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市場調查報告書
商品編碼
1970920

甘草蟲膠市場 - 全球產業規模、佔有率、趨勢、機會、預測：按類型、應用、地區和競爭對手分類，2021-2031年

Liquorice Shellac Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type, By Application, By Region & Competition, 2021-2031F
出版日期: | 出版商: TechSci Research | 英文 180 Pages | 商品交期: 2-3個工作天內

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簡介目錄

全球甘草蟲膠市場預計將從 2025 年的 4.5422 億美元成長到 2031 年的 6.1288 億美元，複合年成長率為 5.12%。

甘草蟲膠是一種獨特的天然樹脂衍生物，廣泛用於糖果甜點業，用作塗層和整理加工劑。它能賦予甘草糖果甜點高光澤度和較長的保存期限。這個市場成長主要受消費者對潔淨標示和植物來源成分日益成長的需求所驅動，加速了製造商從合成石油蠟轉向天然替代品的進程。此外，高階糖果甜點產業的持續成長也促進了高品質天然上光劑的應用，確保從手工製品到大量生產的產品都能擁有卓越的視覺效果和質地保持。

市場概覽
預測期 2027-2031
市場規模：2025年 4.5422億美元
市場規模：2031年 612,880,000 美元
複合年成長率：2026-2031年 5.12%
成長最快的細分市場 製藥
最大的市場 亞太地區

然而，由於原料供應不穩定，市場成長面臨巨大挑戰。這是因為蟲膠樹脂的種植高度依賴特定的氣候條件和寄主樹種的供應。供應鏈的這種脆弱性經常導致價格波動，並給終端用戶帶來採購困難。印度品牌股權基金會報告稱，2024會計年度蟲膠和蟲膠樹脂產品的出口額達到1.2559億美元，足以證明這項關鍵投入的經濟規模。此數據凸顯了全球甘草蟲膠市場所依賴的重要但又不穩定的經濟基礎。

市場促進因素

全球糖果甜點和巧克力產業的成長是甘草蟲膠市場的主要驅動力。製造商越來越依賴這種天然樹脂來實現高品質糖果甜點所需的光澤和防潮性能。對用於保持質地和美觀的上光劑的需求正在激增，尤其是在高階糖果甜點消費量不斷成長的情況下。這個終端用戶產業的規模龐大；根據美國國家糖果甜點協會 (NCA) 於 2024 年 3 月發布的《2024 年糖果甜點產業趨勢報告》，2023 年美國糖果甜點總銷售額達到 480 億美元。此外，主要市場參與者的強勁財務狀況凸顯了可靠原料的重要性。歐洲領導者 Chloetta AB 在 2024 年 3 月發布的《2023 年年度報告和永續發展報告》中揭露，淨銷售額為 83 億新元，顯示業界對整理加工劑的需求十分旺盛。

同時，消費者對天然、潔淨標示食品配料的需求日益成長，對市場產生了顯著影響，迫使生產商從合成石油基蠟轉向植物來源和昆蟲來源的替代品，例如蟲膠。這項轉變的驅動力在於消費者對配料來源的日益關注，迫使品牌重新設計產品，以滿足「純天然」標籤的要求，同時確保產品的保存期限。這種對透明來源的偏好在市場數據中得到了清晰的體現。根據有機貿易協會於2024年5月發布的《2024年有機產業調查報告》，2023年美國有機產品的總銷售額達到了創紀錄的697億美元。這一趨勢反映了消費者對潔淨標示產品的廣泛需求，並促使甘草生產商優先考慮蟲膠的採購，以在注重健康的市場中保持競爭力。

市場挑戰

原料供應的不穩定性是限制全球甘草蟲膠市場擴張的主要瓶頸。與透過可控工業製程生產的合成上光劑不同，蟲膠是從紫膠蟲（Kelia lacca）中提取的天然樹脂，其供應本質上依賴環境穩定性。紫膠蟲的種植集中在特定的氣候帶，極易受到極端天氣、病蟲害以及寄主樹木數量減少的影響。這種生物依賴性造成了供應鏈的不可預測性，產量波動會導致價格突然上漲和供應不穩定，這不僅使糖果甜點製造商的長期庫存規劃和成本管理變得複雜，而且往往會削弱使用天然原料所帶來的高階質感。

