The presence of a number of well-established players points towards a high degree of competition in the global licorice extracts market, states the report by Transparency Market Research (TMR). Over the coming years, innovation and product advancements is likely to remain the most preferred strategy among the market players, looking for expansion in their presence.
According to TMR, the opportunity in the global market for licorice extracts is anticipated to expand at a CAGR of 4.0% during the period from 2017 to 2025, rising from US$1.70 bn in 2016 to US$2.3 bn by the end of the period of the forecast. The powder form of licorice extracts has been reporting a higher demand across the world due to its widespread application in food and beverages and skincare products. Analysts project the scenario to remain same throughout the forecast period, reveals the research study.
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Strong Demand from Asian Countries to Safeguard Asia Pacific’s Lead
The Middle East and Africa, Europe, North America, Latin America, and Asia Pacific have been considered as the prime regional markets for licorice extracts in this research report. The study further presents a comprehensive assessment of these regional markets, according to which Asia Pacific, with a share of more than 32%, led the global market for licorice extracts in 2016. Thanks to the high demand for these extracts in China, India, Japan, and the Rest of Asia Pacific, this regional market is expected to continue on the top throughout the forecast period.
Europe is likely to follow Asia Pacific closely and occupy the second position in the global market over the years to come, thanks to the rising demand for low calorie foods, boosted by the increasing preference of consumers for a healthier lifestyle. North America, on the other hand, is anticipated to register a significant rise in its market share in the near future.
The imminent growth opportunities generated by the augmenting usage of herbal medicines is likely to propel the North America market for licorice extracts over the next few years. The Latin America and the Middle East and Africa markets for licorice extracts are also projected to witness noticeable growth during the forecast period, states the research report.
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Increasing Awareness about Health and Wellness to Drive Demand
“The rising demand for herbal medicines and various other products related to health and wellness across the world is having a substantial impact in the global licorice extract market,” says an analyst at TMR. Nowadays, people are more conscious regarding their health and fitness, which has prompted them to shift to various medical supplements, especially natural, herbal, and sugar-free, leading to an increased uptake of natural ingredients in medical supplements. This, as a result, is boosting the demand for licorice extracts, worldwide, reflecting positively on this market.
Going forward, the market is likely to gain significantly in the near future from the increasing usage of sugar-free products, fueled by the augmenting concerns over the rising prevalence of diabetes and obesity. However, the dominance of synthetic sweeteners over the years, owing to their cost effectiveness and easy availability may limit the uptake of licorice extracts to some extent in the years to come, notes the research study.