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Licorice Extract Market Trends

Report ID: GMI8220
Published Date: Feb 2024
Report Format: PDF

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Licorice Extract Market Trends

The expanding application of licorice in the pharmaceutical industry is driving market demand. Licorice extract is well-known for its medicinal properties, including anti-inflammatory, antimicrobial, and antioxidant effects. It is widely used in traditional medicine for the treatment of various ailments, such as cough, sore throat, and digestive disorders. The increasing acceptance of licorice-based medicines, coupled with the rising prevalence of health-conscious consumers, has contributed to the growth of the licorice market in the pharmaceutical sector.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of licorice extract reached USD 2.1 billion in 2023 and is set to witness 4.5% CAGR from 2024 to 2032, owing to the increasing consumer awareness about the health benefits associated with licorice consumption worldwide.

The pharmaceutical grade segment recorded over USD 901.1 million revenue in 2023, due to an increasing preference among consumers for natural remedies and herbal medicines.

Asia Pacific market reached over USD 500 million in 2023, attributed to increasing healthcare expenditures, a growing aging population, and rising demand for natural and herbal remedies in the region.

Avestia Pharma, C.E. Roeper GmbH, F&C Licorice extract Ltd., Herbochem, Hyndai Bioland, Mafco Worldwide LLC, Maruzen Phamaceuticals Co. Ltd., Norevo GmbH, VPL Chemicals, and Shaanxi FUJIE Pharmaceutical Co. Ltd., are some of the major licorice extract companies worldwide.