The global Liquorice Shellac products market was valued at USD 2.4 billion in 2022 and is projected to expand at a CAGR of 5.1% from 2023 to 2030. Liquorice Shellac is a type of resin obtained from the excretions of the Kerria Lacca insect. It is an important component in the production of coatings and adhesives, and is widely used in the cosmetic, food, and beverage industries. Liquorice Shellac is a unique material due to its hydrophobic properties and low volatility. It is a major component in the production of nail polish, lipsticks, and other cosmetics, and is used as a coating agent in confectionery and candies.

The rising demand for cosmetics, especially in emerging countries, is driving the growth of the Liquorice Shellac products market. The increase in the number of salons and spas, as well as the growing need for beauty and personal care, is also contributing to the growth of the market. Moreover, the increasing trend of veganism and environmental awareness has led to the utilization of Liquorice Shellac as a natural substitute for petroleum-based synthetic resins. This has further increased the demand for Liquorice Shellac products in the cosmetics industry.

Furthermore, Liquorice Shellac is widely used as a coating and glazing agent in the food and beverage industry. The product is used to improve the texture and taste of food items, as well as to protect them from environmental factors such as dust and moisture. Owing to its anti-microbial properties, it is also used to increase the shelf life of food products. Additionally, Liquorice Shellac is used as a protective coating on wooden furniture and flooring, as it provides an attractive and durable finish.

The growing demand for Liquorice Shellac products in the automotive industry is also driving the growth of the market. The product is used in the production of automotive parts such as engines, brakes, and exhaust systems. It is also used in the production of fuel tanks, as it helps to prevent the corrosion and rusting of fuel tanks. Additionally, Liquorice Shellac is used in the production of paints and coatings, as it helps to provide a glossy finish.

The growing demand for Liquorice Shellac products in the healthcare industry is also driving the growth of the market. The product is used as a coating agent in the production of medical devices, such as catheters, syringes, and needles. It is also used as a coating agent in the production of pharmaceuticals, as it helps to ensure that the active ingredients remain stable and protected from the environment. Moreover, Liquorice Shellac is used in the production of medical dressings, as it helps to protect the wound from contamination.

The liquorice shellac segment was the largest contributor to the market in 2022, accounting for a share of around 32%. Increasing demand for healthy and natural ingredients from end-users has led to the rapid adoption of various liquorice shellac products across the globe. According to an article published by Cosmetic Design in June 2020, natural ingredients such as liquorice shellac are becoming increasingly popular among the consumer base due to their antioxidant, anti-viral, and anti-inflammatory properties. Furthermore, increasing demand from the food & beverage industry as a flavoring and coloring agent further adds to the market growth.

The non-liquorice shellac segment is anticipated to register the highest CAGR of 7.9% during the forecast period. Non-liquorice shellac products are increasingly being used in food and pharmaceutical applications due to their superior properties. These products contain a number of ingredients such as beeswax, carnauba wax, and shellac that provide a glossy finish to products and are highly resistant to water and heat. According to an article published by the European Commission, in April 2019, non-liquorice shellac products are gaining popularity due to their superior properties such as high solubility, low viscosity, and low odor.

The supermarkets and hypermarkets segment captured the major share of over 33.7% in 2022. The growth of the segment is mainly driven by the rising consumer preference for purchasing liquorice shellac products from supermarkets and hypermarkets. These outlets offer a wide selection of liquorice shellac products, along with discounts and offers, which boosts their sales. In addition, supermarkets and hypermarkets also provide convenience to customers as they offer one-stop shopping for all liquorice shellac related products.

The online segment is anticipated to expand at the highest CAGR of 11.9% over the forecast period. The rising penetration of internet services and the growing popularity of online shopping platforms have driven the sales of liquorice shellac products online. Moreover, the availability of a range of products, competitive prices, and discounts are some of the major factors driving the online liquorice shellac products market. Furthermore, manufacturers are increasingly focusing on launching their products through e-commerce channels to increase their customer base and market penetration.

The synthetic segment is expected to account for the largest revenue share of 55.4% in 2022. Liquorice shellac is a type of synthetic shellac which is gaining popularity due to its ability to seal in moisture and improve the gloss of a product. It is being increasingly used in pharmaceuticals, cosmetics, food and beverage, and other industries. Its affordability and availability are the key factors driving the demand for synthetic liquorice shellac.

