According to a new study by TMR, the sales of licorice extract are expected to reach ~US$ – 1.9 Bn in 2019, and record a Y-o-Y growth of ~4% during the forecast period of 2019 to 2029. Growth of the licorice extract market remains driven by a slew of factors, which range from rising demand for clean label products and changing regulations in the food and beverage industry, to increasing awareness among consumers.
Licorice is an evergreen herb, and is predominantly cultivated in West Asia, Greece, and Turkey. It has been used as an aromatic agent since ancient times. Licorice was also used as an expectorant. Licorice includes the glycyrrhizine compound. The unpeeled dried roots and the subterranean stem (rhizome) are the medicinal components of the plant.
Licorice extract is fifty times sweeter than sugar. Too much glycyrrhizin glycoside can increase the blood pressure of an individual. Licorice extract has been historically used for GI complaints. Licorice is mainly used in the candy and tobacco sectors as a flavoring agent, and to some extent in the pharmaceutical and beverage sectors. The chemical compounds discovered in licorice extract were explored for a variety of uses, including cancer therapy and antiviral activity.
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Preferential Inclination towards Non-modified Convenience Ingredients
Increasing health and wellness issues have changed the lifestyles and practices of consumers. They have also converted their preferences for food. The demand for organic products and ingredients has risen significantly in recent years, due to this change. As customers move to clean label products, the demand for licorice extract is also on the rise. Those certified by regulatory bodies are the more trusted licorice extract products available on the market. Licorice extracts available in the market are mostly certified non-GMO, as consumers prefer non-modified ingredients in their products. Consumers are demanding transparency about the products that they consume, and want to know the sources of the various ingredients in their food products
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Nutritional Thrust through Innovative Ingredients Driving Global Demand
Consumer preferences are always changing over time, and demand changes with ever-changing preferences. The inability to obtain products that fulfill these demands leads to consumers switching to other brands. Thus, manufacturers feel the urge to innovate their licorice extract products accordingly. This has led to manufacturers stipulating high capital to set up R&D facilities that could cater to these changing demands. Also, the competition between licorice extract manufacturers is very intense, and innovation is the key to stand out in this market space. Licorice extract manufacturers are trying to outperform their competitors in terms of sales and geographical presence. As such, if manufacturers are unable to provide innovative and high-quality products, the sales of the company would get affected.
Global Licorice Extract Market: Competitive Landscape
Some of the key players in the global licorice extract market are Norevo GmbH, F&C Licorice Ltd., Mafco Worldwide LLC, Zagros Licorice Co., VPL Chemicals PVT Ltd., SepidanOsareh Co., ASEH Licorice MFG & Exp. Co., Maruzen Pharmaceuticals Co. Ltd., Zelang Group, and Ransom Naturals Ltd., and others.