Licorice Extract Market Analysis

Licorice Extract Market Analysis

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Based on grade, the pharmaceutical grade segment held over USD 901.1 million revenue in 2023. There is an increasing preference among consumers for natural remedies and herbal medicines due to their perceived safety and efficacy. Licorice Extract, with its long history of use in traditional medicine and well-documented medicinal properties, is gaining traction as a natural alternative for various health conditions. As a result, there is a rising demand for pharmaceutical-grade licorice extracts and formulations in the market.
 

Based on form, the liquid form segment accounted for 42% of the licorice extract market share in 2023. Liquid licorice extracts and syrups offer convenience and versatility in formulation and usage. They can be easily incorporated into various food and beverage products, pharmaceutical formulations, and cosmetic formulations. The liquid form allows for precise dosing and easy blending, making it a preferred choice for manufacturers seeking to incorporate licorice into their products.
 

Based on application, the licorice extract market size from food and beverages application segment dominated around USD 945 million in 2023. Licorice extract is widely used as a flavoring agent in candies, confectionery, chewing gums, and beverages due to its distinct sweet and aromatic taste. Additionally, the rising popularity of licorice-flavored alcoholic beverages such as liqueurs and spirits has further propelled the growth of the licorice market.
 

In addition to its use in the food and pharmaceutical industries, licorice is increasingly finding applications in the cosmetic industry, particularly in skincare products. Licorice extract is known for its skin-brightening and anti-inflammatory properties, making it a popular ingredient in various skincare products such as creams, lotions, and serums. The growing demand for natural and organic skincare products, coupled with the increasing consumer awareness about the benefits of Licorice extract for skin health, is expected to drive the growth of the licorice market in the cosmetic industry in the coming years.
 

Asia Pacific licorice extract market size reached USD 500 million in 2023.  China is a leading producer of Licorice extract and licorice-based pharmaceuticals. The country's pharmaceutical and herbal industries are experiencing rapid growth, driven by factors such as increasing healthcare expenditures, a growing aging population, and rising demand for natural and herbal remedies. Licorice extract is a key ingredient in many pharmaceutical formulations, including syrups, tablets, and herbal teas, further driving market demand.
 

Consumers in North America and Europe are increasingly seeking natural and functional ingredients in their food, beverages, and personal care products. Licorice extract, with its natural sweetness and various health benefits, including its anti-inflammatory and antioxidant properties, is gaining popularity as a desirable ingredient. As a result, there is growing demand for licorice-based products in these regions across various industries, including food and beverage, pharmaceuticals, and cosmetics.