因此，由於擔心原料短缺會導致生產計劃中斷，新參與企業和主要糖果甜點品牌可能對從石化蠟全面過渡到蟲膠猶豫不決。原物料價格穩定性無法得到保障，阻礙了市場成長所需的大規模應用。例如，蟲膠和林業產品出口促進委員會（SHEFEXIL）報告稱，2023-2024會計年度，包括蟲膠生態系統在內的林業產品出口總值達到34.4969億美元，這凸顯了這一依賴自然資源的行業對經濟的巨大影響。這一數字表明，大量貿易量面臨上游農業和氣候風險，威脅全球供應鏈的可靠性。

市場趨勢

目前，膳食補充劑和維生素市場正經歷顯著擴張。甘草蟲膠作為一種天然腸溶包衣和保濕屏障，其價值日益凸顯。與它在糖果甜點業的裝飾作用不同，在這一領域，其促進草藥成分延遲釋放和掩蓋異味的功能性被充分利用，以滿足潔淨標示藥品遞送系統的嚴格標準。這種多元化發展得益於健康經濟的持續穩定。根據責任營養委員會 (CRN) 2024 年 10 月發布的《2024 年消費者調查》，75% 的美國人仍在服用膳食補充劑，這維持了一個龐大的產業基礎，而該產業高度依賴天然包衣輔料。

同時，大型糖果甜點製造商積極推行環保法規，透過推廣永續和符合道德的採購慣例，推動產業轉型。隨著全球食品品牌設定嚴格的脫碳目標，上游蟲膠生產商被迫檢驗其採收方法，並採用低排放加工技術，以維持與跨國公司的合約。這種企業壓力的規模在主要終端用戶的環保努力中顯而易見。瑪氏公司在2024年7月發布的《2023年永續發展世代報告》中指出，其整個價值鏈在2023年實現了溫室氣體排放創紀錄的8%的減排。這標誌著一個變革性的轉捩點，原料供應商必須展現出可衡量的環保合規性才能保持競爭力。

目錄

第1章概述

第2章：調查方法

第3章執行摘要

第4章：客戶心聲

第5章：全球甘草蟲膠市場展望

  • 市場規模及預測
    • 按金額
  • 市佔率及預測
    • 依類型（漂白蟲膠、脫蠟蟲膠、精製蟲膠）
    • 按應用領域（食品、藥品、工業、其他）
    • 按地區
    • 按公司（2025 年）
  • 市場地圖

第6章：北美甘草蟲膠市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 北美洲：國別分析
    • 美國
    • 加拿大
    • 墨西哥

第7章：歐洲甘草蟲膠市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 歐洲：國別分析
    • 德國
    • 法國
    • 英國
    • 義大利
    • 西班牙

第8章：亞太地區甘草蟲膠市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 亞太地區：國別分析
    • 中國
    • 印度
    • 日本
    • 韓國
    • 澳洲

第9章：中東和非洲甘草蟲膠市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 中東與非洲：國別分析
    • 沙烏地阿拉伯
    • 阿拉伯聯合大公國
    • 南非

第10章：南美洲甘草蟲膠市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 南美洲：國別分析
    • 巴西
    • 哥倫比亞
    • 阿根廷

第11章 市場動態

  • 促進因素
  • 任務

第12章 市場趨勢與發展

  • 併購
  • 產品發布
  • 近期趨勢

第13章：全球甘草蟲膠市場：SWOT分析

第14章：波特五力分析

  • 產業競爭
  • 新進入者的潛力
  • 供應商的議價能力
  • 顧客權力
  • 替代品的威脅

第15章 競爭格局

  • M/SD Manoharlal Pvt Ltd
  • Mantrose UK Ltd
  • Temus Pte Ltd.
  • Sunresin New Materials Co.Ltd.
  • AF Suter & Company Ltd.
  • F&C Licorice Group
  • Sepidan Osareh Jonoob Co.
  • Mafco Worldwide LLC
  • Maruzen Pharmaceuticals Co., Ltd.
  • Nutra Green Biotechnology Co.,Ltd

