North America licorice extract market value is set to reach USD 75.4 million in 2023. From 2023 to 2033, licorice extract sales in North America will soar at a CAGR of 7.6%. Total market size at the end of 2033 is forecast to reach USD 155.9 million.
Demand in North America market will remain particularly high for licorice extract chewable tablets. The target segment is set to thrive at 10.2% CAGR from 2023 to 2033.
Key Trends Shaping North America Market
Since ancient times, licorice root has been used for treating a wide range of health conditions. This includes diseases of liver, lungs, stomach, kidney, etc.
Today, licorice root and licorice extract are promoted as dietary supplements for conditions such as viral infections, digestive problems, menopausal symptoms, and others.
Licorice or liquorice is a flowering plant belonging to Fabaceae family. It is commonly referred to as Glycyrrhiza glabra. Products from this plant including licorice extracts find applications across various industries.
For instance, licorice extract is used as a flavoring in candies, beverages, other foods, and tobacco items. Licorice extracts are also being increasingly used in herbal medicine (herbalism) and traditional medicine.
Growing usage of licorice as a flavoring agent in tobacco industry will boost North America market. Licorice is gaining wider popularity as a flavor-enhancing and moistening agent in the manufacture of American blend cigarettes, pipe tobacco, and chewing tobacco.
Rising applications of licorice extracts in food & beverage sector will elevate demand through 2033. Licorice extracts are used as flavoring and sweetening agents in a variety of sweets and candies. Increasing popularity of licorice candies is likely to bolster licorice extract sales across North America.
Increasing applications in traditional medicine and herbalism will further boost sales of licorice extracts during the forecast period. Thanks to its various health benefits, licorice extracts are used in Ayurveda and other medicines to treat several diseases. This includes menstrual cramps, constipation, bronchitis, eczema, etc.
Licorice lozenges or gargles are becoming popular for reducing sore throat, especially after surgery. Licorice extract is also used as an ingredient in various products for topical use. It is also used as an expectorant.
What makes licorice an effective herbal remedy is the presence of active ingredients and antioxidants. Licorice extracts are rich in active ingredients such as glycyrrhizin, licoricidin, licochalcone A, licorisoflavan A, etc.
Research and clinical trials are being conducted across the USA to explore the potential of licorice extract in treating diseases such as hepatitis C virus. Positive results from these clinical trials could open new opportunities for licorice extract producers and suppliers across North America.
Licorice extracts are also widely used in skin & cosmetic industry. Since consumers’ awareness of physical appearance has increased, there is an increasing demand for advanced beauty products with sensory advantages, high functionality, and protection. There is a huge increase in demand globally for natural, clean-label items.
Licorice extracts are commonly used in cosmetic products because of their skin-lightening and anti-inflammatory properties. Active licorice extracts are used in cosmetic formulations to block the signaling pathway for skin inflammation, which helps to control redness, flushing, and other skin inflammations.
Licorice extracts help in skin lightening as they contain glabridin which blocks tyrosinase, the enzyme that triggers pigmentation from sun exposure. Licorice extract products are now widely available in cream forms, serums, and gel.
Leading cosmetics companies have also done fresh research on properties to develop natural, clean-label products. This includes licorice extracts for enhanced skin protection and healing products. Hence, North America market will benefit from increasing usage of licorice extracts in the cosmetics sector.
For instance, to thoroughly cleanse, tone, and moisturize the skin, the K-Beauty brand- Acwell's product “Acwell Licorice PH Balancing Cleansing Toner” combines licorice root extract with licorice water.
| Attribute | Key Insights |
|---|---|
| Estimated North America Licorice Extract Market Size (2023E) | USD 75.4 million |
| Projected North America Licorice Extract Market Value (2033F) | USD 155.9 million |
| Value-based CAGR (2023 to 2033) | 7.6% |
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| Market Statistics | Details |
|---|---|
| Jan to Jun (H1), 2021 (A) | 6.5% |
| Jul to Dec (H2), 2021 (A) | 6.8% |
| Jan to Jun (H1), 2022 Projected (P) | 5.8% |
| Jan to Jun (H1), 2022 Outlook (O) | 7.4% |
| Jul to Dec (H2), 2022 Outlook (O) | 7.1% |
| Jul to Dec (H2), 2022 Projected (P) | 6.2% |
| Jan to Jun (H1), 2023 Projected (P) | 6.0% |
| BPS Change : H1, 2022 (O) to H1, 2022 (P) | 30 |
| BPS Change : H1, 2022 (O) to H1, 2021 (A) | 80 |
| BPS Change: H2, 2022 (O) to H2, 2022 (P) | 150 |
| BPS Change: H2, 2022 (O) to H2, 2022 (A) | 73 |
Sales of licorice extract in North America grew at 6.5% CAGR from 2018 to 2022. Between 2023 and 2033, licorice extract demand in North America market is set to rise at 7.6% CAGR. By the end of 2033, North America market will exceed a valuation of USD 155.9 million.
