PUBLISHER: Fairfield Market Research | PRODUCT CODE: 2079640
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 2079640
Licorice Extract Market Insights, Competitive Landscape, and Market Forecast - 2033
The global Licorice Extract Market is poised for sustained growth as demand for natural botanical ingredients continues to rise across the food and beverage, pharmaceutical, cosmetic, and nutraceutical industries. According to the latest study by Fairfield Market Research, the market is projected to grow from US$ 1,009.80 Million in 2026 to US$ 1,558.93 Million by 2033, registering a CAGR of 6.4% during the forecast period. Increasing consumer preference for plant-based ingredients, expanding applications of glycyrrhizin and glabridin, and growing investments in herbal product development are expected to support long-term market expansion.
Introduction
Licorice extract, derived from the roots of Glycyrrhiza glabra, is widely recognized for its natural sweetening, flavoring, anti-inflammatory, and antioxidant properties. It is extensively used in confectionery, beverages, herbal medicines, dietary supplements, tobacco products, and personal care formulations. The increasing shift toward clean-label ingredients and botanical extracts has significantly expanded the commercial importance of licorice extract across multiple industries. Advances in extraction technologies and standardized manufacturing processes are enabling producers to develop high-purity extracts suitable for pharmaceutical and food-grade applications, further strengthening market growth.
Market Insights
The licorice extract market is experiencing steady momentum as manufacturers respond to growing demand for natural ingredients with functional health benefits. Food and beverage companies continue incorporating licorice extract into confectionery, herbal teas, functional beverages, and flavor formulations, while pharmaceutical manufacturers are expanding its use in respiratory, digestive, and anti-inflammatory products.
The market is also benefiting from increasing utilization of licorice-derived compounds such as glycyrrhizin and glabridin in skincare and cosmetic formulations. Powder remains the dominant product form due to its excellent shelf stability, ease of handling, and compatibility with pharmaceutical and food processing operations, while liquid extracts are witnessing increasing adoption in beverages and herbal formulations.
Market Drivers
Growing consumer demand for natural sweeteners and botanical ingredients remains one of the primary drivers of market growth. Health-conscious consumers are increasingly replacing synthetic additives with plant-derived alternatives, encouraging manufacturers to incorporate licorice extract into a broad range of products.
The pharmaceutical industry's expanding use of glycyrrhizin for anti-inflammatory and hepatoprotective formulations is also contributing significantly to market expansion. Rising demand for herbal medicines, traditional healthcare products, and functional nutrition continues to strengthen commercial opportunities.
In addition, increasing investments in natural cosmetics and personal care products are supporting demand for licorice extract due to its skin-brightening, soothing, and antioxidant properties. Continuous innovation in extraction technologies and quality certification standards is further improving product consistency and expanding global adoption.
Business Opportunity
The licorice extract market presents considerable opportunities for manufacturers investing in pharmaceutical-grade botanical ingredients, sustainable cultivation practices, and advanced extraction technologies. Companies capable of ensuring traceable sourcing, regulatory compliance, and standardized active compound concentrations are expected to strengthen their competitive positions.
Emerging economies also offer attractive growth opportunities as demand for herbal supplements, functional foods, and traditional medicines continues to increase. Expansion of botanical cosmetics, clean-label beverages, and plant-based wellness products is expected to generate additional revenue opportunities for ingredient suppliers throughout the forecast period.
Manufacturers focusing on sustainable sourcing strategies and vertically integrated supply chains are likely to benefit from increasing demand for premium botanical extracts across international markets.
Regional Analysis
Asia Pacific continues to dominate the global licorice extract market due to its extensive cultivation infrastructure, established extraction industry, and growing domestic demand for pharmaceutical and food-grade botanical ingredients. China, India, and Japan remain major production and consumption hubs supported by strong herbal medicine traditions and expanding food processing industries.
North America represents a significant market driven by increasing consumer preference for natural food ingredients, dietary supplements, and botanical health products. Europe also maintains a strong market position owing to growing demand for clean-label confectionery, pharmaceutical ingredients, and natural cosmetic formulations.
