Liquorice Shellac Market to Record an Exponential CAGR by 2024

Liquorice shellac is an extract of liquorice plant mostly used in the manufacturing of candies and pharmaceutical products. The global liquorice shellac market is expected to have significant growth rate, attributed to growing food and pharmaceutical industry and high demand for liquorice shellac in the confection. Asia-Pacific except Japan has substantial growth in the global liquorice shellac market, owing to rising demand in dietary supplements and increasing investment in the food industry.

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The growth of the global liquorice shellac market is driven by growing demand for processed food, rising use of prebiotics in animal feed, and growing demand for the confectionary product. Macroeconomic factors such as growing economy, increasing per capita income, growing young population changing consumer lifestyle, the rapid rate of urbanization, and employment rate driving the global liquorice shellac market. However, factors such as shortage of liquorice and increasing price of liquorice are expected to restrain the liquorice shellac market over the forecast period. High investment costs and product pricing may act as a challenge to new participants in the market.

Increasing R&D with an aim of application development is expected to provide market participants with opportunities over the forecast period. Factors trending the global liquorice shellac market include the merger and acquisition among the liquorice shellac manufacturers and end-use industries and high demand for nutraceutical across the globe. The company operates in the liquorice shellac market have significantly high opportunity in regions such as Asia-Pacific, Middle East & Africa, and Latin America attributed to the significantly growing economy.

The global liquorice shellac market is segmented on the basis of application, end-use, and region. On the basis of application, the global liquorice shellac market is segmented as confectionary, processed food, and medical application. Medical application is further segmented as antimicrobial, antiviral, hepatoprotective, anti-inflammatory, and others. Among application segment, the confectionary segment is expected to have a substantial growth rate in liquorice shellac market, owing to rapidly growing young population across many regions of the globe. On the basis of end-use, the global liquorice shellac market is segmented as the food industry, pharmaceutical industry, and others, wherein food industry segment have significant revenue share and is expected to have substantial growth rate, owing to high demand for confectionaries by young population across the globe.

Based on the geographies, the global liquorice shellac market is fragmented into seven regions -- North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific except Japan, Japan, and the Middle East & Africa. Among the regions, Asia-Pacific except Japan account for a relatively high value and volume share of the liquorice shellac market, attributed rapidly growing young population across the region. The North America region also accounts for the significant value share in the global liquorice shellac market with substantial growth rate, owing to the rapidly changing lifestyle of the consumers and predominance of lifestyle diseases across the region. Eastern Europe and Japan accounts for moderate value share in the global liquorice shellac market. The developing economy such as Middle East Africa and Latin America have a substantial growth in the global liquorice shellac market. Overall, the outlook for the global liquorice shellac market will have a positive growth over the forecast period, growing confectionary industry being counterfeiting factors.

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Few players in the global liquorice shellac market include Licorice extract Co., Ltd., Excom Europe Ltd., Ana International, Ferrotex Ltd., Tawheed Usmani Production Co., Ltd., and S.D. Pharmaceuticals.

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