The global licorice extracts market is expected to witness a steady growth in the forthcoming years, according to Transparency Market Research (TMR). The vendor landscape is characterized by a high degree of competition within the market players. The market participants are expected to focus on product improvisation and innovation, coupled with strategies to expand their business in the coming years to thrive in the market. Leading players operating in the global licorice extracts market are ASEH Licorice MFG & Exp. Co., Zelang Group, Zagros Licorice Co., F&C Licorice Ltd., Maruzen Pharmaceuticals Co. Ltd., SepidanOsareh Co., and Norevo GmbH.
The report predicts that the global licorice extracts market will reach US$2.3 bn by 2025, from US$1.70 bn in 2016. Considering these values, the market is expected to exhibit a steady 4.0% CAGR over the forecast period of 2017 to 2025.
Based on its form, the segment of powdered licorice extracts is anticipated to exhibit higher demand than the others. This could be accounted to the extensive use in food and beverages, along with skin care products. The segment is expected to maintain its leading position over the forecast period.
Asia Pacific is powered by emerging nations such as Japan, China and India, and resultantly held roughly 32% of the global market share in 2016. The region is witnessing an explosive population, and combined with its booming food and beverage industry, Asia Pacific is predicted to emerge as the leading region in the global licorice extracts market.
Growing Demand for “Natural” Ingredients to Fuel Licorice Extracts Market
The key factor that is adding to the market development is the expanding inclinations of the buyers for the items that are produced using regular items which are particularly in the developing economies. In the generation of the home grown prescriptions and other natural products, the utilization of the licorice extract is growing rapidly. Licorice extracts has a few medical advantages hence its demand is rising over the world. The factor that hampers the development of the licorice extract market is the low accessibility of the raw materials which are, thus, augmenting the cost of the licorice. However, the market has lucrative growth opportunities with the rising uptake of herbal medicines in developed countries across the world.
In China, licorice extracts are generally utilized for the treatment of ulcers and to improve resistance in body by normally boosting interferon levels. It is otherwise called “The Great Detoxifier” in China. In Japan, it is utilized for the treatment of constant hepatitis B. There is a rising interest in utilizing licorice extracts in food foams. Inferable from foaming properties of licorice extracts, it is picking up significance in the applications. This extract upgrades the quality and time span of usability of the foam. Thus, these extracts are generally utilized as a part of the beverage industry as foaming specialist.
Pharmaceutical Industry to Provide Rich Growth Opportunity
While the full therapeutic capacities of licorice has not been totally tried, a few advantages have been demonstrated and others have enough help to warrant its incorporation in various supplements. Frequently found in teas and utilized as a part of various food items as a flavor enhancer, licorice extract can offer assistance in regards to stomach issues, for example, acid reflux, and has some more important symptoms that ought to be considered.
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On account of the mentioned therapeutic and medicinal properties offered by the item, there has been a surge in the restorative utilization of licorice extract. This factor, combined with rising chances of licorice extract in cure of cancer is anticipated to drive the segment development over the coming years. Because of growing number of applications and rising opportunities with respect to the utilization of licorice extract by the pharmaceutical industry is forecasted to uplift the global licorice extract market in the coming years.