North America Licorice Extract Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Food Grade, Feed Grade, and Pharmaceutical Grade), By Application (Food & Beverages, Pharmaceutical, Tobacco, and Others), and North America, Licorice Extract Market Insights, Industry Trend, Forecasts to 2035

North America Licorice Extract Market Insights Forecasts to 2035

• The North America Licorice Extract Market Size Was Estimated at USD 70.85 Million in 2024
• The Market Size is Expected to Grow at a CAGR of Around 7.93% from 2025 to 2035
• The North America Licorice Extract Market Size is Expected to Reach USD 164.10 Million by 2035

According to a research report published by Spherical Insights & Consulting, the North America licorice extract market is anticipated to reach USD 164.10 million by 2035, growing at a CAGR of 7.93% from 2025 to 2035. Sustainable market development is driven by the North America licorice extract market opportunities in the areas of natural ingredient demand, functional food developments, herbal medicine applications, clean-label product growth, cosmetic improvements, pharmaceutical formulations, and supply chain expansion.

Market Overview

The industry that produces, distributes, and uses licorice extract, which is made from the Glycyrrhiza glabra plant, is known as the North America licorice extract market. Its sweetening, flavor-enhancing, and therapeutic qualities make it a common ingredient in food and drink, pharmaceuticals, cosmetics, and herbal medicine. The applications of natural ingredients, developments in functional foods, and advances in herbal medicine are the primary focus of the North America licorice extract market. Some of the main factors driving the growth of the North American licorice extract market are the growing use of licorice extract in the treatment of stomach ulcers and skin disorders, the growing popularity of natural sweeteners like licorice extract as a healthy substitute for sugar, and the expanding applications of licorice extract in the cosmetics industry due to its anti-inflammatory qualities. Licorice extract's inherent anti-inflammatory, antioxidant, and antibacterial qualities are fueling the market's strong demand in the nutraceuticals sector.  

Report Coverage

This research report categorizes the market for North America licorice extract market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America licorice extract market. Recent market developments and competitive strategies such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America licorice extract market. 

Driving Factors

Growing consumer knowledge of the health advantages of this natural element is propelling the market's notable expansion. In the natural and organic product industry, licorice extract is in high demand as consumers look for ingredients that are ethically and sustainably sourced. The growing acceptance of licorice extract in the field of health and wellness is being driven by consumers' desire for natural components in functional foods, nutraceuticals, and dietary supplements. Growing consumer desire for clean-label products, natural ingredients, and functional food additives is driving licorice extract market expansion.

Restraining Factors

The competition from substitute sweeteners, strict regulations, health risks associated with glycyrrhizin, supply chain constraints, and price volatility are all factors that limit the North America licorice extract market and restrict its stability and expansion.

Market Segmentation

The North America licorice extract market share is classified into product type and application.  

• The pharmaceutical grade segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period.

The North America licorice extract market is segmented by product type into food grade, feed grade, and pharmaceutical grade. Among these, the pharmaceutical grade segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. The pharmaceutical grade market is fueled by its therapeutic uses in anti-inflammatory compositions, respiratory therapies, and digestive health. It is extensively utilized in over-the-counter medications, natural remedies, and functional supplements.   

• The food & beverages segment held a largest share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The North America licorice extract market is segmented by application into food & beverages, pharmaceutical, tobacco, and others. Among these, the food & beverages segment held a largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. The growing demand for clean-label ingredients and natural sweeteners is driving the food and beverage market. Growing customer preference for functional food and beverages is driving this market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America licorice extract market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Aushadhi Herbal
• Norevo GmbH
• F&C Licorice Ltd.
• Maruzen Pharmaceuticals Co. Ltd.
• Mafco Worldwide LLC
• Others

Key Target Audience 

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at North America, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the North America licorice extract market based on the below-mentioned segments:

North America Licorice Extract Market, By Product Type

• Food Grade
• Feed Grade
• Pharmaceutical Grade

North America Licorice Extract Market, By Application

• Food & beverages
• Pharmaceutical
• Tobacco
• Others