According to IMARC Group's latest research report, titled "Liquorice Shellac Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the liquorice shellac market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global liquorice shellac market size reached US$ 1.51 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.04 Billion by 2028, exhibiting a growth rate (CAGR) of 5.05% during 2023-2028.
Liquorice Shellac Market Overview:
Liquorice shellac is a natural resinous material derived from the secretions of lac insects (Laccifer lacca). It is commonly used as a food glaze and coating agent, providing a glossy and protective finish to various confectionery products, pharmaceuticals, and food supplements. Liquorice shellac offers excellent film-forming properties, moisture resistance, and a unique sheen. It acts as a barrier against moisture and oxygen, extending the shelf life of coated products. With its natural origin and versatility, licorice shellac is an alternative to synthetic glazing agents.
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Liquorice Shellac Market Trends:
The global market is majorly driven by the expansion of the food and beverage industry. This can be attributed to the increasing demand for licorice shellac as a natural glazing and coating agent. In line with this, the rising preference for natural and clean-label products significantly contributes to the licorice shellac market, which is derived from a natural source and serves as an alternative to synthetic additives. Furthermore, the growing utilization of the product in the confectionery industry to enhance the appearance and shelf life of candies, chocolates, and coated sweets, is positively influencing the market.
Apart from this, licorice shellac offers moisture resistance, glossiness, and protection to food products, leading to its escalating adoption in the food and beverage industry. Moreover, with the globalization of the food trade, licorice shellac finds applications in various international cuisines and processed food products, further driving market expansion. Besides, the increasing consumer demand for longer-lasting products is catalyzing product uptake as it acts as a barrier against moisture and oxygen, helping to extend the shelf life of coated food and pharmaceutical products. Additionally, the widespread product applications in pharmaceutical and nutraceutical industries as a coating material for pills, tablets, and supplements are boosting the market.
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