Licorice Root Market 2024-2034: Trends & Growth Insights
The global Licorice Root Market is on track to witness significant growth, with its market valuation projected to increase from USD 980 million in 2024 to an estimated USD 2,003.1 million by 2034, reflecting a robust CAGR of 7.4%. This growth is driven by the rising awareness of licorice root’s medicinal, health, and wellness benefits, coupled with increased consumer demand for natural and herbal products.
Licorice root, derived from the Glycyrrhiza glabra plant, has been valued for its role in traditional medicine, herbal remedies, and functional foods. It is now a vital ingredient in confectionery, pharmaceuticals, nutraceuticals, dietary supplements, and cosmetics, which has expanded its demand globally.
Market Trends & Key Developments in Licorice Root Market
1. Rising Demand for Natural Herbal Remedies
The global movement towards natural health products is propelling the demand for licorice root in pharmaceuticals, nutraceuticals, and traditional medicine. Its anti-inflammatory, antimicrobial, and antioxidant properties make it a highly sought-after ingredient in herbal supplements, digestive health products, and immunity boosters.
2. Expansion of Licorice Root Use in Confectionery & Beverages
Licorice root’s application in the confectionery and beverage industry is growing, particularly as a natural sweetener and flavoring agent. The rise in sugar-free and clean-label products has seen it being used in sugar-free candies, teas, and functional beverages.
3. Technological Advancements in Licorice Extraction
New extraction techniques have improved the production of high-purity licorice extracts. The use of advanced supercritical CO2 extraction technology allows for higher bioavailability and minimal use of solvents, making it a sustainable and eco-friendly option for manufacturers.
4. Growth of Cosmetic and Skincare Applications
Licorice root is a key ingredient in cosmetics and skincare products, especially for its role in addressing skin brightening, anti-aging, and pigmentation reduction. Japanese and Korean beauty brands are increasingly using licorice root extract in their whitening creams, serums, and anti-blemish products, making it a critical component in the global K-Beauty and J-Beauty movements.
5. Regulatory Support & Sustainable Sourcing
Regulatory support for herbal products and traditional medicine in countries like India, China, and Japan has created a conducive market environment. Additionally, sustainable farming practices for licorice root cultivation are being embraced, ensuring its consistent supply for key markets.
Market Segmentation & Insights in Licorice Root Market
| Segment | Category | Insights |
| By Product Form | Roots, Extracts, Paste, Powder, Blocks, Others | Extracts dominate with a market share of 70.3% as they are widely used in pharmaceuticals, nutraceuticals, and cosmetics. |
| By Application | Pharmaceuticals, Nutraceuticals, Confectionery, Beverages, Cosmetics | The pharmaceutical and nutraceutical segments hold a combined share of 60%, with rising demand for herbal supplements and health foods. |
| By End-Use | Food & Beverage Industry, Tobacco Industry, Cosmetic Industry, Pharmaceutical Industry, Dietary Supplements | The Tobacco industry accounts for the largest share, with 70.9% market share, driven by its use as a flavoring agent in cigars, cigarettes, and pipe tobacco. |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa | Asia-Pacific and North America hold the largest shares due to the high demand for traditional herbal remedies and functional foods. |
Regional Insights for Licorice Root Market
1. North America
- Market Value (2034): USD 545.2 million
- Growth Rate (CAGR 2024-2034): 5.1%
- Market Drivers: Growing demand for herbal supplements, natural remedies, and organic skincare products is driving growth in this region.
- Regional Trends: The United States is the dominant player, driven by the use of licorice root in cosmetics, health supplements, and confectionery.
2. Asia-Pacific
- Market Value (2034): USD 612.4 million
- Growth Rate (CAGR 2024-2034): 7.9%
- Market Drivers: The growing reliance on Traditional Chinese Medicine (TCM) and Ayurvedic remedies is propelling demand.
- Regional Trends: China, India, and Japan are at the forefront, with a focus on herbal medicines, wellness products, and cosmetic innovations.
3. Europe
- Market Value (2034): USD 395.2 million
- Growth Rate (CAGR 2024-2034): 6.3%
- Market Drivers: Increased consumption of organic foods and herbal supplements is driving demand.
- Regional Trends: The European market is driven by growth in functional foods and clean-label confectionery.
Growth Drivers for Licorice Root Market
- Shift Toward Natural Health Products: Consumers prefer natural and organic remedies for digestive, immune, and respiratory health.
- Demand for Functional Foods and Beverages: Use of licorice root as a natural sweetener is growing in sugar-free candies and herbal teas.
- Increasing Use in Skincare & Cosmetics: Licorice’s role in anti-aging, brightening, and blemish-reducing creams has expanded its use in the cosmetic sector.
- Regulatory Support for Herbal Products: Governments in India, China, and Japan are promoting the production and trade of natural herbal products.
Restraints & Challenges in Licorice Root Market
- Supply Chain Issues: Variability in raw material supply due to climate change can affect market availability.
- Health Risks of Overconsumption: Excessive consumption of licorice can cause hypertension and low potassium levels, limiting its use.
- Regulatory Hurdles: Compliance with global food safety standards and licensing restrictions may hinder industry growth.
Competitive Landscape in Licorice Root Market
The licorice root market is highly fragmented with players focusing on R&D, sustainable sourcing, and extraction techniques to strengthen their foothold.
Key Players in Licorice Root Market
- Naturex SA (A Givaudan Company)
- Frutarom Industries
- MAFCO Worldwide LLC
- Shaanxi Fujie Pharmaceutical Co., Ltd
- Sepidan Osareh Co.
- Norevo GmbH
- Zagros Licorice Co.
Market Forecast for Licorice Root Market
| Metric | 2024 | 2034 | CAGR (2024-2034) |
| Market Size (USD Million) | 980.0 | 2,003.1 | 7.4% |
| Top Regions | North America, Asia-Pacific, Europe | ||
| Growth Drivers | Clean-label trends, rise in herbal remedies, and use in cosmetics |
Frequently Asked Questions (FAQs) for Licorice Root Market
1. What is the projected market size of the licorice root industry?
The licorice root market is forecasted to reach USD 2,003.1 million by 2034.
2. What is the expected CAGR for the market?
The market is expected to grow at a CAGR of 7.4% from 2024 to 2034.
3. Which regions dominate the market?
Asia-Pacific, North America, and Europe are the leading regions.
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