Global Licorice Extract Market Is Expected to Reach $3.57 Billion by 2030: Says AMR

Benefits of licorice extracts for treatment of Covid-19 and rise in demand from the cosmetic industry fuel the growth of the global licorice extract market. Based on form, the powder segment would cite the fastest CAGR by 2030. By region, on the other hand, the market across Asia-Pacific would remain lucrative during the forecast period.


Portland, OR, July 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global licorice extract market was estimated at $1.87 billion in 2020 and is expected to hit $3.57 billion by 2030, registering a CAGR of 6.8% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

Benefits of licorice extracts for treatment of Covid-19 and rise in demand from the cosmetic industry fuel the growth of the global licorice extract market. On the other hand, availability of a variety of substitutes for licorice in the food & beverage industry impedes the market growth to some extent. However, demand from the animal feed industry and increase in popularity of natural & clean label products would pave the way for lucrative opportunities in the industry.

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Covid-19 scenario:

  • Disrupted supply chain and increased prices for raw materials had a negative impact on the market, especially during the first phase of the lockdown.
  • However, increase in health consciousness among consumers led to rise in demand for licorice extracts, thereby impacting the growth of the market positively.
  • Moreover, rise in demand for clean labels, organic, and natural products has been beneficial for the global licorice extract market.

The global licorice extract market is analyzed across product type, form, application, and region. Based on product type, the pharmaceutical grade segment held the highest share in 2020, accounting for more than half of the global licorice extract market. However, the feed grade segment is expected to register the highest CAGR of 8.5% during the forecast period.

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Based on form, the powder segment would cite the fastest CAGR of 7.4% from 2021 to 2030. At the same time, the segment also generated the highest share in 2020, accounting for nearly three-fifths of the global licorice extract market.

By region, the market across Asia-Pacific would cite the fastest CAGR of 7.7% during the forecast period. Simultaneously, the region also held major share in 2020, garnering nearly three-fifths of the global market. The other provinces studied in the report include North America, Europe, and LAMEA.

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The key market players analyzed in the global licorice extract market report include C.E. Roeper GmbH, F&C Licorice Ltd, Mafco Worldwide LLC, Maruzen Pharmaceuticals Co., Ltd, Norevo GmbH, Ransom Naturals, BGG World, Zagros Licorice Co., Glycyrrhiza Glabra Co., Ltd, and Shaanxi Fujie Pharmaceutical Co, Ltd. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

 

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