Latin America and the Middle East & Africa are expected to witness steady growth as awareness of herbal products increases and investments in food processing and pharmaceutical manufacturing continue to expand.
Competitive Landscape
The global licorice extract market is moderately fragmented, with leading manufacturers focusing on vertical integration, quality certifications, sustainable sourcing, and product innovation. Companies continue investing in advanced extraction technologies, pharmaceutical-grade production capabilities, and international distribution networks to strengthen their market presence.
Strategic partnerships, production capacity expansion, and research into high-value licorice-derived compounds continue to shape the competitive landscape. Manufacturers emphasizing traceability, regulatory compliance, and diversified application portfolios are expected to maintain a competitive advantage throughout the forecast period.
Key Players
- Ransom Naturals Ltd
- Glycyrrhiza Glabra Co., Ltd
- Norevo GmbH
- Mafco Worldwide LLC (Part of World Earth Brands Group)
- Shaanxi Fujie Pharmaceutical Co., Ltd.
- Zagros Licorice Co.
- Beijing Gingko Group
- F&C Licorice Ltd.
- E. Roeper GmbH
- Maruzen Pharmaceuticals Co., Ltd.
- Indena S.p.A.
- Minophagen Pharmaceutical Co., Ltd.
- Magnasweet (MAFCO)
- VPL Chemicals (India)
- Sepidan Osareh Co.
Future Outlook
The outlook for the licorice extract market remains highly promising as industries continue emphasizing natural ingredients, clean-label formulations, and scientifically supported botanical products. Ongoing advancements in extraction technologies, sustainable cultivation, and pharmaceutical applications are expected to drive continuous product innovation. As demand for functional foods, herbal medicines, and natural personal care products continues to expand worldwide, licorice extract manufacturers are well positioned to benefit from long-term market growth supported by evolving consumer preferences and increasing investment in botanical ingredient development.
Market Segmentation
By Product Type
- Food Grade
- Feed Grade
- Pharmaceutical Grade
By Form
- Powder
- Liquid
- Block
By Application
- Food & Beverages
- Pharmaceutical
- Tobacco
- Others
By Region
- North America
- Europe
- East Asia
- South Asia & Oceania
- Latin America
- Middle East & Africa
Table of Contents
1. Executive Summary
- 1.1. Global Licorice Extract Market Snapshot
- 1.2. Future Projections
- 1.3. Key Market Trends
- 1.4. Regional Snapshot, by Value, 2026
- 1.5. Analyst Recommendations
2. Market Overview
- 2.1. Market Definitions and Segmentations
- 2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
- 2.3. Value Chain Analysis
- 2.4. COVID-19 Impact Analysis
- 2.5. Porter's Five Forces Analysis
- 2.6. Impact of Russia-Ukraine Conflict
- 2.7. PESTLE Analysis
- 2.8. Regulatory Analysis
- 2.9. Price Trend Analysis
- 2.9.1. Current Prices and Future Projections, 2025-2033
- 2.9.2. Price Impact Factors
3. Global Licorice Extract Market Outlook, 2020-2033
- 3.1. Global Licorice Extract Market Outlook, by Product Type, Value (US$ Mn), 2020-2033
- 3.1.1. Food Grade
- 3.1.2. Feed Grade
- 3.2. Global Licorice Extract Market Outlook, by Form, Value (US$ Mn), 2020-2033
- 3.2.1. Powder
- 3.2.2. Liquid