The natural segment is anticipated to expand at the highest CAGR of 11.2% during the forecast period. The increasing popularity of natural and organic ingredients among consumers has led to an increase in demand for natural shellac. Natural shellac is obtained from natural sources, such as the exudate of the lac insect. The growing popularity of natural and organic products has led to an increase in demand for natural shellac, which is expected to boost the growth of the segment.

Europe dominated the market and accounted for the largest revenue share of over 33.5% in 2022. The presence of prominent manufacturers and increasing demand for the product are the key factors driving the market in the region. Moreover, increasing awareness of the product’s anti-oxidant and anti-inflammatory properties is expected to bolster the growth of the market in the region. For instance, in February 2021, Wacker Chemie AG launched its new range of liquorice shellac products in the European market.

Asia Pacific is expected to witness the fastest growth in the coming years on account of rising demand for the product among the population. Increasing disposable income, rapid urbanization, and growing awareness among consumers are some of the key factors driving the market in the region. Moreover, increasing investments in the food and beverage industry are further propelling the demand for the product in this region. For instance, in January 2021, Tata Chemicals invested USD 33.5 million in its food and beverage business in India.

In this part of the Liquorice Shellac Products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your Liquorice Shellac Products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a Liquorice Shellac Products business comes from direct sales of Liquorice Shellac products, online sales, wholesaling, and other possible sources of profit such as fundraising, the sale of merchandise, and leasing the place for parties and corporate events.

Projecting Expenses
In this section, all the regular expenses related to keeping the Liquorice Shellac Products business running will be described. The list of operating expenses includes packaging and shipping of products, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.

Some of the key companies operating in the liquorice shellac market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Eastman Kodak Co. launched a new line of liquorice shellac products designed to provide superior finishing capabilities on a variety of surfaces.

– In August 2022, AkzoNobel N.V. launched a new range of liquorice shellac products under its brand name, Dulux.

– In October 2022, PPG Industries, Inc. launched a new range of liquorice shellac products under its brand name, Glidden.

Some of the prominent players in the liquorice shellac market include:

– Eastman Kodak Co.
– AkzoNobel N.V.
– PPG Industries, Inc.
– Kansai Paint Co., Ltd.
– Sherwin-Williams Co.
– Nippon Paint Co., Ltd.
– RPM International Inc.
– The Valspar Corporation
– Asian Paints Limited
– BASF SE

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global liquorice shellac products market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Soft Liquorice Shellac
– Hard Liquorice Shellac
– Colored Liquorice Shellac

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Key Drivers of Liquorice Shellac Products?
[A]: The increase in demand for natural products, the growing trend towards organic food products, and rising consumer awareness regarding health and wellness are some of the key drivers of the liquorice shellac market. Additionally, the increasing demand for healthy beverages, such as beer and wine, has spurred the demand for liquorice shellac products.

[Q]: Who are the Major Players in the Liquorice Shellac Products Market?
[A]: Key players in the liquorice shellac products market include Archer Daniels Midland Company, Cargill, Incorporated, Corbion, Global Extracts, Inc., and Lonza Group.

[Q]: What Regions are Most Lucrative for Liquorice Shellac Products?
[A]: Europe is expected to be the most lucrative region for liquorice shellac products, due to the presence of major players in the region, such as Archer Daniels Midland Company, Cargill, Incorporated, Corbion, Global Extracts, Inc., and Lonza Group.

[Q]: What are the Key Developments in the Liquorice Shellac Products Market?
[A]: Key developments in the liquorice shellac products market include the introduction of new products, such as organic and fair trade certified liquorice shellac products, as well as the expansion of existing production facilities by major players.

[Q]: What are the Potential Opportunities in the Liquorice Shellac Products Market?
[A]: The increasing demand for natural and organic food products, rising health consciousness among consumers, and growing demand for healthy beverages are some of the potential opportunities in the liquorice shellac products market. Additionally, the increasing demand for healthier alternatives to sugar and artificial sweeteners is also expected to create opportunities in the market.