Licorice Extract Market Growth Accelerates Through Increasing Demand for Botanical Extracts

The global licorice extract market is witnessing significant growth as industries increasingly adopt natural, plant-based, and functional ingredients across multiple applications. Rising consumer awareness regarding herbal products, growing demand for clean-label solutions, and increasing use of botanical extracts in food, beverages, pharmaceuticals, and personal care products are driving the expansion of the licorice extract industry.

The global licorice extract market size was valued at USD 933.03 million in 2025 and is projected to grow from USD 996.57 million in 2026 to USD 1688.11 million by 2034, registering a CAGR of 6.81% during the forecast period 2026-2034. The market growth is supported by increasing demand for natural flavors, rising adoption of herbal ingredients, and expanding applications of licorice extract across different industries.

Key Highlights of the Licorice Extract Market

• Largest Region: Europe holds a leading position in the licorice extract market due to strong demand for herbal products, established food processing industries, and increasing consumer preference for natural ingredients.
• Fastest Growing Region: Asia-Pacific is expected to witness the fastest growth during the forecast period, driven by increasing awareness of traditional herbal products, expanding pharmaceutical applications, and growing health-conscious consumers.
• Largest Segment: Food and beverage applications represent a major market segment due to the widespread use of licorice extract as a natural flavoring agent and functional ingredient.
• Fastest Growing Segment: Pharmaceutical applications are expected to experience strong growth as licorice extract gains popularity for its potential health benefits and increasing use in wellness formulations.

Market Dynamics

The growth of the licorice extract market is driven by increasing demand for natural and botanical ingredients across various industries. Food and beverage manufacturers are incorporating licorice extract into products due to its unique flavor profile and functional properties. Additionally, the rising popularity of herbal supplements and natural wellness products is encouraging manufacturers to develop innovative licorice-based solutions.

However, challenges such as fluctuating raw material availability, regulatory requirements, and competition from alternative natural extracts may affect market expansion. Companies are focusing on sustainable sourcing, advanced extraction technologies, and product innovation to improve quality and meet evolving consumer preferences. Growing demand for plant-based ingredients and expanding applications in emerging markets are expected to create new growth opportunities.

Top Market Players

• Norevo GmbH
• Mafco Worldwide LLC
• F&C Licorice Ltd.
• Naturex SA
• Herbco
• Maruzen Pharmaceuticals Co. Ltd.
• ASEHIKARI Co. Ltd.
• Zelang Group
• Shaanxi Jintai Biological Engineering Co. Ltd.
• BotanicalsPlus

Licorice Extract Market Segmentation

By Form

• Powder
• Liquid
• Paste

By Application

• Food & Beverages
• Pharmaceuticals
• Cosmetics & Personal Care
• Nutraceuticals
• Others

By Extraction Type

• Conventional Extraction
• Advanced Extraction Technologies

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Gain comprehensive insights into the licorice extract market with detailed analysis covering market trends, growth opportunities, competitive landscape, regional developments, segmentation insights, and future industry prospects. The report provides valuable intelligence for businesses and stakeholders seeking to understand the evolving demand for natural and botanical ingredients.

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