第16章 策略建議

第17章：關於研究公司及免責聲明

簡介目錄
Product Code: 22882

The Global Liquorice Shellac Market is projected to expand from USD 454.22 Million in 2025 to USD 612.88 Million by 2031, reflecting a compound annual growth rate of 5.12%. Liquorice shellac is a specialized natural resin derivative extensively used in the confectionery industry as a glazing and finishing agent, providing liquorice sweets with a high-gloss shine and extended shelf life. The market is largely driven by increasing consumer demand for clean-label and plant-based ingredients, prompting manufacturers to replace synthetic petrochemical waxes with natural alternatives. Additionally, the continued growth of the premium confectionery sector supports the adoption of high-quality natural glazing agents, ensuring superior visual appeal and texture preservation for both artisanal and mass-market products.

Market Overview
Forecast Period2027-2031
Market Size 2025USD 454.22 Million
Market Size 2031USD 612.88 Million
CAGR 2026-20315.12%
Fastest Growing SegmentPharmaceuticals
Largest MarketAsia Pacific

However, market growth faces significant challenges due to the volatility of raw material supply, as lac resin cultivation relies heavily on specific climatic conditions and the availability of host trees. This vulnerability in the supply chain frequently leads to price fluctuations and procurement difficulties for end-users. Highlighting the economic scale of this critical input, the India Brand Equity Foundation reported that exports of shellac and lac-based products were valued at US$ 125.59 million in the fiscal year 2024. This statistic emphasizes the substantial yet variable economic foundation upon which the global liquorice shellac market depends.

Market Driver

The growth of the global confectionery and chocolate industries acts as a primary catalyst for the liquorice shellac market, with manufacturers increasingly relying on this natural resin to deliver the glossy finish and moisture protection essential for high-quality sweets. As sugar confectionery consumption rises, especially in the premium segment, the demand for glazing agents to maintain texture and aesthetic appeal has surged. The scale of this end-use sector is immense; according to the National Confectioners Association's '2024 State of Treating' report from March 2024, total confectionery sales in the United States alone reached $48 billion in 2023. Furthermore, the financial strength of key market players underscores the critical need for reliable raw materials; major European manufacturer Cloetta AB reported net sales of SEK 8.3 billion in their 'Annual and Sustainability Report 2023' released in March 2024, signaling robust industrial requirements for finishing agents.

Simultaneously, the market is significantly influenced by the rising demand for natural and clean-label food ingredients, compelling producers to substitute synthetic petrochemical waxes with plant-derived or insect-derived alternatives like shellac. This shift is driven by heightened consumer awareness regarding ingredient origins, pushing brands to reformulate products to meet "all-natural" claims while ensuring shelf stability. This preference for transparent sourcing is evident in market data; the Organic Trade Association's '2024 Organic Industry Survey' from May 2024 noted that total organic sales in the United States reached a record $69.7 billion in 2023. This trend reflects a broader consumer mandate for clean-label products, encouraging liquorice manufacturers to prioritize shellac procurement to remain competitive in a health-conscious marketplace.

Market Challenge

The volatility of raw material supply represents a critical bottleneck hindering the expansion of the global liquorice shellac market. Unlike synthetic glazing agents produced through controlled industrial processes, shellac is a natural resin harvested from the Kerria lacca insect, making its availability inherently tied to environmental stability. Cultivation is concentrated in specific climatic zones and is vulnerable to erratic weather patterns, pest infestations, and declining host tree populations. This biological dependence creates an unpredictable supply chain where yield variations lead to sudden price spikes and inconsistent procurement, complicating long-term inventory planning and cost management for confectionery manufacturers and often negating the premium appeal of using a natural ingredient.

Consequently, potential market entrants and large-scale confectionery brands may hesitate to fully transition from petrochemical waxes to shellac due to fears that raw material shortages could disrupt production schedules. The inability to guarantee stable feedstock prices discourages the mass adoption necessary for significant market growth. Highlighting the vast economic footprint of this nature-dependent sector, the Shellac and Forest Products Export Promotion Council (SHEFEXIL) reported that the total export value of the forest products basket, which includes the shellac ecosystem, stood at US$ 3,449.69 million in the fiscal year 2023-24. This figure underscores the magnitude of trade volume exposed to upstream agricultural and climatic risks, threatening the reliability of the global supply chain.

