ALBANY, New York, April 4, 2017 /PRNewswire/ --
According to a new market report published by Transparency Market Research, "Global Licorice Extracts Market (By Form - Powder, Semi-fluid/Paste and Block, By Type- Pharmaceutical Grade, Food Grade and Feed Grade, By Application - Pharmaceutical, Tobacco, Food and Beverage and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025" was valued in terms of revenue at USD 1,700.0 million in 2016 and is expected to reach USD 2,393.9 million by the end of the forecast period 2025, growing at a CAGR of 4.0% from 2017 to 2025 .
Licorice root is used in making the extract, while the hard woody plant is pulped and boiled to further refine the content. Licorice is the root of the licorice (glycyrrhiza glabra) plant from which a sweet flavor is extracted and used in various industries as a sweetening agent. In addition, it also offers various health benefits by acting as an antiviral, anti-inflammatory, antimicrobial, and hepato-protective agent. Licorice extracts find huge application in food items, tobacco, beverages, herbal medicines, pharmaceutical industry, and a variety of skin care products. The market is segmented on the basis of product form, type, and application. The global market for licorice extracts is anticipated to expand at a considerable rate during the forecast period owing to an increased demand for them in various end user industries due to their natural origin.
Major drivers driving the global licorice extracts market include increasing demand for natural ingredients for medical supplements. The incorporation of natural ingredients into various medical supplements in modern times is acting as a major driver for the global licorice extracts market. These extracts are known to exhibit anti-inflammatory, antimicrobial, and hepatoprotective properties. They are also efficient in treating hyperlipidaemia (a high amount of fats in the blood) and skin hyperpigmentation, which is inflammation-induced. Therefore, use of licorice extracts in medicines helps cure various physical disorders, driving the global market across the globe
By form, the global licorice extracts market is segregated into powder, semi-fluid/liquid and block. Powder form of licorice extract held the most dominant market share in 2016 and is anticipated to witness a steady growth rate during the forecast period. This is attributed to powder's wide applications in skin care products and food and beverage. Powder form of licorice extract has a characteristic fragrance with a mild licorice flavor with detectable sweetness. This form has glycyrrhizic acid content of 2 to 15% of the extract weight. Semi-fluid/Paste form is anticipated to witness the most rapid growth rate during the forecast period.
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By type, the global licorice extracts market is segregated into pharmaceutical grade, food grade and feed grade. Food grade licorice extract held the most dominant market share in 2016 and is anticipated to witness a steady growth rate during the forecast period. This is attributed to its sweet nature which results in it being used as a natural sweetener which is used as a substitute of regular table sugar. This type of licorice extract contains glycyrrhizinic acid as an active ingredient is used as food grade licorice extract. Feed grade licorice extract is anticipated to witness the most rapid growth rate during the forecast period. This is attributed to its immunomodulatory, anti-inflammatory and hepato-protective properties that results in increased immunity, and growth rate in farm animals and fishes.
By application, the global licorice extract market is segregated into pharmaceutical, tobacco, food and beverage and others. Food and beverage held the most dominant market share in 2016 and is anticipated to witness a steady growth rate during the forecast period. Tobacco is anticipated to witness the most rapid growth rate during the forecast period owing to its huge uses of licorice extracts as a sweetening agent and rising popularity of flavored tobacco products.
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Some of the major players of the global Licorice Extracts market include Norevo GmbH, Mafco Worldwide LLC, F&C Licorice Ltd., Zagros Licorice Co., Sepidan Osareh Co., VPL Chemicals, ASEH Licorice MFG & Exp. Co., Zelang, Maruzen Pharmaceuticals Co. Ltd. and Ransom Naturals among others.
The report provides an exhaustive study of the Licorice Extracts market along with offering the market estimates, in terms of revenue (USD million) for the forecast period from 2017-2025. Further, the global market is classified on the basis of form, type and application.
Global Licorice Extracts Market, by Form
Global Licorice Extracts Market, by Type
- Pharmaceutical Grade
- Food Grade
- Feed Grade
Global Licorice Extracts Market, by Application
- Food and Beverage
Global Licorice Extracts Market, by Geography: The market is broadly segmented on the basis of geography into:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East and Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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