Licorice Root Market: Global Industry Analysis and Opportunity Assessment 2017-2027 Research Report By Future Market Insights
Valley Cottage, NY -- (SBWIRE) -- 08/11/2017 -- Licorice is derived from the roots of the licorice plant, which is a leguminous plant that is native to the Middle East and Central Asia. Due to its sweet taste, licorice is mainly used as a flavoring agent in several kinds of food and beverage products. Licorice also imparts certain medicinal benefits and is a common ingredient in certain pharmaceutical products. The root is sold either directly or is further processed to produce licorice extracts and various other forms of the product.
Market Dynamics of Licorice Root Market:
The demand and growth of the licorice market are based on the direction in which the tobacco and confectionery market moves. The increasingly negative consumer perception of tobacco products and the associated prohibitive laws are a major drawback for the market. This trend is well visible in developed regions such as Canada, wherein a ban on the use of any flavored ingredient in cigarettes and cigars has been adopted in 2009. This law completely wiped out a major application segment for licorice in the country. Even in regions where such blanket bans are not present, other restrictive actions such as high tariffs and labeling restrictions are rapidly increasing.
The other important factors affecting the licorice market are the rapidly changing consumer preferences and intense competition from other flavoring agents. The development of other natural and plant-based flavoring solutions is expected to increase competition for licorice products. Another crucial factor that might hinder the growth of the licorice market is the fact that people suffering from cardiac conditions, high blood pressure and pregnant women are not advised to consume licorice as it is incompatible with the medications for these conditions. The growth of the market is expected to be concentrated around the increasing consumption of licorice-based products in emerging countries such as India.
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Market Segmentation of Licorice Root Market:
The licorice root market is segmented on the basis of application and product form.
On the basis of application, the market is segmented into food and beverage, pharmaceutical, personal care products and others segments. The food and beverage segment is further divided into tobacco, confectionery, non-carbonated beverages and others. Flavored tobacco products is a major and dominant segment as licorice offers certain functional advantages such as flavor and better inhalation of tobacco smoke. The confectionery segment is also an important part of the market due to the popularity of licorice sticks and candies. The pharmaceutical segment is also expected to grow in a robust phase as licorice can also be used to treat common ailments such as a cough and cold and also aids in digestion.
On the basis of basis of product form, the market is segmented into paste, powder, dried, syrup and others segments. The paste segment occupies the dominant market share as tobacco products use licorice in this particular form. The powdered and syrup forms find extensive use in the food and beverage segments.
Regional Outlook of Licorice Root Market:
The consumption of licorice is a global phenomenon but is particularly strong in the developed regions of North America and Europe. The popularity is mainly in the form of licorice-based candies and pharmaceutical products. For instance, licorice sticks are highly consumed in the U.S. and are produced by almost all the major candy manufacturers.
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Since the licorice plant is native to the Middle East and Asia, the production is dominated by regions such as China, Afghanistan, Pakistan, Turkey, Iran, and others. Afghanistan is a major and emerging producer and exports licorice particularly in the root form. China mostly exports licorice extracts. The consumption of licorice in these emerging countries is mostly in traditional medicinal solutions.
Key Market Players in Licorice Root Market:
Mafco Worldwide, American Licorice Company, Amarelli, Shadian, Norevo GmbH, Natural Licorice Root Industry Co., etc.