From once being only used as a popular herbal remedy to becoming one of the commonly used flavoring and sweetening agents, licorice has gained immense traction globally. Today, licorice extracts are being used by tobacco and food and beverage companies.
North America licorice extract industry will expand at a robust pace through 2033. This is due to rising demand for natural sweeteners and flavors derived from plants. Similarly, The growing demand for natural and herbal products will bolster licorice extract sales.
The rising demand for functional foods and beverages is also emerging as a key factor driving the growth of this market. Further, increasing use of licorice extract as a sweetener in various food and beverage applications will boost the market.
Principal Consultant
Licorice Extract Market:
| Attributes | Licorice Extract Market |
|---|---|
| CAGR (2023 to 2033) | 8.9% |
| Market Value (2033) | USD 4,083 million |
| Growth Factor | Rising usage of licorice extract as a medicine and the extract's increasing possibilities in cancer prevention will drive demand. |
| Opportunity | Growing adoption of licorice extract in beverages and confectionery items due to its natural sweetening properties is likely to boost the market. |
| Key Trends | The market is expected to be supported by the rising demand for licorice extract in the pharmaceutical industry. |
Licorice Root Market:
| Attributes | Licorice Root Market |
|---|---|
| CAGR (2023 to 2033) | 5.6% |
| Market Value (2033) | USD 1,420 million |
| Growth Factor | The tobacco industry's rapid shift to the production of cigarettes with enhanced flavors and sweetness is likely to increase demand for licorice. |
| Opportunity | To keep up with demand from the pharmaceutical industry, producers and extractors are partnering to maintain licorice output, and prices are rising globally. |
| Key Trends | Manufacturers' focus on extending licorice production land or region will positively influence the global market. |
Licorice Candy Market:
| Attributes | Licorice Candy Market |
|---|---|
| CAGR (2023 to 2033) | 6.2% |
| Market Value (2033) | USD 441 million |
| Growth Factor | The increasing incidence of daily regimen diseases such as diabetes and obesity is likely to boost the licorice candy market. |
| Opportunity | Growing awareness about the health benefits of licorice will fuel licorice candy sales |
| Key Trends | Manufacturers attempt to draw in younger customers by offering premium items and experimenting with fresh ideas to grab profits. |
| Country | USA |
|---|---|
| CAGR | 7.5% |
| BPS Analysis | -110 |
| Market Value (2033) | USD 139.1 million |
| Country | Canada |
|---|---|
| CAGR | 8.7% |
| BPS Analysis | 110 |
| Market Value (2033) | USD 16.9 million |
Growing Popularity of Natural and Herbal Products Fueling Licorice Extract Sales in the USA
According to Future Market Insights, in 2023, the USA licorice extract market value is set to reach USD 68.1 million. Overall demand for licorice extracts in the country will surge at 7.5% CAGR through 2033.
The market for licorice extract is expanding quickly in the USA as a result of the rising popularity of natural and herbal goods. Similarly, increasing demand for healthy meals and drinks is positively impacting the market.
Another important factor driving growth in the USA market is the rising usage of licorice extract as a sweetener in numerous food & beverage applications.
Licorice extract's usage in the pharmaceutical and nutraceutical industries is also increasing across the USA. This is due to its potential health benefits, such as its antioxidant and anti-inflammatory properties.
Demand for licorice extract may also be impacted by changes in the United States’ regulatory policies, such as limitations on the use of specific food additives or health claims.
Development of New Licorice Extract Products to Boost Canada Market
According to Future Market Insights, Canada licorice extract market will cross a valuation of USD 7.3 million in 2023. Over the next ten years, licorice extract sales in Canada are likely to soar at 8.7% CAGR.
Although Canada is not a large producer of licorice, it does have a limited licorice sector, with certain businesses making licorice sweets and other goods.
