Chemical Research Report Licorice Extract Market - Size, Share, and Forecas | Page 2

Powder form segment was the dominant segment, in 2016, in terms of revenue share in the
market. This is attributed to its wide application in food and beverages and cosmetic industries.
Asia Pacific is the dominant region in the global licorice extracts market and was valued at US$
612.16 Mn in 2016. This is attributed to increasing demand from the pharmaceutical industry. In
China, licorice extracts are widely used for the treatment of ulcers and to enhance immune
system by naturally boosting interferon levels. It is also known as “The Great Detoxifier” in
China. In Japan, it is used for the treatment of chronic hepatitis B. There is a rising interest of
using licorice extracts in food foams. Owing to foaming properties of licorice extracts, it is
gaining importance in food foams. This extract enhance the quality and shelf-life of the final
product. Hence, these extracts are widely used in the beverage industry as foaming agent.
Europe is the second largest region in global licorice extracts market, in terms of revenue, over
the forecast period. The market growth is driven by increasing demand for low calorie food and
for the production of sweeteners such as MAG (Mono Ammonium Glyzyrrhizinat). European
countries such as Germany and France are expected to account for highest imports of licorice
extracts in Europe for use in food applications. In Europe, it is widely used for the production of
MAG which is used as masking agent in products sweetened by stevia. Manufacturers in the
market are focusing on research and development activities for developing new products.
North America is expected to show significant growth in the global licorice extracts market
owing to growing usage of herbal medicines and increasing demand for plant-based natural
ingredients. Licorice extracts is used to impart flavors to tobacco products hence, increasing
demand for cigarettes is expected to fuel the market growth. However, in 2016, U.S. FDA (Food
& Drug Administration), issued a warning to consumers against the use of licorice containing
coughing liquid as it contains unidentified morphine, which may have adverse effects on human
health including allergic reactions, respiratory depression, and death.
The licorice extracts market was valued at US$ 1,779.59 Mn in 2016 and is expected to expand
at a CAGR of 5.7%, in terms of revenue, during 2017–2025.
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Asia Pacific is expected to account for a share of 34.40% in 2016, in global licorice market. The
increasing usage of licorice extract for cancer treatment led to an increase in production of
licorice extracts for application in the pharmaceutical industry for manufacturing herbal
medicine.
Major Players in the Global Licorice Extracts Market