NEWARK, DE / ACCESSWIRE / April 26, 2023 / As per Future Market Insights (FMI), the North America licorice extract market size will increase from US$ 75.4 million in 2023 to US$ 155.9 million by 2033. Overall licorice extract sales in North America are set to surge at 7.6% CAGR from 2023 to 2033.
Growing consumer interest in herbal remedies is driving the market for licorice extract. In recent years, demand for Chinese herbal medicine has increased, especially in the markets of the United States and Europe.
The market for herbal medicines is expanding rapidly as a result of the popularity of Chinese medicine. This, in turn, is creating lucrative opportunities for licorice extract producers and suppliers.
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Widening applications in the pharmaceutical industry will elevate licorice extract demand in the North America market through 2033.
Immune health supplements are becoming more popular among consumers, particularly among youth. The market of licorice extract supplements is largely influenced by increasing concern for overall health.
Youth is more susceptible to immune system disorders such as allergies, asthma, inflammatory illnesses, and others. This increases the demand for immune system supplements across North American countries.
Consumers are becoming more health conscious. As a result, they prefer to include naturally produced plant-based items in their daily diet that are free of sugar and gluten.
Consumption of plant-based substances with a variety of nutritional and health properties is increasing due to consumers' growing awareness about living healthy lives. The market for licorice extract will be driven by the rising awareness of immunity-boosting supplements.
Key Takeaways from the North America Licorice Extract Market Report:
- The North America licorice industry market will reach a valuation of US$ 155.9 million by 2033.
- Licorice extract sales across North America are likely to soar at 7.6% CAGR through 2033.
- In 2023, the liquid licorice extract segment will hold 45.2% share, while the capsules licorice extract segment will account for 37.2% share
- The chewable tablets segment will witness a healthy CAGR of 10.2% from 2023 to 2033.
- By application, the digestive health segment holds a prominent market share of 29.4% in the North American market.
- The USA licorice extract industry will cross a valuation of US$ 139.1 million by 2033.
- Licorice extract demand in Canada is forecast to increase at 8.7% CAGR through 2033.
"Rising awareness about the potential health benefits of licorice extract will continue to encourage its adoption across various industries. This in turn will provide impetus to the North America market." says a lead analyst at Future Market Insights (FMI).
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Who is Winning?
Swanson, BioMatrix International, Bio-Botanica Inc., PharmaChoice, Horbäach, NOW® Foods, NIKKO CHEMICALS CO., LTD., Carlyle Nutritionals, Hard Eight Nutrition LLC., Nature's Sunshine Products, Inc. are leading licorice extract producer and suppliers profiled in the report.
Most of these companies are leveraging advanced technologies to increase their production capacities and reduce costs. They are also using strategies such as mergers, partnerships, distribution agreements, acquisitions, and collaborations to solidify their positions.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the North America licorice industry presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the North America licorice extract market based on form (chewable tablets, capsules, gummies/chews, powder, and liquid) and application (boost energy, brain health, colon health, digestive health, immune support, liver support, and skin health) across the USA and Canada.
Key Segments
By Form:
- Chewable Tablets
- Capsules
- Gelatin
- HPMC
- Gummies/ Chews
- Powder
- Liquid
By Application:
- Boost Energy
- Brain Health
- Colon Health
- Digestive Health
- Immune Support
- Liver Support
- Skin Health
By Country:
- USA
- Canada
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Table of Content
1. Executive Summary | North America Licorice Extract Market
1.1. North America Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Dynamics
3.1. Drivers
3.1.1. Supply Side Drivers
3.1.2. Demand Side drivers
3.1.3. Economic Side Drivers
3.2. Restraints
3.3. Opportunity
3.4. Market Trends by Country
3.5. Product Claims & Nutritional Information Scan by Buyers
3.6. Macro-Economic Factors
3.7. Forecast Factors - Relevance & Impact
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations - the Food & Beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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