LICORICE EXTRACT MARKET ANALYSIS

Licorice Extract MarketSize and Trends

Increasing demand for herbal medicines, plant-based sweeteners, and growing awareness related to sugar-free products is expected to drive growth of licorice extracts market during the forecast period.

The pharmaceutical grade segment is expected to hold dominant position in the market owing to large medicinal applications of the extracts along with increasing use in cancer prevention. Food grade segment is expected to accounts for a substantial market share in terms of revenue. Increasing use of licorice extracts in food industry and growing demand for natural ingredient is projected to boost growth of the licorice market.

The licorice extracts market was valued at US$ 1,779.59 Mn in 2016 and is expected to expand at a CAGR of 5.7%, in terms of revenue, during 2017–2025.

Figure 1. Global Licorice Extracts Market Share, By Region

Source: Coherent Market Insights (2017)

Asia Pacific is expected to account for a share of 34.40% in 2016, in global licorice market. The increasing usage of licorice extract for cancer treatment led to an increase in production of licorice extracts for application in the pharmaceutical industry for manufacturing herbal medicine.