Liquorice Extract Is Set To Reach 526.8 million By 2033, Growing At A CAGR Of 6.1

Key Insights

The global licorice extract market, valued at $526.8 million in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 6.1% from 2025 to 2033. This expansion is fueled by several key drivers. Increasing demand from the pharmaceutical industry, driven by licorice's established medicinal properties (particularly in cough suppressants and digestive aids), is a significant contributor. The food and beverage industry's growing interest in natural sweeteners and flavor enhancers further boosts market demand. The cosmetic industry's utilization of licorice extract for its skin-soothing and anti-inflammatory effects also contributes to market growth. Furthermore, the rising awareness of the health benefits associated with natural ingredients and a preference for herbal remedies are driving consumer demand for licorice extract-based products. While the market faces restraints such as price fluctuations in raw materials and potential supply chain disruptions, the overall growth trajectory remains positive. The market is segmented by type (pharmaceutical grade, food grade, feed grade) and application (pharmaceutical, food, cosmetic, feed industries, and others). Geographic analysis indicates significant market presence in North America, Europe, and Asia Pacific, with China and India emerging as key growth markets within the Asia-Pacific region due to their large populations and increasing consumer spending on health and wellness products.

The competitive landscape comprises a mix of established players and emerging companies, many operating regionally, suggesting opportunities for consolidation and market expansion. Established companies like Norevo, Scagro A/S, and SK Bioland hold significant market share, while smaller regional companies contribute to the diverse supply chain. Future growth will likely be influenced by innovative product development, particularly in the functional food and beverage and cosmetic sectors, further fueled by strategic partnerships and investments in research and development within the sector to uncover novel applications of licorice extract. The ongoing focus on sustainability and ethical sourcing practices will also be critical for market success in the coming years. The forecast period (2025-2033) anticipates continued growth, driven by the factors mentioned above, further solidifying licorice extract's position in diverse industries.

Liquorice Extract Trends

The global licorice extract market, valued at USD XX million in 2024, is projected to reach USD YY million by 2033, exhibiting a robust Compound Annual Growth Rate (CAGR) of Z% during the forecast period (2025-2033). This growth is fueled by a confluence of factors, including the increasing demand for natural and herbal ingredients across various industries, particularly in the pharmaceutical and food sectors. The historical period (2019-2024) witnessed steady growth, driven primarily by the expanding application of licorice extract in functional foods and dietary supplements. The estimated year 2025 shows a significant market size increase, reflecting both the continued adoption of licorice extract in existing applications and the emergence of new applications in areas such as cosmetics and animal feed. This report analyzes market trends, encompassing regional variations, competitive dynamics, and evolving consumer preferences. The increasing awareness of licorice's potential health benefits, coupled with ongoing research and development efforts, is expected to further propel market growth in the coming years. Furthermore, the rising trend towards natural remedies and the growing preference for products with clean labels are further bolstering the demand for licorice extract. The increasing adoption of sophisticated extraction techniques is leading to higher quality and purity of the extract, which in turn is attracting a larger customer base. However, fluctuations in raw material prices and the potential for adulteration remain challenges for the industry. The competitive landscape is characterized by both established players and new entrants, fostering innovation and competition in the market.

Driving Forces: What's Propelling the Liquorice Extract Market?

The licorice extract market's expansion is significantly propelled by the increasing demand for natural and herbal ingredients across diverse sectors. The pharmaceutical industry utilizes licorice extract for its anti-inflammatory and expectorant properties, finding applications in numerous medications. Simultaneously, the food and beverage industry increasingly incorporates licorice extract for its unique flavor and potential health benefits, leading to its integration into confectionery, beverages, and functional foods. The cosmetic industry is also demonstrating growing interest, leveraging licorice's skin-soothing and brightening properties in skincare and beauty products. Another key driver is the rising global population and the associated increase in healthcare expenditure, creating a larger pool of potential consumers for both pharmaceutical and health-conscious products containing licorice extract. The ongoing research into the medicinal and therapeutic properties of licorice is also generating substantial interest and leading to the discovery of new applications. Moreover, the escalating demand for natural, sustainable, and ethically sourced ingredients is aligning perfectly with the inherent characteristics of licorice extract, further bolstering its market appeal. Finally, government support and initiatives promoting the use of herbal remedies and traditional medicine in certain regions are acting as catalysts for growth.

Challenges and Restraints in the Liquorice Extract Market

Despite its promising growth trajectory, the licorice extract market faces several challenges. Fluctuations in raw material prices, primarily due to variations in licorice root yield and global climate change impacts, significantly influence the overall production cost and market stability. Ensuring the consistent quality and purity of licorice extract is crucial, as adulteration or the presence of impurities can compromise its effectiveness and safety. Stringent regulations and compliance requirements in various regions impose considerable burdens on manufacturers, necessitating significant investment in quality control and regulatory compliance procedures. Furthermore, the availability of substitutes and alternatives, such as synthetic compounds with similar properties, poses a degree of competition. The lack of standardized quality control measures across the industry can also lead to inconsistencies in the extract's composition and efficacy, potentially hindering consumer trust and market adoption. Finally, the seasonal availability of licorice root can disrupt supply chains and impact production volumes, particularly for smaller companies.

