The liquorice plant, sometimes known as licorice, is a perennial herbaceous legume. Herbalists and traditional healers employ licorice extracts. The root of the licorice plant is used to treat gastrointestinal issues. Licorice root extract is used to mend the stomach lining and restore equilibrium in situations of food poisoning, stomach ulcers, and heartburn. It is also useful in the treatment of respiratory issues. During the forecast period of 2020 to 2030, the growing use of licorice roots in a variety of end-use sectors is expected to provide significant sales possibilities in the worldwide licorice root market. Licorice root is available in a variety of forms on the global market, including paste, roots, extracts, blocks, and powder.

Market Scope and Structure Analysis

COVID-19 Impact analysis

• The COVID-19 is unlike any other worldwide health disaster, affecting the whole industry as well as all manufacturers. The long-term influence will be visible in the industry's growth during the forecasted timeframe.
• The COVID-19 outbreak has wreaked havoc on agricultural supply chains, producing bottlenecks in farm labor, processing, transportation, and logistics, as well as substantial fluctuations in demand. Food supply chains have demonstrated incredible resilience in the face of these obstacles, which has had an impact on licorice root market growth.
• People have become more health concerned as a result of COVID-19. The demand for licorice root has increased as individuals have become more health conscious.

Top Impacting Factors

• A significant driver driving the worldwide licorice root market is rising demand for licorice root as a sweetener in candy and beverage manufacturing.
• Furthermore, rising demand from the pharmaceutical industry for medical preparations for the treatment of cough and asthma is likely to boost the worldwide licorice root market.
• Another factor projected to promote the growth of the worldwide licorice root market is customers' increased preference for healthy tea, which has resulted in manufacturers' approach to herbal tea production.
• However, excessive licorice root consumption causes muscle weakness, which is a major problem that is predicted to limit the global licorice root market's growth. Furthermore, the worldwide licorice root market is projected to be challenged by strict government restrictions linked to product approval.

Market Trends

Health benefits offered by licorice root to boost growth

According to NCBI, the metabolite licorice root has antiviral, anti-inflammatory, anti-microbial, immune-modulatory, and anti-tumor properties, as well as a wide range of pharmacological properties. Market trends will be driven by these advantageous attributes.Furthermore, the use of licorice to enhance tea flavor, as well as its use as a flavoring additive in confectionery and cigarettes, will provide the market with additional growth prospects in the coming years. Licorice root extracts have been shown to help with pulmonary and skin illnesses, arthritis, hepatitis C, mouth ulcers, gastric ulcers, and liver disorders, as well as overall body immunity.

Licorice is also used to treat respiratory and gastrointestinal problems. It is said to have immunostimulatory, hepa-protective, anti-carcinogenic, anti-oxidant, anti-infective, anti-cancer, detoxifying, and anti-ulcer properties, providing protection and increasing the activities of the endocrine, nervous, respiratory, and cardiovascular systems. Licorice's polyphenolic flavonoids have hypoglycemic effects by modulating lipid and glucose metabolism, which helps to guide market growth.

Licorice root use is likely to increase in the pharmaceutical business in the coming years

The pharmaceutical sector has boosted its demand for licorice in recent years, as it is an important component of Chinese herbal medicine. The market for Chinese herbal remedies containing over 70% licorice is growing rapidly, particularly in Europe and the United States, as the population in these regions shifts toward the use of organic treatments. The pharmaceutical industry's need for licorice is mostly driven by the growing demand for Chinese medicines.

To fulfill rising demand from the pharmaceutical and other vertical industries, manufacturers are partnering with harvesters to keep licorice production consistent and prices from skyrocketing on the worldwide market.This is predicted to assist increase the amount of licorice-growing land, resulting in a significant increase in the worldwide licorice root market's income.

Key Benefits of the Report

• This study presents the analytical depiction of the Licorice Root industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Licorice Root Marketshare.
• The current market is quantitatively analyzed from 2020 to 2028 to highlight the Licorice Root Marketgrowth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed Licorice Root Marketanalysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in the Report

• Which are the leading players active in the Licorice Root Market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What future projections would help in taking further strategic steps?
• What is Licorice Root Marketprediction in the future?
• Which will be the niches at which players profiling with recent advancements should set a presence?
• What are the driving factors and opportunities in the market?
• What are the current trends and predicted trends?
• What are the challenges faced in the Licorice Root Market?

 Key Market Segments