According to Allied Market Research, the worldwide licorice extract market was valued at $1.87 billion in 2020 and is predicted to reach $3.57 billion by 2030, growing at a 6.8 percent CAGR from 2021 to 2030. The research examines the major investment pockets, top successful strategies, drivers and prospects, market size and forecasts, competitive landscape, and shifting market trends in depth.
The benefits of licorice extracts for the treatment of Covid-19, as well as an increase in demand from the cosmetic industry, drive the worldwide licorice extract market. On the other hand, the availability of a number of licorice replacements in the food and beverage business limits market growth to some extent. However, increased demand from the animal feed sector, as well as the growing popularity of natural and clean label products, would pave the way for profitable prospects in the industry.
Powder would have the fastest CAGR of 7.4 percent from 2021 to 2030, based on form. Simultaneously, the category generated the largest share in 2020, accounting for over three-fifths of the worldwide licorice extract market.
By geography, the Asia-Pacific market will grow at the quickest rate of 7.7 percent during the forecast period. Simultaneously, the region held a significant share in 2020, accounting for about three-fifths of the worldwide market. North America, Europe, and LAMEA are among the other provinces investigated in the paper.