient in a variety of industries, including food and beverage, medicines, cosmetics, and traditional medicine, due to its capacity to improve shelf life, solubility, and adaptability. Its compatibility with the trends for natural and herbal items further increases demand for it. Licorice extract powder is probably going to continue to be a major factor in the growth of the Licorice Extract Powder market as customer preferences continue to change.

Licorice Extract Powder Market: Product Grade Overview

In 2023, the Pharmaceuticals segment dominated the market, with the largest share accounting for 45.04% of the overall market. The Licorice Extract Powder market, segmented by the Product grade, includes Pharmaceuticals, Food, and Feed. The demand for licorice extract as an ingredient in pharmaceutical products keeps rising as it becomes more widely acknowledged for its effectiveness in various applications. The pharmaceutical industry acknowledges the usefulness of merging traditional herbal knowledge into contemporary therapy. the pharmaceutical sector is a key factor in the expansion of the world market for licorice extract. Licorice extract is a key component in pharmaceutical formulations, herbal remedies, and possible breakthrough therapies due to its wide range of pharmacological activities, which include anti-inflammatory, antiviral, and gastrointestinal effects. Licorice extract's popularity in the pharmaceutical industry is anticipated to increase as research and development efforts continue, greatly boosting the market for licorice extract as a whole.

Key Trends

• Licorice extract is extensively used in numerous industries, including the food, confectionery, and pharmaceutical sectors. Paste and blocks of licorice extract are utilized less frequently than powder due to their convenience and adaptability in a variety of applications.
• The pharmaceutical industry is the largest consumer. Due to its possible health benefits and medicinal properties, licorice extract is frequently included in pharmaceutical products. Despite the fact that licorice extract has applications in the culinary and feed industries, its primary purpose is pharmaceutical.
• Licorice extract is commonly integrated into pharmaceutical formulations due to its medicinal properties. Although licorice extract is used in the food and beverage industry, its principal use and demand are primarily driven by pharmaceutical applications.

Premium Insights

In the manufacturing phase of the Licorice Extract Powder value chain, Licorice Extract Powder is processed, formulated, and transformed into numerous products for various industries. The government has the authority to regulate food safety, quality standards, and labeling requirements. Manufacturers and suppliers must follow these regulations to assure compliance and market access. For Instance, In the United States, licorice extract used in culinary products must meet Culinary and Drug Administration (FDA) standards. Trade agreements and tariffs can influence global commerce in licorice extract. The cultivation of licorice can be affected by government policies that promote sustainable agriculture and environmental protection. To meet these political expectations, sustainable agricultural practices and adherence to environmental regulations are gaining importance in the industry.

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Market Dynamics

Rising demand for natural and herbal ingredients

The rising demand for natural and herbal ingredients across a range of industries, including pharmaceuticals, food and beverage, cosmetics, and nutritional supplements. Numerous interrelated trends and factors, as well as consumer preferences, have contributed to the rising popularity of natural and herbal products. Consumer are more concern about their health and wellness and consumers are turning away from synthetic chemicals as they become more aware of what they put in and on their bodies. They are looking for goods that are viewed as safer, more environmentally friendly, and less likely to cause negative impacts. The demand for natural ingredients like Licorice Extract Powder has increased in the pharmaceutical sector. Many pharmaceutical firms are investigating the medicinal potential of plant-based molecules. Glycyrrhizin, a substance with anti-inflammatory and antiviral activities, can be found in licorice extract. There is a rising resistance to artificial chemicals, especially synthetic sweeteners, as people become more health-conscious. Licorice extract provides a distinctive and natural sweetness, making it a popular option for producers trying to improve the flavor of their goods without using artificial additives. Its characteristic sweet and slightly tangy flavor is used in confections, drinks, and even savory foods.

Growing usage of licorice extract in complementary medicine and herbal medicines

The growing usage of licorice extract in complementary medicine and herbal medicines is another important factor propelling the global licorice extract market. Licorice extract's adaptability is one of the main reasons influencing its usage in complementary medicine. Licorice includes a variety of bioactive substances, the most well-known of which being glycyrrhizin. Glycyrrhizin is useful in the treatment of a variety of medical disorders because of its anti-inflammatory, antiviral, and immune-modulating effects. Licorice extract is widely used in the field of respiratory health. It is renowned for its capacity to ease coughs and lessen irritation of the throat. Licorice is a component of herbal remedies used in Ayurveda to treat ailments like bronchitis and asthma. People are becoming more interested in licorice because of its anti-inflammatory characteristics, which can aid with symptoms and encourage respiratory comfort. Major factor propelling the global licorice extract market is the growing usage of licorice extract in complementary medicine and herbal therapies. Due to licorice's long history of use in conventional herbal systems, its adaptability to treating a range of health issues, and its unity with the rising popularity of natural and holistic approaches to health and wellbeing, this trend is being driven. The market for licorice extract is projected to keep rising as consumers embrace complementary therapies and look for alternatives to conventional medications. This will encourage more research and development in the area of herbal medicine and holistic health.

Competitive Landscape

To satisfy the preferences of health-conscious consumers, companies producing organic or non-GMO licorice extract must adhere to certification standards such as USDA Organic or Non-GMO Project Verified. Regulatory bodies in various nations oversee compliance with regulations and may conduct inspections and testing to ensure that licorice extract products adhere to safety and quality requirements. the regulatory environment for the licorice extract market is complex and multifaceted, including food and dietary supplement regulations, pharmaceutical supervision, cosmetics regulations, environmental considerations, trade regulations, and quality standards, among others. Companies operating in this market must navigate this complex regulatory environment in order to ensure compliance, consumer safety, and market access while also catering to the diverse requirements of consumers and industries.

Recent Developments

• In March 2023, Beijing Gingko Group (BGG) and the European division of Premium Ingredients International (PII) have signed an agreement whereby PII will become the exclusive distributor of BGG's licorice extracts. Licorice granules and blocks, monoammonium glycyrrhizinate, glycyrrhizic acid, and 18-betaglycyrrhetinic acid are included in the transaction.
• In January 2021, Mafco, the global leader in licorice products, announced their new category-specific, multitasking Magna-Brand products, which solve today's most difficult product and flavor formulation issues.