Licorice, a sweet-orange-colored berry plant native to Eastern Europe and Asia, has been used by ancient people for its medicinal purposes. In fact, many early Chinese recipes called for licorice to treat eye problems, including glaucoma. Ancient Greeks and Romans also used it to treat arthritis, as well as treating cavities, and improving digestion. Licorice was even used as a food supplement during World War II due to the high carbohydrate content. Recent studies indicate that licorice may have a role in managing pain and depression. It is believed that licorice may help regulate blood sugar levels, slow down the aging process, fight inflammation, improve energy and stamina, and protect the liver from alcohol and its side effects. Although more research is needed to understand the potential medical benefits of licorice, some licorice extracts (especially glycyrrhizin) may be useful as natural analgesics, anticonvulsants, and diabetic pain relievers.
Growing demand for organic products is expected to drive growth of the global licorice extract market. Consumers have increasingly become health-conscious and hence they are preferring natural products. Licorice extract offers numerous benefits such as it has antioxidant, antimicrobial, and anti-inflammatory properties. As a result of this, it has been widely used in the treatment of ulcers, respiratory infections, and aid digestion. Besides, licorice extract is widely used to protect the skin against oxidative stress injuries, ameliorate remodeling at the wound site, reduce the symptoms of atopic dermatitis, and accelerate wound epithelization. Hence, such factors are expected to drive growth of the global licorice extract market. Furthermore, growing production of herbal medicines and other herbal products is expected to propel the global licorice extract market growth in the near future.
However, the lack of availability of raw materials and increasing price of licorice is expected to restrain growth of the global licorice extract market. Among regions, Europe is expected to witness significant growth in the global licorice extract market. This is owing to growing consumer preference towards the consumption of organic products in the region. Furthermore, Asia Pacific is expected to register a robust growth rate, owing to high production of licorice in China.
Major companies involved in the global licorice extract market are Norevo GmbH, Aseh Co., FC Licorice, VPL Chemicals, MAFCO Worldwide LLC, Naturex SA(Givaudan), Zagros Licorice Co., and Sepidan Osareh Co.
For instance, in January 2021, Mafco, a provider of licorice products, launched a new category-specific multi-tasking Magna-Brand products.
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