Market Trends

The market is experiencing a pivotal expansion into nutraceutical and dietary supplement applications, where liquorice shellac is increasingly valued as a natural enteric coating and moisture barrier. Unlike its role in confectionery for aesthetic purposes, in this sector, the resin is utilized for its functional ability to facilitate delayed release and mask the taste of herbal ingredients, meeting the rigorous standards of clean-label pharmaceutical delivery systems. This diversification is supported by the enduring stability of the wellness economy; according to the Council for Responsible Nutrition's '2024 Consumer Survey' from October 2024, 75 percent of Americans continue to use dietary supplements, maintaining a massive industrial baseline that relies critically on natural encapsulation and glazing excipients.

At the same time, the industry is being reshaped by the adoption of sustainable and ethical sourcing practices, driven by aggressive environmental mandates from major confectionery conglomerates. As leading global food brands enforce strict decarbonization targets, upstream shellac producers are compelled to validate their harvesting methods and implement low-emission processing to retain contracts with multinational partners. The scale of this corporate pressure is exemplified by the environmental commitments of key end-users; Mars, Incorporated reported in their '2023 Sustainable in a Generation Report' from July 2024 that the company achieved a record 8 percent reduction in greenhouse gas emissions across its entire value chain in 2023, signaling a transformative shift where ingredient suppliers must demonstrate measurable ecological compliance to compete.

Key Market Players

  • M/S. D. Manoharlal Pvt Ltd
  • Mantrose UK Ltd
  • Temus Pte Ltd.
  • Sunresin New Materials Co.Ltd.
  • A.F. Suter & Company Ltd.
  • F&C Licorice Group
  • Sepidan Osareh Jonoob Co.
  • Mafco Worldwide LLC
  • Maruzen Pharmaceuticals Co., Ltd.
  • Nutra Green Biotechnology Co.,Ltd

Report Scope

In this report, the Global Liquorice Shellac Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Liquorice Shellac Market, By Type

  • Bleached Shellac
  • Dewaxed Shellac
  • Refined Shellac

Liquorice Shellac Market, By Application

  • Food
  • Pharmaceuticals
  • Industrial
  • Others

Liquorice Shellac Market, By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • France
    • United Kingdom
    • Italy
    • Germany
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • South America
    • Brazil
    • Argentina
    • Colombia
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Liquorice Shellac Market.

Available Customizations:

Global Liquorice Shellac Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

  • 1.1. Market Definition
  • 1.2. Scope of the Market
    • 1.2.1. Markets Covered
    • 1.2.2. Years Considered for Study
    • 1.2.3. Key Market Segmentations

2. Research Methodology

  • 2.1. Objective of the Study
  • 2.2. Baseline Methodology
  • 2.3. Key Industry Partners
  • 2.4. Major Association and Secondary Sources
  • 2.5. Forecasting Methodology
  • 2.6. Data Triangulation & Validation
  • 2.7. Assumptions and Limitations

3. Executive Summary

  • 3.1. Overview of the Market
  • 3.2. Overview of Key Market Segmentations
  • 3.3. Overview of Key Market Players
  • 3.4. Overview of Key Regions/Countries
  • 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Liquorice Shellac Market Outlook

  • 5.1. Market Size & Forecast
    • 5.1.1. By Value
  • 5.2. Market Share & Forecast
    • 5.2.1. By Type (Bleached Shellac, Dewaxed Shellac, Refined Shellac)
    • 5.2.2. By Application (Food, Pharmaceuticals, Industrial, Others)
    • 5.2.3. By Region
    • 5.2.4. By Company (2025)
  • 5.3. Market Map

