The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Licorice Extract Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.

In-Depth Market Overview of Licorice Extract Industry (2023-2028):

According to the latest report, The Licorice Extract Market is valued at around USD 2.12 billion in 2022 & is estimated to grow at a CAGR of about 5.2% during the forecast period, i.e., 2023-28. The report demonstrates the prominent factors propelling the exponential growth of the Licorice Extract industry.

Key Takeaways: Beneficial for Stakeholders and Clients:

·        Historical Data: 2018-21

·        Base Year: 2022

·        Forecast Period: 2023-28

·        CAGR: 8.2%

What are the major Driver the Licorice Extract industry?

Mounting Utilization of the Licorice Extract in the Cosmetic Industry & Its Numerous Benefits to Drive the Market – Licorice extract has been used to treat various illnesses like inflammation, gastrointestinal issues, and respiratory problems. However, its integration into making cosmetic products is also witnessing a surge, thus driving the market. Across the globe, there is a high demand for advanced beauty & cosmetic products that are highly efficient, natural & safe, etc., owing to the rising consciousness among individuals about their looks & appearance. Also, as this extract act as an anti-inflammatory & skin-lightening substance, they are getting frequently deployed in a wide range of cosmetic items, thus supporting the Global Licorice Extract Market growth.

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Licorice Extract Market Segmentation

The Licorice Extract Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

• By Product Type
• Food Grade- Market Size & Forecast 2018-2028, USD Million
• Feed Grade- Market Size & Forecast 2018-2028, USD Million
• Pharmaceutical Grade- Market Size & Forecast 2018-2028, USD Million
• By Form
• Powder- Market Size & Forecast 2018-2028, USD Million
• Liquid- Market Size & Forecast 2018-2028, USD Million
• Block- Market Size & Forecast 2018-2028, USD Million
• By End Users
• Food & Beverages- Market Size & Forecast 2018-2028, USD Million
• Pharmaceutical- Market Size & Forecast 2018-2028, USD Million
• Tobacco- Market Size & Forecast 2018-2028, USD Million
• Others- Market Size & Forecast 2018-2028, USD Million
• By Region
• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

As per the regional aspect, the Licorice Extract Market is expected to be dominated by North America by capturing the potential market share.

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Top Companies in the Licorice Extract Market

Alfarid Corporation Limited, AOS Products Pvt. Ltd., Avestia Pharma, C.E. Roeper GmbH, F&C Licorice Ltd., Herbochem, Hyundai Bioland, Mafco Worldwide LLC, Maruzen Pharmaceuticals Co. Ltd., Norevo GmbH, Shaanxi FUJIE Pharmaceutical Co. Ltd., VPL Chemicals Pvt Ltd. , Beijing Gingko Group , Glycyrrhiza Glabra Co. Ltd., Ransom Naturals Ltd., Others

Global Licorice Extract Market Recent Development

July 2022: Givaudan, Bühler, and Cargill partnered with the FoodTech HUB Latam & ITAL, Food Technology Institute, to construct a food innovation center in the city of Campinas, recognized as Brazil's tech powerhouse.

January 2021: Mafco introduced a category-specific, multi-tasking Magna-Brand product that handles flavor-formulation issues. According to the organization, selective compounding is the most cost-effective & efficacious for Taste Modulation.

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