The Global Licorice market is anticipated to grow at more than 5.5% CAGR from 2024 to 2029. The licorice market is expanding, driven by increasing demand for natural sweeteners and
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The licorice market encompasses the production, trade, consumption, and trends of licorice products globally. Licorice, which is used in the food and beverage, pharmaceutical, cosmetic, and tobacco industries, is made from the roots of the Glycyrrhiza plant. Its flavor and several medicinal advantages make it a versatile drug. The market for licorice has been developing gradually due to customers' increasing preference for natural ingredients in food and medication. The rising spectrum of industries using licorice extract, consumer preferences for natural sweeteners and herbal products, and more all have an effect on the market's growth. In the global licorice sector, larger multinational corporations as well as smaller regional firms grow, process, and distribute licorice goods. The global licorice market is composed of large multinational corporations and smaller regional businesses that produce, distribute, and process licorice goods. The licorice sector has several challenges, such as fluctuating prices for raw materials, modifications to rules on the amount of glycyrrhizin (due to possible health hazards), and environmental conditions that impact crop productivity.
According to the research report "Global Licorice Market Overview, 2029," published by Bonafide Research, the Global Licorice market is anticipated to grow at more than 5.5% CAGR from 2024 to 2029. A worldwide trend toward the use of more natural and plant-based goods is being observed in a number of industries, including food and beverage, pharmaceutical, and cosmetics. Licorice is utilized in cosmetic goods due to its anti-inflammatory and skin-soothing properties. Even the tobacco industry uses licorice to enhance taste. Since it is thought to be a healthier alternative to artificial sweeteners and flavorings, it fits well with the current clean-label product movement. The two primary factors driving this increase are the innovative uses of licorice and typical eating behaviors. Innovations in product compositions and extraction techniques are also contributing to the market's growth. Adherence to these criteria is crucial for market players to ensure compliance and maintain consumer trust. Because of its versatility, health benefits, and suitability for natural and sustainable materials across a range of international industries, licorice is becoming more and more popular.
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