A powder made from the dried roots of the plant Glycyrrhiza glabra. It is used as a flavouring in medicines, drinks, and sweets, and it is being researched for cancer treatment. Several compounds in liquorice root extract reduce inflammation, kill certain bacteria and viruses, act like oestrogen and other hormones, and may cause cancer cells to die. It functions as an antioxidant.
Glycyrrhizaglabra is another name for liquorice. Extracts are extracted from the roots of these medicinal plants. Liquorice plant extracts are aromatic, flavouring, and sweet in nature. It is widely used in the pharmaceutical, cosmetics, food and beverage, and tobacco industries.
Liquorice extracts and roots have been used for thousands of years, particularly in Asia, to treat a variety of ailments such as digestive distress, respiratory conditions, and inflammation. Liquorice contains over 300 compounds, many of which have anti-viral, anti-microbial, and anti-inflammatory properties. Liquorice has traditionally been used to treat heartburn, stomach ulcers, toothache, indigestion, asthma, fever, bronchitis, and coughs. This medicine is now being used to treat Hepatitis C, cancer memory loss, and skin infections, among other things.
Licorice Extracts is used to flavour a variety of foods and beverages. It is also used as a sweetener to make some foods sweeter. However, it is not the only food additive or natural sweetener on the market. Stevia, a natural sweetener, is becoming more popular and well-known. Anise is another naturally occurring plant that tastes very similar to liquorice and is frequently used as a liquorice substitute. Alternatives to liquorice extract include fennel, basil, chervil, tarragon, and tea tree, which are all naturally occurring herbs. These alternatives impede the growth of the Liquorice extract industry and the use of liquorice extract as a natural flavouring and sweetening agent.
Drivers
Increasing awareness regarding the benefits of Liquorice extract
The tendancy of people to lead a sedentary lifestyle has increased with the increase in purchasing power. But some complications can lead to serious health problems, such as diabetes or problem with the heart or other vital organs, such as the liver. Therefore, the goal is to promote the consumption of healthy foods, maintain a healthy diet and combine excellent and useful ingredients in meals to make them more nutritious. This has led to an increase in the consumption of liquorice in various foods and beverages due to the health benefits of consuming liquorice, mainly due to the popularity of ancient Chinese medicine. Some of the health benefits include reducing stress due to its ability to release cortisol and produce adrenaline. It is also useful for cleaning the respiratory tract. It can reduce the impact and stress on the bronchial system, improving the ability to breathe. In addition, it helps in regular cleaning of the stomach, effectively treating various gastrointestinal problems such as food poisoning, stomach ulcer and heartburn. As a result, these factors are expected to boost the growth of the liquorice extract market globally during the forecast period.
Opportunities
Growing Demand from the Cosmetic and Personal Care Industry
The demand for cosmetics and personal care products is increasing as people become more aware of how to enhance and enhance their overall beauty. In addition, the demand for beauty care products that contain active and other skin-enhancing ingredients is increasing. Liquorice is gaining popularity as an ingredient in cosmetics and personal care products due to its many properties and benefits. Some of these benefits include reducing redness caused by poor skin care and cleanliness or lack of skin care routines, reddening of women's skin, etc. Thus, growing demand for liquorice extracts from cosmetics and hygiene industries is expected to provide a lucrative opportunity for the growth of the global liquorice extracts market during the forecast period.
Restraints
Cost Effectiveness of Synthetic Sweetners
Medical professionals advise patients to limit their sugar intake due to the negative health effects of obesity and diabetes, which is a positive for low-calorie sweeteners. Synthetic sweeteners have become more common because they are cheaper, while the transition to natural sweeteners is still in its infancy. Thus, acting as a significant inhibiting factor for market growth during the forecast period.
Challenges
Decline in Tobacco Industry
The global tobacco industry is expected to shrink in the coming years due to increasing health awareness and awareness of the negative health effects of tobacco use. According to WHO projections, tobacco will decrease by 27 million people between 2018 and 2025. Thanks to liquorice, the smoke has a sweet and nutty taste. In addition, liquorice is used as a flavoring in many tobacco products, including cigars and chewing tobacco. Therefore, the declining tobacco business is expected to pose a major challenge to market growth during the forecast period.
Impact of COVID-19 on Global Liquorice Extract Market
The COOVID-19 pandemic has a positive impact on the liquorice extract industry, owing to increased consumer health consciousness. The first few months of the COVID-19 pandemic had disrupted supply chains. However, pharmaceutical demand has grown significantly in the last year. The COVID-19 has changed consumer behaviour, with more people switching to clean label, natural, and organic products. As a result, market demand in the food and beverage and cosmetics industries is increasing. The outbreak of the COVID-19 pandemic significantly impacted the lives of people and the economy.
The global market has been hampered by COVID-19, which has restricted the operations of the chemicals and materials sector. The market for liquorice extract has been considerably constrained by supply chain interruptions and the difficulties in obtaining raw ingredients. Also, to prevent the rapid spread of COVID-19 globally. This resulted in a moderate impact on specific segments of the market.Despite these short-term difficulties, the market for consumption of liquorice extract is projected to expand significantly over the next few years.
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