Global Licorice Extracts Market: Overview
Liquorice is the root of Glycyrrhiza glabra and Glycyrrhiza inflate from which sweet flavours can be extracted. The licorice plant is native of Mediterranean, Southern and Central Russia, Asia and Iran. The extract is produced by boiling the licorice root and evaporating the water, thus leaving behid licorice extracts which are times sweeter than sucrose. This concentrated extract can be converted into either powder, semi fluid and block form. The product is widely used in tobacco industry to impart sweet flavours, which makes it easier to inhale. Moreover, the product is also used in the manufacturing of a wide range of candies and confectionary products. The products is also one of the most widely used medicinal herbs worldwide, with significant penetration of its medicinal usage in China. The global market for licorice extracts is anticipated to expand with a decent CAGR over the forecast period.
Global Licorice Extracts Market: Drivers and Restraints
The prime factor driving the growth in the global licorice market is increasing demand for US blend cigarettes worldwide, as licorice is extensively used to impart flavours to these tobacco products. Increasing preference for natural ingredients for pharmaceuticals, particularly from European countries is another factor driving the demand for licorice extracts. Moreover, the demand for natural ingredients such as licorice extract is increasing not just from conventional but also herbal medicine manufacturers, this can be primarily attributed to commercialization of the herbal medicine sector. Furthermore, the global confectionary industry is also anticipated to execute impressive growth across the globe, amid rising preference for sugar free items. Thus, driving continuous demand for licorice extract. Increasing production of MAG sweeteners (Monoammonium Glyzyrrhizinat) is another prime factor driving the need for production of licorice extracts.
However, licorice products need to incline with legal requirements on Ochratoxin A levels, which can be considered as a biggest restraint for this market.
Global Licorice Extracts Market: Segmentation
On the basis of form type,
On the basis of end use application,
- Herbal Medicines
- Tobacco Industry
- Food and Beverage
Global Licorice Extracts Market: Region Wise Outlook
The Global Licorice Extract Market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The most prominent region in terms of consumption of licorice extract is Western Europe. This can be primarily attributed to rising demand for herbal medicines in Germany, Netherlands and Spain. North America is also anticipated to account for a prominent market share for licorice extract consumption. China which was earlier the net exporter of licorice extracts is on the path of becoming a net importer, this can be attributed because most of the licroice roots in the country are harvested in an unorganized way and the country is losing its resources. Thus an increasing demand for licorice extract from China is reasonable anticipation. Furthermore, demand from APEJ is anticipated to execute the highest growth rate over the forecast period. Most of the licroice extract facilities are located in Middle East and Africa region, particularly in Iran, but in terms of demand the region lacks far behind Western Europe, North America and Asia Pacific. Japan is also a leading country in terms of net imports and demand for the region is anticpated to remain stagnant over the forecast period.
Global Licorice Extracts Market: Key Players
The global licorice extract market is highly fragmented with a large number of small regional players, particularly from Middle Eastern and Asian countries. Some of the key players in the global licorice extract market are:
- Norevo GmbH
- Mafco LLC
- Daepyung Co. Ltd.
- Hepner & Eschenbrenner
- ASEH Licorice MFG & Exp Co.
- CE Roeper
- Natural Licorice Co.
- Zentralfachschule der Deutschen Süßwarenwirtschaft e.V.
- Novel Nutrients Private Limited
- Shaanxi Hongda Plant Chemical Co. Ltd
- Riotto Botanical Co. Ltd
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