Top Companies in Licorice Extract Powder Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Licorice Extract Powder Market is projected to reach USD 1.6 billion by 2028 at a CAGR of 6.5% over the forecast period.
The Global Licorice Extract Powder Market is valued at USD 1.1 billion in 2021 and is projected to reach USD 1.6 billion by 2028 at a CAGR of 6.5% over the forecast period. The rise in the use of licorice roots in various goods, the increase in the use of sweeteners in food products, and the rise in demand for organic products are the main factors anticipated to propel the growth of the licorice extracts market during the forecast period. Other factors that are anticipated to further fuel the growth of the licorice extracts market include the rise in the use of licorice extracts in products like desserts due to the medicinal properties licorice offers, the use of licorice extracts rather than other conventional extracts in food and beverage products, and the increased awareness of the benefits of licorice extracts.
Due to the rising demand for organic products, the licorice extract market is predicted to expand over the course of the forecast period. The licorice extract business has expanded as people become more aware of the supposed health benefits of licorice extract.
However, the distribution channels have been further influenced by the COVID pandemic's lack of raw materials, excess consumption, and transportation, which is expected to limit the market expansion for licorice extracts further. The current pandemic has also forced retail establishments to close for safety reasons, and export and import have impacted the logistical network, which could further impede the growth of the market for licorice extracts in the near future.
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Amidst Exponential Growth in Licorice Extract Powder Adoption, What Trends Should We Look Forward to?
- Concerns about the negative effects of synthetic materials and the rise of allergies in food and cosmetics goods have led to a trend toward products comprised of natural, organic components. As a result, both the food and beverage business and the cosmetics industry have a lot to gain from the organic licorice extract market.
- Licorice extracts also assist in skin lightening because they include glabridin, which inhibits tyrosinase, the enzyme that causes pigmentation from sun exposure. Licorice extract-containing goods are now easily available in gel, serum, and cream forms at retail establishments. As a result, the market is expanded by the increased use of licorice extracts in the cosmetics business.
- Numerous research conducted globally along similar lines has focused on the health advantages of licorice root and extracts. Due to licorice extracts' advantages for the pharmaceutical industry, OTC drugs, cough syrups, and lozenges frequently contain them. These advantages increase the need for licorice extracts in a variety of applications.
- Many different types of food and beverages employ licorice extract as a flavor. In order to increase the sweetness of various foods, it is also used as a sweetener. resulting in the market's expansion.
The Licorice Extract Powder market is dominated by globally established players such as Norevo GmbH (Germany), F&C Licorice Ltd. (Israel), Mafco Worldwide LLC (US), Zagros Licorice Co (Iran)., VPL Chemicals Pvt. Ltd. (India), SepidanOsareh Co. (Iran), ASEH Licorice MFG & Exp. Co. (Iran), Maruzen Pharmaceuticals Co. Ltd. (Japan), Zelang Group (China), Ransom Naturals Ltd. (UK). These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Licorice Extract Powder market.
Let's Look at the Top 5 Companies That are Taking the Licorice Extract Powder Market by Storm
The Licorice Extract Powder market is expected to grow from USD 1.1 billion in 2021 to USD 1.6 billion in 2028 due to the pharmaceutical industry's growing product demand. Additionally, the industry is growing as a result of consumers' increasing preferences for organic products, particularly among millennials who are becoming more health conscious.
- Norevo GmbH (Germany)
Norevo's motivation for more than 120 years has been the special ingredients made from natural raw materials. With this ability, Norevo has grown to be a recognized supplier and consultant for many important industries, including the production of Licorice Extract Powder.
- F&C Licorice Ltd (Israel)
As one of the pioneers in the production of licorice extract, F&C Licorice was established in 1962. With more than 50 years of experience, F&C Licorice manufactures, supplies, and distributes licorice extracts to the main tobacco, confectionery, and medicinal sectors worldwide.
- Zagros Licorice Co. (Iran)
The Licorice Extract in Zagros is made from Licorice Roots, and some Licorice Extract has a wide range of uses and properties, including cosmetics, beverages, the tobacco industry, medical herbs, confections, and food additives.
- Mafco Worldwide LLC (US)
Mafco Worldwide has been the top producer of natural* plant-based licorice products used in a variety of applications and flavour solutions for more than 150 years. The Magna-BrandsTM product lines have been making the world more delicious! It delivers exceptional and adaptable flavour enhancers, sweetness intensifiers and extenders, and masking agents.
- Ransom Naturals Ltd. (UK)
The pharmaceutical, healthcare, cosmetic, and food and beverage industries all benefit from the natural products and extracts that Ransom Naturals Ltd. (RNL) develops and produces.
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