Used as a natural flavoring agent in food and beverage industries due to its sweet, licorice-like taste. Also investigated for its antioxidant properties, making it a candidate in cosmetic formulations for skin protection against oxidative stress. Shows potential in pharmaceutical research for anti-inflammatory and antimicrobial activities, including development of drugs to prevent or treat chronic diseases related to oxidative stress such as diabetes, heart disease, and cancer. Employed in studies related to plant biochemistry and as a precursor in the synthesis of bioactive flavonoid compounds for health products.