Canada's market share in licorice extract would be determined by multiple variables. This includes the availability and quality of licorice roots, the degree of investment and innovation in the sector, and the level of licorice extract demand from Canadian businesses and consumers.
The creation of new licorice extract products that address particular dietary or health requirements will help the market to thrive. For instance, licorice root has long been used in Chinese medicine for its anti-inflammatory and digestive properties.
The interest in its potential application for the treatment of ailments such as ulcers, heartburn, and respiratory infections is growing. This in turn will elevate licorice extract demand.
Canadian businesses might take advantage of this development by creating licorice-based supplements or other goods that appeal to people who value good health.
The distribution of top-notch licorice extract represents a potential new market. Canada may not have the best climate for licorice cultivation, but it may be able to acquire licorice roots from other areas and transform them into high-quality extract for export to other markets.
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Chewable Tablets to Remain the Most Popular Form Among Consumers
As more consumers are switching from hard-shelled tablets to the "easier to consume" alternatives, the popularity of chewable tablet supplements is rising. End users may prefer the chewable alternative because they are more convenient to consume compared to traditional capsules or tablets.
The following are the key reasons why chewable tablets are more popular among end users
According to Future Market Insights, chewable tablets segment will expand at a CAGR of 10.2% during the forecast year and is likely to hold around 1.7% of market value share.
The North America licorice extract market is a fiercely competitive market, with several companies competing for market dominance. Nikko Chemicals Co., Ltd., Carlyle Nutritionals, LLC, Now Foods, Swanson, Hard Fine Chemicals, and Bio-Botanicals Inc are important market players.
These companies are involved in fierce competition when it comes to promotional strategies, pricing, and product offerings. Companies are turning to vigorous advertising strategies and launching innovative products to gain an edge over their competitors.
For instance, Sichuan Union Herb recently introduced a brand-new licorice extract product that the company claims to be superior to that of its rivals.
| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 75.4 million |
| Projected Market Value (2033) | USD 155.9 million |
| Anticipated Growth Rate (2023 to 2033) | 7.6% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and MT for Volume |
| Key Segments Covered | Form, Application, and Country |
| Key Companies Profiled | BioMatrix International; Swanson; Bio-Botanica Inc.; NOW® Foods; Carlyle Nutritionals; NIKKO CHEMICALS CO., LTD.; PharmaChoice; Hard Eight Nutrition LLC.; Nature's Sunshine Products, Inc.; Horbäach |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Growing demand for clean label and plant-based ingredients, leading to interest in licorice extract's natural properties.
Licorice extract is associated with potential health benefits such as digestive support, immune system modulation, and anti-inflammatory effects.
Regulatory complexities and concerns about glycyrrhizin content can impact market growth.
Licorice extract offers a unique blend of sweet, woody, and slightly bitter flavors that enhance and complement a wide range of products.
Sourcing challenges related to climate, sustainability, and quality control can affect the availability and pricing of licorice extract in the region.
1. Executive Summary | North America Licorice Extract Market 2. Market Overview 3. Market Dynamics 4. Regulations 5. Value Chain Analysis 6. Market - Pricing Analysis 7. Market Demand (in Value (USD Million) and Volume (MT) Analysis 2018 to 2022 and Forecast, 2023 to 2033 8. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Form 8.1. Chewable Tablets 8.2. Capsules 8.2.1. Gelatin 8.2.2. HPMC 8.3. Gummies/Chews 8.4. Powder 8.5. Liquid 9. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 9.1. Boost Energy 9.2. Brain Health 9.3. Colon Health 9.4. Digestive Health 9.5. Immune Support 9.6. Liver Support 9.7. Skin Health 10. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Country 10.1. USA 10.2. Canada 11. USA Market Analysis 2018 to 2022 and Forecast 2023 to 2033 12. Canada Market Analysis 2018 to 2022 and Forecast 2023 to 2033 13. Market Structure Analysis 14. Competition Analysis 14.1. Biomatrix International LLC 14.2. Swanson 14.3. Bio-Botanica Inc. (Nature's Answer) 14.4. NOW® Foods 14.5. Horbäach 14.6. Carlyle Nutritionals, LLC 14.7. NIKKO CHEMICALS CO., LTD. 14.8. Hard Eight Nutrition LLC 14.9. Nature's Sunshine Products, Inc. 14.10. Other Players 15. Assumptions and Acronyms Used 16. Research Methodology
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North America Licorice Extract Market