6. North America Liquorice Shellac Market Outlook

  • 6.1. Market Size & Forecast
    • 6.1.1. By Value
  • 6.2. Market Share & Forecast
    • 6.2.1. By Type
    • 6.2.2. By Application
    • 6.2.3. By Country
  • 6.3. North America: Country Analysis
    • 6.3.1. United States Liquorice Shellac Market Outlook
      • 6.3.1.1. Market Size & Forecast
        • 6.3.1.1.1. By Value
      • 6.3.1.2. Market Share & Forecast
        • 6.3.1.2.1. By Type
        • 6.3.1.2.2. By Application
    • 6.3.2. Canada Liquorice Shellac Market Outlook
      • 6.3.2.1. Market Size & Forecast
        • 6.3.2.1.1. By Value
      • 6.3.2.2. Market Share & Forecast
        • 6.3.2.2.1. By Type
        • 6.3.2.2.2. By Application
    • 6.3.3. Mexico Liquorice Shellac Market Outlook
      • 6.3.3.1. Market Size & Forecast
        • 6.3.3.1.1. By Value
      • 6.3.3.2. Market Share & Forecast
        • 6.3.3.2.1. By Type
        • 6.3.3.2.2. By Application

7. Europe Liquorice Shellac Market Outlook

  • 7.1. Market Size & Forecast
    • 7.1.1. By Value
  • 7.2. Market Share & Forecast
    • 7.2.1. By Type
    • 7.2.2. By Application
    • 7.2.3. By Country
  • 7.3. Europe: Country Analysis
    • 7.3.1. Germany Liquorice Shellac Market Outlook
      • 7.3.1.1. Market Size & Forecast
        • 7.3.1.1.1. By Value
      • 7.3.1.2. Market Share & Forecast
        • 7.3.1.2.1. By Type
        • 7.3.1.2.2. By Application
    • 7.3.2. France Liquorice Shellac Market Outlook
      • 7.3.2.1. Market Size & Forecast
        • 7.3.2.1.1. By Value
      • 7.3.2.2. Market Share & Forecast
        • 7.3.2.2.1. By Type
        • 7.3.2.2.2. By Application
    • 7.3.3. United Kingdom Liquorice Shellac Market Outlook
      • 7.3.3.1. Market Size & Forecast
        • 7.3.3.1.1. By Value
      • 7.3.3.2. Market Share & Forecast
        • 7.3.3.2.1. By Type
        • 7.3.3.2.2. By Application
    • 7.3.4. Italy Liquorice Shellac Market Outlook
      • 7.3.4.1. Market Size & Forecast
        • 7.3.4.1.1. By Value
      • 7.3.4.2. Market Share & Forecast
        • 7.3.4.2.1. By Type
        • 7.3.4.2.2. By Application
    • 7.3.5. Spain Liquorice Shellac Market Outlook
      • 7.3.5.1. Market Size & Forecast
        • 7.3.5.1.1. By Value
      • 7.3.5.2. Market Share & Forecast
        • 7.3.5.2.1. By Type
        • 7.3.5.2.2. By Application

8. Asia Pacific Liquorice Shellac Market Outlook

  • 8.1. Market Size & Forecast
    • 8.1.1. By Value
  • 8.2. Market Share & Forecast
    • 8.2.1. By Type
    • 8.2.2. By Application
    • 8.2.3. By Country
  • 8.3. Asia Pacific: Country Analysis
    • 8.3.1. China Liquorice Shellac Market Outlook
      • 8.3.1.1. Market Size & Forecast
        • 8.3.1.1.1. By Value
      • 8.3.1.2. Market Share & Forecast
        • 8.3.1.2.1. By Type
        • 8.3.1.2.2. By Application
    • 8.3.2. India Liquorice Shellac Market Outlook
      • 8.3.2.1. Market Size & Forecast
        • 8.3.2.1.1. By Value
      • 8.3.2.2. Market Share & Forecast
        • 8.3.2.2.1. By Type
        • 8.3.2.2.2. By Application
    • 8.3.3. Japan Liquorice Shellac Market Outlook
      • 8.3.3.1. Market Size & Forecast
        • 8.3.3.1.1. By Value
      • 8.3.3.2. Market Share & Forecast
        • 8.3.3.2.1. By Type
        • 8.3.3.2.2. By Application
    • 8.3.4. South Korea Liquorice Shellac Market Outlook
      • 8.3.4.1. Market Size & Forecast
        • 8.3.4.1.1. By Value
      • 8.3.4.2. Market Share & Forecast
        • 8.3.4.2.1. By Type
        • 8.3.4.2.2. By Application
    • 8.3.5. Australia Liquorice Shellac Market Outlook
      • 8.3.5.1. Market Size & Forecast
        • 8.3.5.1.1. By Value
      • 8.3.5.2. Market Share & Forecast
        • 8.3.5.2.1. By Type
        • 8.3.5.2.2. By Application

