The value of the licorice root market for 2024 is billed to be USD 980 million. By 2034, the market value is estimated to have shot up to USD 2,002.1 million. During the forecast period, the market is in line to book a CAGR of 7.4%.
Key Market Trends and Highlights:
| Attributes | Key Insights |
|---|---|
| Licorice Root Market Estimated Size in 2024 | USD 980.0 million |
| Projected Market Value in 2034 | USD 2,002.1 million |
| Value-based CAGR from 2024 to 2034 | 7.4% |
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A CAGR of 7.4% was tipped for the market in the historical period. By contrast, the forecast period is set to see the global market develop at a slower pace, with a CAGR of 6.9% predicted.
As the health benefits of licorice root became more prominent, the popularity of the product increased by leaps and bounds, aided by consumer appetite for natural and herbal remedies. Diverse applications in both the pharmaceutical and food and beverage indsutry also helped the market’s prospects in the historical period.
As preventive healthcare becomes more of the norm, the demand for licorice root is set to expand. This growth is also set to be more evident in the nutraceutical and functional food sector.
As regulatory frameworks turn favorable for the licorice root, the industry is set to benefit. An increase in research validating the therapeutical properties of the product also helps in raising demand. Manufacturers are also increasingly relying on sustainable sourcing practices, keeping in line with the environmental considerations of the consumers.
The below table showcases revenues in terms of the top 5 leading countries, spearheaded by India and Japan. The countries are expected to lead the market through 2034.
| Countries | Forecast CAGRs from 2024 to 2034 |
|---|---|
| The United States | 5.1% |
| Germany | 3.5% |
| China | 5.9% |
| Japan | 6.3% |
| India | 7.9% |
The licorice root market in the United States is expected to expand at a CAGR of 5.1% through 2034. The use of licorice root as a flavoring agent is increasing in the food and beverage industry of the United States.
The popularity of herbal teas and confectionery products, two goods that make prominent use of the root, is conducive to the growth of the market. Consumer demand for natural remedies, and especially herbal remedies, is fostering the demand for the product.
Germany is set to see licorice root demand advance at a CAGR of 3.5% through 2034. Licorice-based products are being experimented with, resulting in Germans developing a taste for the product.
Sugar-free licorice options are becoming more pronounced as more Germans turn away from sugar. The producers are also benefitting from functional foods and dietary supplements becoming more common across the country.
In China, licorice root trends are taking a turn for the better. Market expansion is set to happen at a CAGR of 5.9% in China over the projected period. Natural and herbal remedies are commonplace in China and have been used for a long period of time, paving the way for the root’s use in the country. The various medicinal properties of the root have seen the product being used by traditional Chinese medicine for a prolonged period of time.
The market in Japan is anticipated to book a CAGR of 6.3% through 2034. Licroice’s significance in Japan is seen by the ingredient being a part of not only traditional medicine but also traditional cooking.
Licorice root extracts are also being used widely in Japanese cosmetics. Beauty and personal care are no longer relegated to being a secondary concern for the Japanese youth, with the popularity of J-pop and media culture rising. Thus, cosmetics is a wide avenue for producers to expand in Japan.
Demand in India is set to bolster at a CAGR of 7.9% in India for the forecast period. Favorable regulatory policies in India for the distribution of herbal products make it lucrative for manufacturers to target Indian denizens. Regulations such as the Ayurvedic Pharmacopoeia of India provide the blueprint for the industry to prosper.
As obesity and other health risks become more pronounced in the country, demand for licorice root is developing. Licorice root extracts, like glycyrrhizin, act as natural sweeteners, eliminating the need for artificial ones in many culinary applications.
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The below table highlights how extracts segment is projected to lead the market in terms of product form, and is expected to account for a share of 70.3% in 2024.
Based on end use, the tobacco industry segment is expected to account for a share of 70.9% in 2024.
| Category | Shares in 2024 |
|---|---|
| Extracts | 70.3% |
| Tobacco Industry | 70.9% |
Based on the product form, the extract segment is expected to account for a significant portion of the market share.
As consumers become more health conscious and seek natural remedies, there is growing interest in licorice root extracts for their potential health benefits. Consumers are propelling forward products made with plant-based ingredients. Licorice root extracts satisfy that itch and in addition to the health benefits, also offer sweetness and flavor to food products.
Tobacco is set to endure as the dominating industry when it comes to end use of the product. Manufacturers are seeking alternatives to menthol that are not as potentially harmful but still provide the same cooling sensation in the mouth. Licorice extract is emerging as a popular alternative, combining cooling and soothing properties in addition to its plant-based nature.
Tobacco products make use of the root as a flavoring agent. These exotic products include flavored cigarettes, cigars, and pipe tobacco. The flavor and smell of the ingredient is intense as well as unique, seeing it combine well with tobacco.
The competitive landscape of the licorice root Market is fragmented, as a number of players from different regions and of different scales vie for the market share. Thus, large multinational corporations tussle it out with local growers and suppliers.
Company Portfolio:
| Attribute | Details |
|---|---|
| Estimated Market Size in 2024 | USD 980.0 million |
| Projected Market Valuation in 2034 | USD 2,002.1 million |
| Value-based CAGR 2024 to 2034 | 7.4% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD Billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Market Segments Covered | Product Form, End Use, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, France, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | FC Licorice; Norevo GmbH; Zagros Licorice Co.; Naturex SA; Sepidan Osareh Co.; VPL Chemicals; MAFCO Worldwide LLC; Aseh Co. |
The licorice root market is projected to reach a valuation of USD 980.0 million in 2024.
The licorice root industry is set to expand by a CAGR of 7.4% through 2034.
The licorice root market is forecast to reach USD 2,002.1 million by 2034.
Korea is expected to be the top performing market, exhibiting a CAGR of 7.9% through 2034.
Extracts segment is preferred, and is expected to account for a share of 70.3% through 2024.
| Market Size (2024E) | USD 894.3 million |
|---|---|
| Market Projected Size (2034F) | USD 1,625.4 million |
| Value CAGR (2024 to 2034) | 6.2% |
| Market Size (2023E) | USD 278.5 million |
|---|---|
| Market Projected Size (2033F) | USD 403.4 Million |
| Value CAGR (2023 to 2033) | 5.2% |
| Market Size Value in 2022 | USD 861.1 million |
|---|---|
| Market Forecast Value in 2032 | USD 1,457.0 million |
| Growth Rate (2022 to 2032) | 5.4% CAGR |
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Licorice Root Market
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