North America Licorice Extract Market Report and Forecast 2025-2034

North America Licorice Extract Market Size

The North America licorice extract market reached approximately USD 75.40 million in 2023. The market is projected to grow at a CAGR of 8.0% between 2024 and 2032, reaching a value of around USD 150.72 million by 2032.

North America Licorice Extract Market Outlook

The burgeoning popularity of natural sweeteners such as licorice extract as a healthy alternative to sugar, the rising usage of licorice extract in the treatment of skin disorders and stomach ulcers, and its growing applications in the cosmetics sector due to its anti-inflammatory properties are some of the major factors fuelling the growth of the North America licorice extract market. With the rising trend of clean labels in the North American region, customers are readily looking for products that are organic and do not contain any artificial additives, which has promoted the demand for licorice extract since it is a natural product.

The North America licorice extract market is segmented by form, application, and country, each showing distinct growth rates and rankings.

The Rising Usage of Powder Form in Food and Beverage Sector is Fuelling the North America Licorice Extract Market Growth

In the form-wise segment, powder leads with a CAGR of 9.0%. The strong growth of powder-form products is driven by their versatility, ease of storage, and longer shelf life compared to other forms. Powders are widely used in various industries, including food and beverages, pharmaceuticals, and personal care, due to their convenient handling and mixing properties. The ability to precisely measure and incorporate powders into formulations enhances their appeal.

Liquid form products are growing at a CAGR of 8.4 due to their rising applications in pharmaceuticals and personal care products, which contributes to the North America licorice extract demand. Additionally, the block form, growing at 7.6%, remains relevant in specific niches, such as certain food products and industrial applications where the solid form is preferred for handling and processing efficiency.

One of the Crucial North America Licorice Extract Market Trends is the Growing Innovations in Food Processing Sector

• Application-wise, the food and beverages sector is projected to grow the fastest with a CAGR of 9.0%. This growth is driven by increasing consumer demand for convenient, nutritious, and functional food products. Innovations in food processing and preservation technologies, along with a rising preference for natural and clean-label ingredients, are contributing to the sector's expansion. 

• The pharmaceutical sector, with a CAGR of 8.6%, is benefiting from the growing need for advanced drug delivery systems, nutraceuticals, and health supplements. 

• As per the North America licorice extract market dynamics and trends, the personal care sector, growing at 8.2%, is influenced by the rising demand for skincare, haircare, and cosmetic products that incorporate innovative and effective ingredients. 

• The tobacco sector, with a CAGR of 7.7%, continues to grow due to the development of new product formats and formulations. 

• Other applications, growing at 7.2%, include a diverse range of industries such as agriculture, chemicals, and industrial products, which are also adopting new materials and technologies to enhance their offerings.

The USA Occupies a Major North America Licorice Extract Market Share Owing to its Favourable Regulatory Environment

Country-wise, the United States dominates the market with a CAGR of 8.8%. The U.S. market's strong growth is driven by a high level of innovation, substantial investments in research and development, and a robust infrastructure that supports various industries. The presence of leading companies and a favourable regulatory environment further propel market growth. Additionally, the U.S. benefits from a large consumer base with high purchasing power and a growing trend towards health and wellness, which boosts demand across various sectors.

As per the North America licorice extract industry analysis, Canada follows with a CAGR of 7.2%, supported by government initiatives to promote industrial growth, a focus on innovation, and increasing investments in key sectors such as food and beverages, pharmaceuticals, and personal care. The Canadian market is also driven by rising consumer awareness and demand for high-quality, sustainable products.

Key Questions Answered in This Report:

• How has the North America licorice extract market performed historically, and what are the growth expectations for the future?

• What are the primary factors influencing demand and growth in the North America licorice extract market?

• What are the key segments within the North America licorice extract market, and how are they expected to evolve over the forecast period?

• What are the major challenges and opportunities facing stakeholders in the North America licorice extract market?

• Who are the key players in the North America licorice extract market, and what strategies are they employing to maintain a competitive edge?

• What are the regulatory and policy factors influencing the North America licorice extract market globally or regionally?

• How competitive is the North America licorice extract market according to Porter's five forces analysis, including factors like bargaining power of buyers and suppliers?

• What are the current trends shaping the North America licorice extract market landscape, and how are they expected to evolve in the future?

• How are technological advancements impacting the North America licorice extract market, and what role do innovation and R&D play in driving growth?

• What are the consumer preferences and buying behavior trends influencing the North America licorice extract market?

• How sustainable are current growth rates in the North America licorice extract market, and what factors could potentially disrupt these trends?

• What are the regional dynamics within the North America licorice extract market, and how do they contribute to overall market growth?

• What are the economic factors influencing the North America licorice extract market, such as GDP growth, inflation rates, and currency fluctuations?

• How are demographic shifts, such as aging populations or urbanization trends, affecting demand in the North America licorice extract market?

• What are the key strategic partnerships, mergers, and acquisitions shaping the competitive landscape of the North America licorice extract market?

• What are the regulatory and legal frameworks impacting the North America licorice extract market globally or in key regions?

• How are changing consumer lifestyles and preferences influencing product or service demand within the North America licorice extract market?

• What are the emerging market trends and niche opportunities within the North America licorice extract market that stakeholders should be aware of?

• How resilient is the North America licorice extract market to external shocks or disruptions, such as geopolitical tensions or natural disasters?

• What are the potential barriers to market entry and growth for new players in the North America licorice extract market?

Key Benefits for Stakeholders:

Expert Market Research's industry report provides a comprehensive quantitative analysis of various market segments, historical and current market trends, and forecasts the dynamics of the North America licorice extract market spanning from 2018 to 2032.

The research report delivers up-to-date insights into the market drivers, challenges, and opportunities shaping the North America licorice extract industry.

Stakeholders can leverage Porter's five forces analysis to assess the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. This analysis aids in evaluating the competitiveness and attractiveness of the North America licorice extract market.

The competitive landscape section enables stakeholders to gain a deep understanding of their competitive environment. It offers insights into the current market positions of key players, their strategies, and their market shares.

Additionally, the report highlights emerging trends, regulatory influences, and technological advancements that are pivotal for stakeholders navigating the North America licorice extract market landscape.

Key Highlights of the Report