The global licorice root market is anticipated to reach a valuation of US$ 980.0 million in 2024, driven by expansion of nutraceutical industry. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 7.4% between 2024 and 2034, and reaching a total valuation of approximately US$ 2,002.1 million by 2034.
Ongoing research and development activities focused on exploring the therapeutic properties and potential applications of licorice root are expanding the market opportunities, which includes studies on its anti-inflammatory, anti-diabetic, and anti-cancer properties, among others.
The increasing demand for functional food and beverages, which offer health benefits beyond basic nutrition, is driving the inclusion of licorice root extracts as a natural ingredient. The trend is expected to continue as consumers seek healthier alternatives to traditional products.
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There is an increasing preference for herbal supplements among consumers seeking natural remedies for health issues, with growing concerns about synthetic chemicals and their side effects. Licorice root supplements are witnessing increased demand due to their perceived health benefits and minimal side effects.
The licorice root, being a natural plant extract, is gaining traction as a preferred ingredient in various products catering to vegan and vegetarian consumers, as the global trend towards plant based diets and ingredients continues.
The proliferation of e-commerce platforms has made it easier for consumers to access a wide range of licorice root products globally. The expansion of online retail channels provides manufacturers with greater reach and access to a larger consumer base, thereby augmenting the market growth.
Destinations known for traditional medicine practices, such as Ayurveda retreats in India or wellness spas in Thailand, are witnessing an influx of tourists seeking holistic healing experiences. Licorice root based treatments and products play a significant role in such wellness tourism offerings.
Key Takeaways from the Market Study
- Global licorice root market was valued at US$ 703.9 million in 2019.
- From 2019 to 2023, the market demand expanded at a CAGR of 6.9%.
- The market in Japan is expected to expand at a CAGR of 6.3% through 2034.
- By product form, the extracts segment to account for a share of 70.3% in 2024.
- The market in India is expected to expand at a CAGR of 7.9% through 2034.
- In terms of end use, the tobacco industry segment to account for a revenue share 70.9%.
“Companies are continuously innovating to develop new and unique product formulations containing licorice root extracts. The development includes combinations with other natural ingredients to enhance efficacy or create novel product offerings, catering to evolving consumer preferences,” says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
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