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Licorice Extract Market to Reach $3.57 Billion by 2030, Driven by Benefits in COVID-19 Treatment and Demand from Cosmetic Industry
Licorice Extract Market
benefits of licorice extracts for treatment of Covid-19 and rise in demand from the cosmetic industry fuel the growth of the global licorice extract market. On the other hand, availability of a variety of substitutes for licorice in the food & beverage industry impedes market growth to some extent. However, demand from the animal feed industry and increase in popularity of natural & clean-label products would pave the way for lucrative opportunities in the industry.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ญ: https://www.alliedmarketresearch.com/request-sample/7077
๐๐จ๐ฏ๐ข๐-๐๐ ๐ฌ๐๐๐ง๐๐ซ๐ข๐จ:
Disrupted supply chain and increased prices for raw materials had a negative impact on the market, especially during the first phase of the lockdown.
However, increase in health consciousness among consumers led to rise in demand for licorice extracts, thereby impacting the growth of the market positively.
Moreover, rise in demand for clean labels, organic, and natural products has been beneficial for the global licorice extract market.
The global licorice extract market is analyzed across product type, form, application, and region. Based on product type, the pharmaceutical grade segment held the highest share in 2020, accounting for more than half of the global licorice extract market. However, the feed grade segment is expected to register the highest CAGR of 8.5% during the forecast period.
๐๐๐ญ ๐๐๐ญ๐๐ข๐ฅ๐๐ ๐๐๐๐๐-๐๐ ๐ข๐ฆ๐ฉ๐๐๐ญ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐จ๐ง ๐ญ๐ก๐ ๐๐ข๐๐จ๐ซ๐ข๐๐ ๐๐ฑ๐ญ๐ซ๐๐๐ญ ๐๐๐ซ๐ค๐๐ญ @ https://www.alliedmarketresearch.com/request-for-customization/7077?reqfor=covid
Extensive research has been conducted to enhance immunity and find a cure of COVID-19 using traditional medicines such as licorice, gooseberries, turmeric, and star anise. These traditional medicines has shown effectiveness in improving the wellbeing of COVID-19 patients. As a result, Covid prevention and treatment guidelines has listed a number of recommended concoctions meant for COVID-19 patients. Licorice is one of the most frequently used ingredients in prescriptions for treatment of diseases, especially in China. With its anti-viral properties,it has drawn great attention from researchers in revealing its biological potential in overcoming COVID-19. Germany-based researchers have analyzed aqueous form of licorice root extract to find its neutralizing activity against SARS-CoV-2 in vitro. The extract of licorice root have exhibited neutralizing effects on SARS-CoV-2. Glycyrrhizic acid was found to be the active antiviral ingredient in licorice root. With the known anti-viral characteristic properties of licorice extracts, it has been used as a complimentary treatment for better recovery, thus driving the licorice extract market growth.The COVID-19 pandemic has positively impacted the global licorice extract market. With immunity and better health becoming new sales pitches for functional food and beverages, the licorice extract market demand in food & beverages is likely to surge in the upcoming years.
Based on form, the powder segment would cite the fastest CAGR of 7.4% from 2021 to 2030. At the same time, the segment also generated the highest share in 2020, accounting for nearly three-fifths of the global licorice extract market.
By region, the market across Asia-Pacific would cite the fastest CAGR of 7.7% during the forecast period. Simultaneously, the region also held major share in 2020, garnering nearly three-fifths of the global market. The other provinces studied in the report include North America, Europe, and LAMEA.
๐ ๐จ๐ซ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ: https://www.alliedmarketresearch.com/purchase-enquiry/7077
The key market players analyzed in the global licorice extract market report include C.E. Roeper GmbH, F&C Licorice Ltd, Mafco Worldwide LLC, Maruzen Pharmaceuticals Co., Ltd, Norevo GmbH, Ransom Naturals, BGG World, Zagros Licorice Co., Glycyrrhiza Glabra Co., Ltd, and Shaanxi Fujie Pharmaceutical Co, Ltd. These market players have incorporated several strategies, including partnership, expansion, collaboration, joint ventures, and others, to strengthen their standing in the industry.
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