Key Region or Country & Segment to Dominate the Market

The Food Grade segment of the licorice extract market is poised for significant growth, driven by increased consumer demand for natural food additives and functional foods. This segment’s dominance is evident across various regions globally.

• Asia-Pacific: This region holds a substantial share of the market due to the high consumption of licorice-flavored confectionery and beverages, coupled with the growing popularity of traditional medicine incorporating licorice. Countries like China and India, with their vast populations and well-established herbal medicine traditions, are significant contributors to this segment's success.

• Europe: The European market demonstrates a strong preference for natural and organic products, significantly driving demand for licorice extract in food applications. European regulations regarding food additives also play a role in shaping the market.

• North America: While the share might be comparatively smaller, North America showcases a growing interest in functional foods and health-conscious consumer choices, fueling the demand for licorice extract in this segment.

In summary, the Food Grade segment benefits from established usage patterns, growing consumer preference for natural alternatives, and a globalized market with pockets of high consumption in key regions. The combination of these factors establishes its current and future dominance within the broader licorice extract market.

Growth Catalysts in the Liquorice Extract Industry

The licorice extract industry is experiencing considerable growth, spurred by increasing consumer awareness of its health benefits, coupled with rising demand in food, pharmaceutical, and cosmetic applications. The continuous innovation in extraction techniques leading to improved purity and quality further enhances market appeal. Moreover, the growing trend toward natural and herbal remedies is creating a fertile ground for market expansion. The increasing adoption of licorice extract as a natural sweetener and flavor enhancer in processed foods further contributes to this expanding industry.

Leading Players in the Liquorice Extract Market

• Norevo
• Scagro A/S
• SK Bioland
• Ruitenberg
• Mafco
• Glycyrrhiza Glabra
• Licorice Kazakhstan
• Cokey Co
• Licorice Extract LLC
• Herbochem
• Handa Fine Chemicals
• Daepyung
• Alfarid Corporation Limited
• ASEH
• Zagros Licorice Co
• Sepidan Osareh Co
• F&C Licorice
• Shanxi Huike Plant Development Co
• Xuancheng Baicao Pharmaceutical Co
• Shanxi Tianzhirun
• Beijing Gingko Group

Significant Developments in the Liquorice Extract Sector

• 2021: Increased investment in R&D by several key players focused on enhancing the extraction process and developing new applications of licorice extract.
• 2022: Several new product launches incorporating licorice extract in the food and cosmetic industries.
• 2023: The publication of new scientific research highlighting the potential health benefits of licorice extract.
• 2024: Several regulatory approvals granted for new applications of licorice extract in the pharmaceutical industry.

Comprehensive Coverage Liquorice Extract Report

This report offers a detailed analysis of the global licorice extract market, covering market size, growth drivers, challenges, and key players. It provides comprehensive insights into the current market trends and future growth prospects, enabling businesses to make informed decisions. The report segments the market by type, application, and region, offering a granular understanding of the various market dynamics. Furthermore, it includes detailed company profiles of the leading players, presenting their market share, strategies, and recent developments. Finally, this report provides valuable information for existing and prospective players, investors, and researchers in the licorice extract market.

Liquorice Extract Segmentation

• 1. Type
  • 1.1. Pharmaceutical Grade
  • 1.2. Food Grade
  • 1.3. Feed Grade
• 2. Application
  • 2.1. Pharmaceutical Industry
  • 2.2. Food Industry
  • 2.3. Cosmetic Industry
  • 2.4. Feed Industry
  • 2.5. Others

Liquorice Extract Segmentation By Geography

• 1. North America
  • 1.1. United States
  • 1.2. Canada
  • 1.3. Mexico
• 2. South America
  • 2.1. Brazil
  • 2.2. Argentina
  • 2.3. Rest of South America
• 3. Europe
  • 3.1. United Kingdom
  • 3.2. Germany
  • 3.3. France
  • 3.4. Italy
  • 3.5. Spain
  • 3.6. Russia
  • 3.7. Benelux
  • 3.8. Nordics
  • 3.9. Rest of Europe
• 4. Middle East & Africa
  • 4.1. Turkey
  • 4.2. Israel
  • 4.3. GCC
  • 4.4. North Africa
  • 4.5. South Africa
  • 4.6. Rest of Middle East & Africa
• 5. Asia Pacific
  • 5.1. China
  • 5.2. India
  • 5.3. Japan
  • 5.4. South Korea
  • 5.5. ASEAN
  • 5.6. Oceania
  • 5.7. Rest of Asia Pacific