Licorice Root Market Report 2024

The licorice root market size has grown strongly in recent years. It will grow from $2.83 billion in 2023 to $3.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. During the historic period, growth was driven by the growing consumer preference for healthy tea, increased utilization of licorice root in the food and beverage sector, its expanded use in traditional medicine, its popularity as a confectionery ingredient, and rising demand in pharmaceutical formulations.

The licorice root market size is expected to see strong growth in the next few years. It will grow to $4.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. In the forecast period, growth is expected to be fueled by the rising adoption of licorice root as a natural sweetener in food and beverages, increasing health and wellness trends, expansion of the nutraceutical industry, its heightened use in skincare and cosmetics, and a growing emphasis on sustainability and ethical sourcing practices. Key trends anticipated in this period include advancements in extraction technologies, the introduction of innovative root beer flavors, developments in herbal supplements, increased research and development efforts driving licorice root adoption, and innovations in product formulations.

The increasing demand for natural and herbal remedies is anticipated to drive growth in the licorice root market. Natural and herbal remedies involve using plant-based substances, natural compounds, and traditional healing methods to promote health and treat various ailments. Licorice root contributes to organic products by providing natural sweetness, medicinal benefits, and skincare advantages, while also supporting sustainable and ethical farming practices. For example, in August 2021, The Journal of the American Botanical Council reported that annual retail sales of herbal dietary supplements in the United States exceeded $10 billion in 2020, reaching $11.26 billion, marking a 17.3% increase from 2019. Consequently, the rising demand for natural and herbal remedies is a key driver of the licorice root market's expansion.

Leading companies in the licorice root market are focused on securing authentic licorice root products to differentiate their offerings in a competitive market. These products prioritize using real licorice root or its pure extracts, maintaining traditional and natural preparation methods, and upholding high standards of quality, transparency, and health benefits. For instance, in July 2022, Denmark-based Lakrids by Bülow introduced LAEMON- Mellow Yellow, combining salty licorice with the refreshing flavor of lemon in a blend of white chocolate, cream, and vanilla to balance sweetness, sourness, and saltiness.

In June 2023, Theo Chocolate, a Seattle-based chocolate company in the United States, announced its merger with American Licorice Company. This strategic partnership allows Theo Chocolate to address rising costs and operational challenges while continuing its commitment to delivering high-quality organic chocolate. American Licorice Company, known for manufacturing licorice root products, brings valuable expertise to the merger.

Major companies operating in the licorice root market are S.r Organic, Sarv Biolabs Pvt Ltd, Finzelberg GmbH & Co. KG, Maruzen Pharmaceuticals Co Ltd., American Licorice Company, Beloorbayir Biotech Ltd., Geo Fresh Organic Private Limited, Nanjing Zelang Medical Technology Co. Ltd., Jiangsu Tiansheng Pharmaceutical Co. Ltd., Mafco Worldwide LLC, Norevo GmbH, VPL Chemicals Pvt Ltd., Athos Lifesciences Pvt. Ltd., Bio-Gate AG, PharmaCompass, Ransom Naturals Ltd., ASEH Licorice MFG & Exp. Co, Rainbow Expochem Company, Windson Organic Pvt Ltd, F&C Licorice Ltd.

North America was the largest region in the licorice root market in 2023. The regions covered in the licorice root market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the licorice root market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Licorice root originates from the Glycyrrhiza glabra plant, native to Europe and Asia, containing glycyrrhizin - a compound imparting sweetness and medicinal properties. It is commonly employed in treating digestive ailments such as indigestion, heartburn, and gastritis, offering relief to the stomach and intestinal linings.

Licorice root is utilized in various product forms such as essential oils, liquid malt extract, oleoresins, dried herbs and spices, malt flour, and more. The term roots can denote underground plant parts, origins, anatomical structures, linguistic elements, mathematical concepts, and musical foundations. Product variations encompass essential standard malt, caramelized malt, and roasted malt extracts, serving diverse functions such as enhancing performance and palatability. These find applications across industries including food and beverage, tobacco, pharmaceuticals, cosmetics, and dietary supplements.

The licorice root market research report is one of a series of new reports that provides licorice root market statistics, including licorice root industry global market size, regional shares, competitors with a licorice root market share, detailed licorice root market segments, market trends, and opportunities, and any further data you may need to thrive in the licorice root industry. This licorice market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The licorice root market consists of the sales of glycyrrhiza glabra, glycyrrhiza uralensis, and glycyrrhiza inflata. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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