Seattle, WA -- (SBWIRE) -- 02/14/2020 -- Global Licorice Extract Market
Licorice extracts derived from licorice (scientifically known as Glycyrrhiza glabra) roots are widely used for making medicinal drugs and are available in both powdered and liquid forms. The extract is obtained by boiling the roots of the licorice plant, which is a herbaceous perennial legume native to the Middle East, southern Europe, and parts of Asia. Apart from its use in herbal medicines, the extract is used as a sweetener and a flavoring agent. The extract has several anti-inflammatory, anti-viral, anti-microbial and detoxification properties, and helps improve the respiratory system and reduces stress, owing to which it is largely utilized in the food industry. Burgeoning demand for herbal medicines, plant-based sweeteners, and growing awareness about sugar-free products are factors expected to drive the growth of the global licorice extract market during the forecast period.
Global Licorice Extract Market Segmentation
On the basis of product type, the global licorice extract market is segmented into food-grade, feed-grade, and pharmaceutical-grade licorice extracts. The pharmaceutical-grade licorice extracts segment is projected to hold a dominant position in the market owing to a wide range of medicinal applications of these extracts, along with their growing use in cancer prevention. The food-grade segment would account for a substantial market share, in terms of revenue, over the forecast timeline.
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In terms of application, the global licorice extract market is fragmented into food & beverages, pharmaceuticals, tobacco, and others. The pharmaceuticals segment is expected to account for the largest revenue share over the forecast period, due to increasing use of licorice extracts in the manufacture of medicines. The market is further segmented into different forms of licorice extracts, such as powder, liquid, and blocks. The powder form segment emerged as the most dominant one in 2016, in terms of revenue share, and the segmental growth is attributed to the wide-ranging application of these extracts in the food and beverages and cosmetics industries.
Global Licorice Extract Market – Regional Analysis
Asia Pacific is the leading region in the global licorice extract market, which was pegged at US$ 612.16 million in 2016. Market growth in the region is attributed to the increasing demand for licorice extracts in the pharmaceuticals industry. In China, licorice extracts are widely used for the treatment of ulcers and to enhance immune system by naturally boosting interferon levels. It is also known as "The Great Detoxifier" in China. In Japan, it is used for the treatment of chronic hepatitis B. There is a rising interest of using licorice extracts in food foams. Owing to foaming properties of licorice extracts, it is gaining importance in food foams. This extract enhance the quality and shelf-life of the final product. Hence, these extracts are widely used in the beverages industry as foaming agents.
Europe is the second largest market in global licorice extracts market, in terms of revenue. The regional market growth is triggered by the increasing demand for low-calorie food and production of sweeteners, such as MAG (Mono Ammonium Glyzyrrhizinat). Several European countries, including Germany and France, are projected to account for the highest imports of licorice extracts in Europe for use in food applications. In Europe, it is widely used for the production of MAG which is used as masking agent in products sweetened by stevia. Leading manufacturers in the market are focusing on research and development activities for developing new products.
While, on the other hand, North America is expected to show significant growth in the global licorice extracts market owing to growing usage of herbal medicines and increasing demand for plant-based natural ingredients. Licorice extracts is used to impart flavors to tobacco products hence, increasing demand for cigarettes is expected to fuel the market growth. However, in 2016, the U.S. FDA (Food & Drug Administration) issued a warning to consumers against the use of licorice containing coughing liquid, as it contains unidentified morphine, which may have adverse effects on human health, including allergic reactions, respiratory depression, and even death.
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Therefore, the global licorice extract market is expected to witness fast-paced growth, with a robust CAGR of 5.7%, in terms of revenue, during the projected timeframe.
Major Players in the Global Licorice Market
Some of the key players operating in the global licorice extract market include Norevo GmbH, MAFCO Worldwide LLC, FC Licorice, Zagros Licorice Co., Ransom NaturalsLtd., Aushadhi Herba, VPL Chemicals, Sepidan Osareh Co., and many others.
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