(Entertainment-NewsWire.com, October 18, 2017 ) According to Publisher, the Global Licorice Extract market is expected to grow from $1650.25 million in 2016 to reach $2378.95 million by 2023 with a CAGR of 5.3%. Rising demand for plant based sweeteners, increasing demand for the uptake of natural ingredients in medical products and awareness about sugar free products and health fitness among the consumers are the major factors propelling the market growth. The key players in the market are currently focusing on various research and development activities to develop new products in order to meet the demand for sugar-free products. The market has huge opportunities with the implementation of herbal medicines in developed economies.
By application, the pharmaceutical segment holds the largest revenue owing to its medicinal benefits such as prevention of cancer. In addition, rising applications of licorice extracts in pharmaceuticals is expected to increase the growth of this segment. Food and Beverages is the fastest growing segment and is expected to remain the same in upcoming years.
Geographically, Europe holds the largest market share owing to shift in consumer preferences towards consumption of natural and plant based ingredients. Licorice extract in European countries is used to produce Mono Ammonium Glycyrrhizinate (MAG), a masking agent used in products sweetened by Stevie which is further expected to support the market growth in this region. Germany is the largest importer of licorice extracts followed by U.K and Italy.
Some of the key players in the licorice extract market are Mafco Worldwide LLC, Norevo GmbH, ASEH Licorice MFG & Exp. Co, Zagros Licorice Co, F&C Licorice Ltd, Zelang Group, Aushadhi Herba, VPL Chemicals PVT Ltd, Ransom Naturals Ltd, Alfarid Corporation, SepidanOsareh Co, Bioland, Maruzen Pharmaceuticals Co. Ltd and Nutra Green.
Regions Covered: -North America US Canada Mexico -Europe Germany UK France Italy Spain Rest of Europe -Asia Pacific Japan China India Australia New Zealand South Korea Rest of Asia Pacific -South America Argentina Brazil Chile Rest of South America -Middle East & Africa Saudi Arabia UAE Qatar South Africa Rest of Middle East & Africa
Company Profiling 11.1 Mafco Worldwide LLC 11.2 Norevo GmbH 11.3 ASEH Licorice MFG & Exp. Co 11.4 Zagros Licorice Co 11.5 F&C Licorice Ltd 11.6 Zelang Group 11.7 Aushadhi Herba 11.8 VPL Chemicals PVT Ltd 11.9 Ransom Naturals Ltd 11.10 Alfarid Corporation 11.11 SepidanOsareh Co 11.12 Bioland 11.13 Maruzen Pharmaceuticals Co. Ltd 11.14 Nutra Green
