Licorice Extract Powder Market is Estimated to Grow at a CAGR of 6.5% from 2022 to 2028
As stated in our extensive report; the Global Licorice Extract Powder Market accounted for USD 1.1 Billion in 2021.
Powdered or liquid licorice extracts made from the root of the licorice plant are used in medicine. Licorice roots (Glycyrrhiza glabra), a plant indigenous to the Mediterranean region, are boiled to create the extract. It is utilized as a sweetener and flavoring agent in addition to herbal medications. The extract contains anti-viral, anti-inflammatory, and detoxifying effects. As the extract is about 50 times sweeter than sugar, it is commonly employed in the culinary business. During the anticipated period, the market for Licorice Extract Powder is anticipated to increase as a result of rising demand for herbal medications, plant-based sweeteners, and rising consumer awareness regarding sugar-free goods.
The Global Licorice Extract Powder Market is segmented based on Product Grades, Forms, and Applications. On the basis of Product Grades, the market is segmented into Food Grade, Feed Grade, and Pharmaceutical Grade. On the basis of Forms, the market is segmented into Block, Powder, Paste, and Others. On the basis of Applications, the market is segmented into Food & Beverages, Pharmaceutical, Tobacco, and Other Applications.
One of the main elements fostering a favourable view of the Licorice Extract Powder Market is the significant increase in the food and beverage sector. In addition to being a common food additive or natural sweetener in sweet custard, chewing gum, and cake mixes, licorice extract can also be added to a meat rub to improve flavor. Additionally, the pharmaceutical industry’s rising product demand is encouraging Licorice Extract Powder Market expansion. Licorice extract is frequently used in the production of medications for skin infections, asthma, bronchitis, toothaches, dyspepsia, and fever. Additionally, the industry is growing as a result of consumers’ increasing preferences for organic products, particularly among millennials, who are becoming more health-conscious. In accordance with this, the Licorice Extract Powder Market growth is being positively impacted by the product’s broad use as a de-bittering agent in the tobacco business. Other factors, such as consumers’ increasing purchasing power and the product’s extensive use in the cosmetics industry as a natural skin brightener, are predicted to propel the Licorice Extract Powder Market toward expansion.
Asia-Pacific Region to Take Over the Market
Due to rising demand from the pharmaceutical industry, Asia-Pacific now dominates the world market for Licorice Extract Powder. Licorice Extract Powder is a popular immune system booster and ulcer treatment in China because it naturally raises interferon levels. In China, it is also referred to as “The Great Detoxifier.” It is applied to the management of chronic hepatitis B in Japan. Licorice Extract Powder is becoming more popular for use in food foams. The powdered licorice extracts are becoming more popular in food foams because of their foaming abilities. This extract improves the final product’s quality and shelf life. As a result, these extracts are frequently employed as foaming agents in the beverage sector.
In terms of revenue during the anticipated period, Europe is expected to be the second-largest area in the global market for Licorice Extract Powder. The market is expanding as a result of rising consumer demand for low-calorie foods and for the creation of sweeteners like MAG (Mono Ammonium Glyzyrrhizinat). The majority of the Licorice Extract Powder imported into Europe for usage in food applications is anticipated to come from European nations like Germany and France. It is extensively utilized in Europe to create MAG, a masking agent used in stevia-sweetened products. Manufacturers in the industry are concentrating on R&D operations to create new goods.
The rising investment and changing trend toward natural products will create an opportunity for the market growth.
Some of the key players in the Global Licorice Extract Powder Market include- Norevo GmbH (Germany), F&C Licorice Ltd. (Israel), Mafco Worldwide LLC (US), Zagros Licorice Co (Iran), VPL Chemicals Pvt. Ltd. (India), SepidanOsareh Co. (Iran), ASEH Licorice MFG & Exp. Co. (Iran) and others.