Analysis of COVID-19 Crisis-driven Growth Opportunities in Licorice Candy Market
Global Licorice candy Market: Overview
Licorice is an ingredient derived from the roots of the plant Glycyrrhiza glabra. It is used as a flavoring agent in various confections and processed foods owing to the fact that it has a pleasant aroma, and is about 50 times sweeter than sucrose. Licorice candy is a chewy, elongated confection prepared from licorice, and is demanded both by adults and children. It is utilized in confections not just owing to its taste, but also to its medicinal properties, as it is a good expectorant and has a stabilizing effect on potassium levels in the body. Additionally, it has helpful properties for the gastrointestinal system and notable antimicrobial properties as well. Being an effective sucrose substitute, it has been recently popular owing to global calls for less sucrose consumption.
As awareness regarding this ingredient grows worldwide, its demand would witness and upward facing growth curve. As per Transparency Market Research between 2020 and 2030, numerous growth opportunities will emerge in the global licorice candy market, pulling the valuation up by notable value.
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Global Licorice Candy Market: Competitive Landscape
Manufacturers globally are looking to cash into a consumer market that has developed a taste for tasty food products that additionally offer nutritional benefits. Since licorice fits the bill, many manufacturers are currently deploying a range of measure to tap into new regions and consumer bases. Some of the key manufacturers currently in the licorice candy market are:
- The Old Time Candy Company
- Gimbal’s Fine Candy
- Kenny’s Candy Company, Inc.
- Red Vines
- Kookaburra Liquorice
- Candy Crate Inc.
- American Licorice Company
- The Hershey Company
- Saint Louis, Missouri.
- Kenny’s Candy Company, Inc.
- Darrell Lea
- RJ’s Licorice Limited
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Global Licorice Candy Market: Key Trends and Drivers
- The world is increasingly conscious of the bad effects of excess sucrose consumption. Weight gain, poor blood sugar control and heart disease are just a few of the many deleterious effects of this sweetening agent. Diabetes, a disease which is growing at a phenomenal rate globally, is attributed to these very factors. 10.4% of the world population will be diabetic by 2030. Hence, sucrose consumption is due to decline in the future. As licorice offers a plethora of health benefits and is significantly sweeter than sucrose, it is due to find increased acceptance by a populace that currently suffers from several chronic diseases.
- A hindrance to the licorice candy market could be the easy availability of extraction facilities for sucrose and other sweetening agents, which are more established than this confection. Nevertheless, as licorice extraction from its natural sources picks up, the licorice candy market would increase substantially over the coming years.
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Global Licorice Candy Market: Regional Analysis
North America and Europe lead the global licorice candy market in terms of revenue share. Revenue in the confectionary industry amounts to USD 277 million globally, with most of the revenue of the same sourced out of the United States itself which has a per person revenue of around USD 871, annually. With such high consumption of confectionary items in both regions and a trend towards healthy eatables, the licorice candy market should find a steady growth in these regions in the future.
The Asia Pacific region (APAC) is showing an increased interest in processed food and confectionary items. Though the licorice candy market is not well developed in these regions currently, demand for this and similar confections should rise owing to an increased acceptance for western food items.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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