- 3.2.3. Block
- 3.3. Global Licorice Extract Market Outlook, by Application, Value (US$ Mn), 2020-2033
- 3.3.1. Food & Beverages
- 3.3.2. Pharmaceutical
- 3.3.3. Tobacco
- 3.3.4. Others
- 3.4. Global Licorice Extract Market Outlook, by Region, Value (US$ Mn), 2020-2033
- 3.4.1. North America
- 3.4.2. Europe
- 3.4.3. Asia Pacific
- 3.4.4. Latin America
- 3.4.5. Middle East & Africa
4. North America Licorice Extract Market Outlook, 2020-2033
- 4.1. North America Licorice Extract Market Outlook, by Product Type, Value (US$ Mn), 2020-2033
- 4.1.1. Food Grade
- 4.1.2. Feed Grade
- 4.2. North America Licorice Extract Market Outlook, by Form, Value (US$ Mn), 2020-2033
- 4.2.1. Powder
- 4.2.2. Liquid
- 4.2.3. Block
- 4.3. North America Licorice Extract Market Outlook, by Application, Value (US$ Mn), 2020-2033
- 4.3.1. Food & Beverages
- 4.3.2. Pharmaceutical
- 4.3.3. Tobacco
- 4.3.4. Others
- 4.4. North America Licorice Extract Market Outlook, by Country, Value (US$ Mn), 2020-2033
- 4.4.1. U.S. Licorice Extract Market Outlook, by Product Type, 2020-2033
- 4.4.2. U.S. Licorice Extract Market Outlook, by Form, 2020-2033
- 4.4.3. U.S. Licorice Extract Market Outlook, by Application, 2020-2033
- 4.4.4. Canada Licorice Extract Market Outlook, by Product Type, 2020-2033
- 4.4.5. Canada Licorice Extract Market Outlook, by Form, 2020-2033
- 4.4.6. Canada Licorice Extract Market Outlook, by Application, 2020-2033
- 4.5. BPS Analysis/Market Attractiveness Analysis
5. Europe Licorice Extract Market Outlook, 2020-2033
- 5.1. Europe Licorice Extract Market Outlook, by Product Type, Value (US$ Mn), 2020-2033
- 5.1.1. Food Grade
- 5.1.2. Feed Grade
- 5.2. Europe Licorice Extract Market Outlook, by Form, Value (US$ Mn), 2020-2033
- 5.2.1. Powder
- 5.2.2. Liquid
- 5.2.3. Block
- 5.3. Europe Licorice Extract Market Outlook, by Application, Value (US$ Mn), 2020-2033
- 5.3.1. Food & Beverages
- 5.3.2. Pharmaceutical
- 5.3.3. Tobacco
- 5.3.4. Others
- 5.4. Europe Licorice Extract Market Outlook, by Country, Value (US$ Mn), 2020-2033
- 5.4.1. Germany Licorice Extract Market Outlook, by Product Type, 2020-2033
- 5.4.2. Germany Licorice Extract Market Outlook, by Form, 2020-2033
- 5.4.3. Germany Licorice Extract Market Outlook, by Application, 2020-2033
- 5.4.4. Italy Licorice Extract Market Outlook, by Product Type, 2020-2033
- 5.4.5. Italy Licorice Extract Market Outlook, by Form, 2020-2033
- 5.4.6. Italy Licorice Extract Market Outlook, by Application, 2020-2033
- 5.4.7. France Licorice Extract Market Outlook, by Product Type, 2020-2033
- 5.4.8. France Licorice Extract Market Outlook, by Form, 2020-2033
- 5.4.9. France Licorice Extract Market Outlook, by Application, 2020-2033
- 5.4.10. U.K. Licorice Extract Market Outlook, by Product Type, 2020-2033
- 5.4.11. U.K. Licorice Extract Market Outlook, by Form, 2020-2033
- 5.4.12. U.K. Licorice Extract Market Outlook, by Application, 2020-2033
- 5.4.13. Spain Licorice Extract Market Outlook, by Product Type, 2020-2033
- 5.4.14. Spain Licorice Extract Market Outlook, by Form, 2020-2033
- 5.4.15. Spain Licorice Extract Market Outlook, by Application, 2020-2033
- 5.4.16. Russia Licorice Extract Market Outlook, by Product Type, 2020-2033
- 5.4.17. Russia Licorice Extract Market Outlook, by Form, 2020-2033
