Global Licorice Extracts Market to Reach $2.2 Billion by 2027
Amid the COVID-19 crisis, the global market for Licorice Extracts estimated at US$1.8 Billion in the year 2020, is projected to reach a revised size of US$2.2 Billion by 2027, growing at a CAGR of 2.6% over the analysis period 2020-2027. Pharmaceutical Grade, one of the segments analyzed in the report, is projected to record a 3% CAGR and reach US$761.7 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Food Grade segment is readjusted to a revised 2.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $498.2 Million, While China is Forecast to Grow at 4.8% CAGR
The Licorice Extracts market in the U.S. is estimated at US$498.2 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$442.8 Million by the year 2027 trailing a CAGR of 4.9% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.6% and 1.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.2% CAGR.
Feed Grade Segment to Record 2% CAGR
In the global Feed Grade segment, USA, Canada, Japan, China and Europe will drive the 1.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$247.8 Million in the year 2020 will reach a projected size of US$277.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$301 Million by the year 2027, while Latin America will expand at a 2.7% CAGR through the analysis period. We bring years of research experience to this 5th edition of our report. The 295-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- F&C Licorice Ltd.
- MAFCO Worldwide LLC
- Maruzen Petrochemical Co., Ltd.
- Norevo GmbH
- Ransom Naturals Ltd.
- Sepidan Osareh Co.
- VPL Chemicals Pvt Ltd
- Zagros Licorice co.
- Zelang Group (America Branch) Inc.