9. Middle East & Africa Liquorice Shellac Market Outlook

  • 9.1. Market Size & Forecast
    • 9.1.1. By Value
  • 9.2. Market Share & Forecast
    • 9.2.1. By Type
    • 9.2.2. By Application
    • 9.2.3. By Country
  • 9.3. Middle East & Africa: Country Analysis
    • 9.3.1. Saudi Arabia Liquorice Shellac Market Outlook
      • 9.3.1.1. Market Size & Forecast
        • 9.3.1.1.1. By Value
      • 9.3.1.2. Market Share & Forecast
        • 9.3.1.2.1. By Type
        • 9.3.1.2.2. By Application
    • 9.3.2. UAE Liquorice Shellac Market Outlook
      • 9.3.2.1. Market Size & Forecast
        • 9.3.2.1.1. By Value
      • 9.3.2.2. Market Share & Forecast
        • 9.3.2.2.1. By Type
        • 9.3.2.2.2. By Application
    • 9.3.3. South Africa Liquorice Shellac Market Outlook
      • 9.3.3.1. Market Size & Forecast
        • 9.3.3.1.1. By Value
      • 9.3.3.2. Market Share & Forecast
        • 9.3.3.2.1. By Type
        • 9.3.3.2.2. By Application

10. South America Liquorice Shellac Market Outlook

  • 10.1. Market Size & Forecast
    • 10.1.1. By Value
  • 10.2. Market Share & Forecast
    • 10.2.1. By Type
    • 10.2.2. By Application
    • 10.2.3. By Country
  • 10.3. South America: Country Analysis
    • 10.3.1. Brazil Liquorice Shellac Market Outlook
      • 10.3.1.1. Market Size & Forecast
        • 10.3.1.1.1. By Value
      • 10.3.1.2. Market Share & Forecast
        • 10.3.1.2.1. By Type
        • 10.3.1.2.2. By Application
    • 10.3.2. Colombia Liquorice Shellac Market Outlook
      • 10.3.2.1. Market Size & Forecast
        • 10.3.2.1.1. By Value
      • 10.3.2.2. Market Share & Forecast
        • 10.3.2.2.1. By Type
        • 10.3.2.2.2. By Application
    • 10.3.3. Argentina Liquorice Shellac Market Outlook
      • 10.3.3.1. Market Size & Forecast
        • 10.3.3.1.1. By Value
      • 10.3.3.2. Market Share & Forecast
        • 10.3.3.2.1. By Type
        • 10.3.3.2.2. By Application

11. Market Dynamics

  • 11.1. Drivers
  • 11.2. Challenges

12. Market Trends & Developments

  • 12.1. Merger & Acquisition (If Any)
  • 12.2. Product Launches (If Any)
  • 12.3. Recent Developments

13. Global Liquorice Shellac Market: SWOT Analysis

14. Porter's Five Forces Analysis

  • 14.1. Competition in the Industry
  • 14.2. Potential of New Entrants
  • 14.3. Power of Suppliers
  • 14.4. Power of Customers
  • 14.5. Threat of Substitute Products

15. Competitive Landscape

  • 15.1. M/S. D. Manoharlal Pvt Ltd
    • 15.1.1. Business Overview
    • 15.1.2. Products & Services
    • 15.1.3. Recent Developments
    • 15.1.4. Key Personnel
    • 15.1.5. SWOT Analysis
  • 15.2. Mantrose UK Ltd
  • 15.3. Temus Pte Ltd.
  • 15.4. Sunresin New Materials Co.Ltd.
  • 15.5. A.F. Suter & Company Ltd.
  • 15.6. F&C Licorice Group
  • 15.7. Sepidan Osareh Jonoob Co.
  • 15.8. Mafco Worldwide LLC
  • 15.9. Maruzen Pharmaceuticals Co., Ltd.
  • 15.10. Nutra Green Biotechnology Co.,Ltd

16. Strategic Recommendations

17. About Us & Disclaimer