- 5.4.18. Russia Licorice Extract Market Outlook, by Application, 2020-2033
- 5.4.19. Rest of Europe Licorice Extract Market Outlook, by Product Type, 2020-2033
- 5.4.20. Rest of Europe Licorice Extract Market Outlook, by Form, 2020-2033
- 5.4.21. Rest of Europe Licorice Extract Market Outlook, by Application, 2020-2033
- 5.5. BPS Analysis/Market Attractiveness Analysis
6. Asia Pacific Licorice Extract Market Outlook, 2020-2033
- 6.1. Asia Pacific Licorice Extract Market Outlook, by Product Type, Value (US$ Mn), 2020-2033
- 6.1.1. Food Grade
- 6.1.2. Feed Grade
- 6.2. Asia Pacific Licorice Extract Market Outlook, by Form, Value (US$ Mn), 2020-2033
- 6.2.1. Powder
- 6.2.2. Liquid
- 6.2.3. Block
- 6.3. Asia Pacific Licorice Extract Market Outlook, by Application, Value (US$ Mn), 2020-2033
- 6.3.1. Food & Beverages
- 6.3.2. Pharmaceutical
- 6.3.3. Tobacco
- 6.3.4. Others
- 6.4. Asia Pacific Licorice Extract Market Outlook, by Country, Value (US$ Mn), 2020-2033
- 6.4.1. China Licorice Extract Market Outlook, by Product Type, 2020-2033
- 6.4.2. China Licorice Extract Market Outlook, by Form, 2020-2033
- 6.4.3. China Licorice Extract Market Outlook, by Application, 2020-2033
- 6.4.4. Japan Licorice Extract Market Outlook, by Product Type, 2020-2033
- 6.4.5. Japan Licorice Extract Market Outlook, by Form, 2020-2033
- 6.4.6. Japan Licorice Extract Market Outlook, by Application, 2020-2033
- 6.4.7. South Korea Licorice Extract Market Outlook, by Product Type, 2020-2033
- 6.4.8. South Korea Licorice Extract Market Outlook, by Form, 2020-2033
- 6.4.9. South Korea Licorice Extract Market Outlook, by Application, 2020-2033
- 6.4.10. India Licorice Extract Market Outlook, by Product Type, 2020-2033
- 6.4.11. India Licorice Extract Market Outlook, by Form, 2020-2033
- 6.4.12. India Licorice Extract Market Outlook, by Application, 2020-2033
- 6.4.13. Southeast Asia Licorice Extract Market Outlook, by Product Type, 2020-2033
- 6.4.14. Southeast Asia Licorice Extract Market Outlook, by Form, 2020-2033
- 6.4.15. Southeast Asia Licorice Extract Market Outlook, by Application, 2020-2033
- 6.4.16. Rest of SAO Licorice Extract Market Outlook, by Product Type, 2020-2033
- 6.4.17. Rest of SAO Licorice Extract Market Outlook, by Form, 2020-2033
- 6.4.18. Rest of SAO Licorice Extract Market Outlook, by Application, 2020-2033
- 6.5. BPS Analysis/Market Attractiveness Analysis
7. Latin America Licorice Extract Market Outlook, 2020-2033
- 7.1. Latin America Licorice Extract Market Outlook, by Product Type, Value (US$ Mn), 2020-2033
- 7.1.1. Food Grade
- 7.1.2. Feed Grade
- 7.2. Latin America Licorice Extract Market Outlook, by Form, Value (US$ Mn), 2020-2033
- 7.2.1. Powder
- 7.2.2. Liquid
- 7.2.3. Block
- 7.3. Latin America Licorice Extract Market Outlook, by Application, Value (US$ Mn), 2020-2033
- 7.3.1. Food & Beverages
- 7.3.2. Pharmaceutical
- 7.3.3. Tobacco
- 7.3.4. Others
- 7.4. Latin America Licorice Extract Market Outlook, by Country, Value (US$ Mn), 2020-2033
- 7.4.1. Brazil Licorice Extract Market Outlook, by Product Type, 2020-2033
- 7.4.2. Brazil Licorice Extract Market Outlook, by Form, 2020-2033
- 7.4.3. Brazil Licorice Extract Market Outlook, by Application, 2020-2033
- 7.4.4. Mexico Licorice Extract Market Outlook, by Product Type, 2020-2033
