Licorice Root Market to Reach USD 4.5 Billion by 2032, Climbing at 4.01% CAGR

According to MRFR Licorice Root Market market's size, share, growth, opportunity, competitive environment, manufacturers, players, and vendors, as well as its segments and sub-segments, is provided by this intelligence research outlook. In-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on in its latest pricing dashboard.

Licorice Root Market Growth Research Report and Trends Analysis By Application (Food and Beverage, Pharmaceuticals, Cosmetics, Tobacco, Dietary Supplements), By Form (Powder, Liquid, Extract, Granules), By Source (Natural Licorice, Synthetic Licorice), By End Use (Food Industry, Healthcare, Personal Care, Manufacturing) and  By Regions  - Forecast to 2032

The healthcare industry is undergoing a major transformation driven by cutting-edge technologies and patient-centric innovations. From AI-powered diagnostics and precision medicine to cell and gene therapies, new approaches are making care more personalized and effective. Digital health tools, remote patient monitoring, and hospital-at-home models are expanding access while robotics and automation improve efficiency and outcomes. Sustainability, data security, and interoperable health systems are becoming top priorities alongside the rise of mental health solutions and digital therapeutics. As value-based care models and decentralized clinical trials gain momentum, the future of healthcare promises to be smarter, greener, and more focused on delivering better results for every patient.

The Licorice Root Market is experiencing a steady upward trajectory, driven by surging global demand across food, pharmaceutical, and cosmetic sectors. With a market size of USD 3.29 billion in 2024, up from USD 3.16 billion in 2023, the sector is poised to reach USD 4.5 billion by 2032, reflecting a Compound Annual Growth Rate (CAGR) of 4.01% during the forecast period from 2025 to 2032. For B2B stakeholders, this signals a compelling opportunity to invest in supply chains, product innovation, and regional expansion.

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Growing Demand for Natural Ingredients

One of the most significant drivers of the Licorice Root Market is the escalating global preference for natural sweeteners and plant-based alternatives. As consumers grow more health-conscious, food and beverage manufacturers are replacing synthetic additives with herbal and natural components like licorice root. This trend is particularly robust in North America and Europe, where clean-label and organic product movements are gaining momentum.

In addition, the pharmaceutical and nutraceutical industries are increasing their use of licorice root extract due to its anti-inflammatory, anti-viral, and gastroprotective properties. This growing demand for natural medicines and herbal supplements presents lucrative opportunities for manufacturers and raw material suppliers.

Application Diversification Fuels Market Expansion

The Licorice Root Market is segmented by application, form, source, end-use, and region. Application-wise, the market is witnessing strong penetration in:

• Pharmaceutical formulations: Widely used in traditional medicines and modern therapeutics.
• Food and beverage products: Used as a flavoring agent and natural sweetener in confectionery, teas, and health drinks.
• Cosmetic and personal care: Incorporated for its skin-brightening and anti-inflammatory properties.
• Dietary supplements: Increasing use in immunity boosters and digestive aids.

This diversification not only enhances market resilience but also encourages cross-industry collaborations and product development efforts, especially among B2B buyers and contract manufacturers.

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Key Market Players Driving Innovation

The competitive landscape of the Licorice Root Market is highly dynamic, with global and regional players innovating to meet evolving consumer and regulatory demands. Notable companies in this space include:

• Gujarat Licorice
• Zhejiang Wumei
• Herbal Bioactives
• Redd Remedies
• Natural Health Products
• Shan Dong Biyun Technology
• Ransom Naturals
• Dandy
• Alpen Pharma
• Nutra Green
• Herbochem
• Aushadh Shakti
• Sensient Technologies
• Kanegrade
• Marudhar Industries

These companies are focusing on sustainable sourcing, value-added product formulations, and geographic expansion, particularly in emerging markets like Asia-Pacific, where demand for herbal and Ayurvedic ingredients is on the rise.

Regional Market Insights

The Licorice Root Market spans across North America, Europe, Asia-Pacific (APAC), South America, and the Middle East & Africa (MEA).

• North America leads in terms of revenue due to established health supplement and natural food sectors.
• Europe follows closely, driven by regulatory support for botanical ingredients.
• The Asia-Pacific region is emerging as a high-growth area, thanks to its long-standing herbal medicine traditions and increasing adoption of Western-style packaged goods.
• South America and MEA present untapped potential, particularly in the pharmaceutical and cosmetic sectors.

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Challenges and Regulatory Considerations

Despite the promising outlook, the Licorice Root Market faces certain headwinds. Regulatory frameworks for herbal ingredients differ significantly across regions, posing compliance challenges for global suppliers. Additionally, sourcing licorice root sustainably can be a challenge due to overharvesting concerns and variability in quality.

Companies are responding by adopting sustainable harvesting practices, establishing long-term partnerships with local growers, and investing in traceability technologies to ensure quality and compliance.

Key Market Opportunities

Looking forward, the Licorice Root Market is ripe with opportunities for B2B players:

• Expansion in food and beverage applications with growing consumer demand for natural ingredients.
• Rising adoption in herbal medicine and supplements as global health trends favor plant-based solutions.
• Growth in the cosmetics sector, where licorice extract is increasingly used in skincare formulations.
• High demand for natural sweeteners in diabetic and low-sugar product segments.
• Emerging markets in APAC offering untapped consumer bases and lower production costs.

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