PUBLISHER: Global Insight Services | PRODUCT CODE: 1632936
PUBLISHER: Global Insight Services | PRODUCT CODE: 1632936
The licorice root market is anticipated to expand from $2.3 billion in 2023 to $4.5 billion by 2033, with a robust CAGR of 6.8%, reflecting dynamic growth.
The licorice root market encompasses the cultivation, processing, and distribution of Glycyrrhiza glabra, primarily used for its medicinal properties and as a flavoring agent. This market spans pharmaceutical, confectionery, and herbal sectors, driven by rising consumer interest in natural remedies and health supplements. Key products include extracts, powders, and teas, highlighting the demand for traditional and alternative healthcare solutions.
The market is witnessing growth, primarily driven by its expanding applications in the pharmaceutical and food industries. In the pharmaceutical segment, licorice root is highly sought after for its anti-inflammatory and antiviral properties, making it the top-performing sub-segment. The food and beverage sector follows closely, with licorice root used as a natural sweetener and flavor enhancer. The cosmetic industry also shows promise, driven by the demand for natural ingredients in skincare products.nnRegionally, Asia-Pacific leads the market due to traditional usage and the burgeoning pharmaceutical industry. Europe ranks as the second-highest performing region, propelled by the demand for natural and organic products. Within these regions, China and Germany are key contributors, benefiting from strong manufacturing capabilities and innovation. The market's trajectory is further bolstered by increasing consumer awareness and the trend towards natural health solutions, indicating lucrative opportunities for stakeholders.
In 2023, the Licorice Root Market recorded a volume of 320 million metric tons, with projections to rise to 480 million metric tons by 2033. The pharmaceutical segment commands the largest market share at 45%, followed by the food and beverage industry at 30%, and cosmetics at 25%. The pharmaceutical sector benefits from the increasing demand for natural remedies and the therapeutic properties of licorice. Major players in the Licorice Root Market include MAFCO Worldwide LLC, Norevo GmbH, and Zagros Licorice Co., each holding significant market shares. These companies are focusing on expanding their product lines and enhancing extraction processes.
The competitive landscape is shaped by these firms' strategic initiatives, such as MAFCO Worldwide's investment in sustainable sourcing and Norevo GmbH's focus on expanding its global distribution network. Regulatory influences, including the EU's stringent guidelines on herbal products, significantly impact market dynamics. Compliance with these regulations often necessitates increased R&D and quality assurance investments. Nevertheless, challenges such as supply chain disruptions and the need for sustainable harvesting practices persist. The integration of advanced extraction technologies and sustainable farming methods is anticipated to unlock further growth potential.
The Asia Pacific region dominates the licorice root market, driven by the traditional and medicinal uses of licorice in countries like China, India, and Japan. The increasing demand for natural and herbal products in these countries fuels market growth. Additionally, the region benefits from favorable climatic conditions for licorice cultivation, ensuring a steady supply of raw materials. The rising awareness about the health benefits of licorice root further propels its market expansion.
North America is the second-largest market for licorice root, with the United States leading the charge. The growing interest in herbal supplements and alternative medicine drives demand. Consumers in the region are increasingly seeking natural remedies, boosting the licorice root market. Furthermore, the presence of key market players and ongoing research into licorice's health benefits contribute to market growth.
Europe holds a significant share in the licorice root market, with countries like Germany, France, and the United Kingdom at the forefront. The region's focus on natural and organic products aligns with the increasing consumer preference for licorice-based products. Additionally, the historical use of licorice in confectionery and pharmaceuticals supports market stability. The European market benefits from stringent quality standards and a well-established supply chain.
The Middle East and Africa region shows promising growth potential in the licorice root market. Traditional herbal medicine practices in countries such as Iran, a leading producer, drive demand. The region's rich history of licorice cultivation and consumption supports market expansion. Increasing awareness of licorice's health benefits and its application in various industries further enhances market prospects.
Latin America, though a smaller market, is experiencing growing interest in licorice root. Countries like Brazil and Argentina are witnessing increased demand for natural and herbal products. The region's diverse climate allows for potential licorice cultivation, providing opportunities for market growth. As consumers become more health-conscious, the demand for licorice-based products is expected to rise.
Norevo, Mafco Worldwide LLC, F& C Licorice Ltd, Zagros Licorice Co, Ransom Naturals Ltd, VPL Chemicals Pvt Ltd, Sepidan Osareh Co, Maruzen Pharmaceuticals Co Ltd, Aushadhi Herbal, AOS Products Pvt Ltd, Herbs Egypt, Alfarid Corporation, Huaian Brothers Biotechnology Co Ltd, Hindustan Mint & Agro Products Pvt Ltd, Biolandes, Naturex SA, Shree Bankey Behari Lal Aromatics, Gansu Yalan Pharmaceutical Co Ltd, Zelang Group, Rizhao Longfa Group Co Ltd
U.S. Department of Agriculture - Agricultural Research Service, European Commission - Directorate-General for Agriculture and Rural Development, Food and Agriculture Organization of the United Nations, World Health Organization - Nutrition and Food Safety Department, International Trade Centre - Market Analysis Tools, United Nations Conference on Trade and Development, International Institute for Environment and Development, Centre for the Promotion of Imports from developing countries (CBI), U.S. Food and Drug Administration, National Institute of Food and Agriculture, International Council for Science, The World Bank - Agriculture and Rural Development, United Nations Industrial Development Organization, International Society for Horticultural Science, Global Forum for Food and Agriculture, International Licorice Association, European Food Safety Authority, International Conference on Medicinal Plants Research, World Congress on Medicinal Plants and Natural Products Research, International Herbal Conference
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