- 7.4.5. Mexico Licorice Extract Market Outlook, by Form, 2020-2033
- 7.4.6. Mexico Licorice Extract Market Outlook, by Application, 2020-2033
- 7.4.7. Argentina Licorice Extract Market Outlook, by Product Type, 2020-2033
- 7.4.8. Argentina Licorice Extract Market Outlook, by Form, 2020-2033
- 7.4.9. Argentina Licorice Extract Market Outlook, by Application, 2020-2033
- 7.4.10. Rest of LATAM Licorice Extract Market Outlook, by Product Type, 2020-2033
- 7.4.11. Rest of LATAM Licorice Extract Market Outlook, by Form, 2020-2033
- 7.4.12. Rest of LATAM Licorice Extract Market Outlook, by Application, 2020-2033
- 7.5. BPS Analysis/Market Attractiveness Analysis
8. Middle East & Africa Licorice Extract Market Outlook, 2020-2033
- 8.1. Middle East & Africa Licorice Extract Market Outlook, by Product Type, Value (US$ Mn), 2020-2033
- 8.1.1. Food Grade
- 8.1.2. Feed Grade
- 8.2. Middle East & Africa Licorice Extract Market Outlook, by Form, Value (US$ Mn), 2020-2033
- 8.2.1. Powder
- 8.2.2. Liquid
- 8.2.3. Block
- 8.3. Middle East & Africa Licorice Extract Market Outlook, by Application, Value (US$ Mn), 2020-2033
- 8.3.1. Food & Beverages
- 8.3.2. Pharmaceutical
- 8.3.3. Tobacco
- 8.3.4. Others
- 8.4. Middle East & Africa Licorice Extract Market Outlook, by Country, Value (US$ Mn), 2020-2033
- 8.4.1. GCC Licorice Extract Market Outlook, by Product Type, 2020-2033
- 8.4.2. GCC Licorice Extract Market Outlook, by Form, 2020-2033
- 8.4.3. GCC Licorice Extract Market Outlook, by Application, 2020-2033
- 8.4.4. South Africa Licorice Extract Market Outlook, by Product Type, 2020-2033
- 8.4.5. South Africa Licorice Extract Market Outlook, by Form, 2020-2033
- 8.4.6. South Africa Licorice Extract Market Outlook, by Application, 2020-2033
- 8.4.7. Egypt Licorice Extract Market Outlook, by Product Type, 2020-2033
- 8.4.8. Egypt Licorice Extract Market Outlook, by Form, 2020-2033
- 8.4.9. Egypt Licorice Extract Market Outlook, by Application, 2020-2033
- 8.4.10. Nigeria Licorice Extract Market Outlook, by Product Type, 2020-2033
- 8.4.11. Nigeria Licorice Extract Market Outlook, by Form, 2020-2033
- 8.4.12. Nigeria Licorice Extract Market Outlook, by Application, 2020-2033
- 8.4.13. Rest of Middle East Licorice Extract Market Outlook, by Product Type, 2020-2033
- 8.4.14. Rest of Middle East Licorice Extract Market Outlook, by Form, 2020-2033
- 8.4.15. Rest of Middle East Licorice Extract Market Outlook, by Application, 2020-2033
- 8.5. BPS Analysis/Market Attractiveness Analysis
9. Competitive Landscape
- 9.1. Company Vs Segment Heatmap
- 9.2. Company Market Share Analysis, 2025
- 9.3. Competitive Dashboard
- 9.4. Company Profiles
- 9.4.1. Ransom Naturals Ltd
- 9.4.1.1. Company Overview
- 9.4.1.2. Product Portfolio
- 9.4.1.3. Financial Overview
- 9.4.1.4. Business Strategies and Developments
- 9.4.2. Glycyrrhiza Glabra Co. Ltd
- 9.4.3. Norevo Gmbh
- 9.4.4. Mafco Worldwide Llc (Part Of World Earth Brands Group)
- 9.4.5. Shaanxi Fujie Pharmaceutical Co. Ltd
- 9.4.6. .Zagros Licorice Co.
- 9.4.7. Beijing Gingko Group
- 9.4.8. F&C Licorice Ltd.
- 9.4.9. .C.E. Roeper Gmbh
- 9.4.10. Maruzen Pharmaceuticals Co. Ltd
- 9.4.1. Ransom Naturals Ltd
10. Appendix
- 10.1. Research Methodology
- 10.2. Report Assumptions
- 10.3. Acronyms and Abbreviations
