Liquorice Market to grow by USD 534.72 million from 2022 to 2027 | APAC is set to contribute 33% to the market growth - Technavio
NEW YORK, Aug. 31, 2023 /PRNewswire/ -- The liquorice market is estimated to grow by USD 534.72 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.04%. The growth momentum will progress during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 33%. The growth in the region is due to factors such as increasing consumer awareness of the side effects of control drugs and increasing awareness of the medicinal benefits and therapeutic effects of herbal products. To increase the number of health-conscious consumers and ensure liquorice is included in products, these benefits are promoted by tea manufacturers. Hence, these factors are expected to drive market growth in the region during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
Liquorice Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on grade type (food grade, feed grade, and pharmaceutical grade), application (food and beverages, pharmaceuticals, tobacco, and Others), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
- The market share growth by the food grade segment will be significant during the forecast period. Liquorice root is generally considered safe for food use by the Food and Drug Administration (FDA). Topical gels are said to treat skin conditions like acne or eczema, while licorice tea soothes sore throats. In addition, herbal teas are in high demand as the number of health-conscious consumers grows. Herbal tea manufacturers are developing liquorice-containing products and promoting these benefits to appeal to health-conscious consumers. Hence, these factors are expected to drive segment growth during the forecast period.
Insights on the market contribution of various segments including country and region, historic (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report
Liquorice Market – Market Dynamics
Key Driver
The growing demand for food and beverages with herbal ingredients is a key factor driving market growth. The main end users in the market are focusing on R&D investment to launch herbal extract products that meet the needs of consumers to meet the growing demand for non-food and beverage products that contain gluten, artificial colors, and no preservatives. For example, demand for herbal teas is driven by a growing number of health-conscious consumers. Herbal tea manufacturers are promoting these benefits to appeal to health-conscious consumers by developing licorice-containing products. Hence, these factors are expected to drive market growth during the forecast period.
Major Trend - The immunity-boosting properties of herbal extracts are a major trend in the market.
Significant Challenge - Providing high-quality herbal products is a significant challenge restricting market growth.
Insights on Market Drivers, trends, and challenges, historic period 2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Liquorice Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Liquorice Market between 2023 and 2027
- Precise estimation of the size of the Liquorice Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Liquorice Market industry across APAC, Europe, North America, Middle East and Africa, and South America
- A thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of Liquorice Market companies
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Liquorice Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.04% |
Market growth 2023-2027 |
USD 534.72 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
4.78 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, India, Germany, and The Netherlands |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AOS Products Pvt. Ltd., Aushadhi Herbal, Avestia Pharma, Beijing Gingko Group, Botanic Healthcare Group, C.E. Roeper GmbH, Extroil Naturals, F and C Licorice Ltd., Glycyrrhiza Glabra Co. Ltd., HB Natural Ingredients, Herbal Creations, Mafco Worldwide LLC, Maruzen Pharmaceutical Co. Ltd., Norevo GmbH, Nutra Green Biotechnology Co. Ltd., Ransom Naturals Ltd., Sepidan Osareh Jonoob Co., Shaanxi FUJIE Pharmaceutical Co. Ltd., Shirin Daru Co., and Zagros Licorice co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End User
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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