The global Licorice Candy Market is expected to reach a market valuation of USD 278.5 million by the year 2023, accelerating with a CAGR of 5.2% by 2033. The global market value for licorice candy is likely to register a valuation of USD 403.4 million by 2033.
| Attribute | Details |
|---|---|
| Licorice Candy Market Size (2023E) | USD 278.5 million |
| Licorice Candy Market Projected Size (2033F) | USD 403.4 Million |
| Value CAGR (2023 to 2033) | 5.2% |
| Top 3 Countries’ Market Share | 58.6% |
The root of the plant Glycyrrhizaglabra is used to make the ingredient licorice. It has a pleasant scent and is around 50 times sweeter than sucrose. Therefore it's utilized as a flavoring component in a variety of confections and processed meals.
Adults and children alike enjoy licorice candy, which is a chewy, elongated delicacy made from licorice. It is used in confections not only because of its flavor but also because of its medical benefits, as it is a good expectorant and regulates potassium levels in the body.
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Licorice sweets have long been a popular nibbling treat, particularly in the West. Licorice is a sweet root that is commonly used to sweeten drinks and candies. It has a long history of being thought to have medical properties, which explains why it is so popular around the world.
There are over 300 chemicals in licorice, some of which have antibacterial and antiviral effects. Several clinical trials looking into licorice's possible health advantages have yielded encouraging results.
Licorice extracts, for example, are effective in the treatment of eczema, tooth decay, and sore throat. Licorice roots have also been shown to help with stomach issues and respiratory system cleaning.
Licorice belongs to the chewy candy category, which is mostly defined by the preferences of younger consumers. This demographic, according to experts, thrives on novelty. Aside from taste, younger customers want greater texture, a wider range of tastes, and a more appealing appearance. Adults, on the other hand, are more interested in the health benefits of licorice candy.
As a result, manufacturers are looking to use premium offerings to entice their younger customers. Aside from experimenting with ingredients, corporations are putting a lot of emphasis on packaging as they try to promote their products as luxurious things.
Licorice has never been thought of as a high-end confection. Despite this, numerous businesses are developing marketing plans that use social media promotions to shift consumer attitudes.
With their all-natural product assortment, many enterprises are representing luxury categories. The premium market, for example, is represented by Gimbal with All Natural Licorice Scottie Dogs manufactured from pure anise and licorice rooms.
Principal Consultant
| Key Regions | Value CAGR |
|---|---|
| United States | 23.4% |
| Germany | 12.9% |
| Japan | 2.5% |
| Australia | 1.7% |
| China | 2.3% |
| India | 3.5% |
| United Kingdom | 4.6% |
The value of Licorice Candy in the North American region is 88 million dollars, accounting for 38% of global Licorice Candy value, with the United States holding a market share of 65 percent in the region. Licorice's popularity in the United States shows no signs of waning. Throughout the projected period of the research, North America will hold the largest share of the worldwide licorice candies market.
The expanding number of health-conscious consumers in the country, combined with a growing desire for organic products, particularly among the country's millennial generation, is boosting licorice candy sales in the country.
Furthermore, the increased prevalence of several habitual disorders, including diabetes and obesity, is likely to drive the market even further. Manufacturers in the region will benefit from the increased investment in research and development operations.
The value of Licorice Candy in the Asia Pacific region is 2.8 billion dollars, accounting for 20% of the global Licorice Candy market value. Licorice demand in China has been consistent and has risen in recent decades.
Licorice is traditionally used to prepare Chinese herbal medicine or as a food ingredient. As the need for clean label components in confectionary items has increased in China, licorice candies are gradually gaining favor.
| Top Category | Original Black Licorice |
|---|---|
| CAGR | 29.60% |
While most top companies keep red and black licorice as their gold standard, practically all have to extend out to offer robust flavors and combinations. This, combined with a growing need for clean ingredient profiles and bite-size pieces, is propelling innovation in the conventional licorice candy category.
The Hershey Company, for example, makes licorice candies with a distinct feel that lasts longer than other sweets. The two traditional forms of licorice - black and red - are recognized by the majority of consumers. While the red and black categories will continue to dominate sales, there will be a strong emphasis on innovation.
| Top Category | Restaurant and Hotels |
|---|---|
| CAGR | 23.70% |
The market currently includes more varieties of licorice candy than ever before, ranging from modern twists on traditional red and black licorice to all-natural and organic. To some extent, this has been made possible by the increased demand for sugar-free and low-calorie snacks.
It's impossible to compete with sugar's flavor, but that hasn't prevented corporations from seeking lower-calorie alternatives. The rising desire for sugar reduction among customers seeking a healthy lifestyle has prompted tectonic developments in the licorice candy sector.
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Manufacturers are adding a variety of new flavors to their licorice sweets. In addition to capitalizing on the tradition of licorice candy, there will be a strong emphasis on innovation. Even though a growing number of customers are following a healthy lifestyle, it will not satisfy their desire for indulgence. Clean label ingredients, on the other hand, are more likely to appeal to them.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value and Million. Sq. M. for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; and the Middle East & Africa |
| Key Countries Covered | USA, Brazil, Mexico, Germany, United Kingdom, China, India, Japan, Australia, and GCC Countries |
| Key Segments Covered | Product Type, Application, Packaging, Region |
| Key Companies Profiled | Gimbal's Fine Candy; Kenny's Candy Company, Inc.; Red Vines; Kookaburra Liquorice; AirHeads; Candy Crate Inc.; American Licorice Company; The Hershey Company; Saint Louis, Missouri.; Kenny's Candy Company, Inc.; Darrell Lea; RJ's Licorice Limited |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The assessed value of the licorice candy market is USD 278.5 million in 2023.
The licorice candy market is likely to surge at 5.2% CAGR, reaching USD 403.4 million by 2033.
Prominent Asia Pacific countries in the licorice candy market include China, India, and Japan.
The United States licorice candy market is set to attain a notable CAGR of 23.4% through 2033.
The original black licorice segment is set to uphold a CAGR of 29.60% through 2033, driving market leadership.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1 Original Black Licorice 5.2 Fruit Flavored Candy 5.3 Apple 5.4 Anise 5.5 Grape 5.6 Cinnamon 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1 Restaurants and Hotels 6.2 Schools and Institutions 6.3 Recreational 6.4 Sports Centers 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Packaging 7.1 Cans 7.2 Jars 7.3 Bottles 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1 North America 8.2 Latin America 8.3 Western Europe 8.4 Eastern Europe 8.5 South Asia and Pacific 8.6 East Asia 8.7 Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1 The Old Time Candy Company 18.2 Gimbal's Fine Candy 18.3 Kenny's Candy Company, Inc. 18.4 Red Vines 18.5 Kookaburra Liquorice 18.6 AirHeads 18.7 Candy Crate Inc. 18.8 American Licorice Company 18.9 The Hershey Company 18.10 Saint Louis 18.11 Missouri 18.12 Kenny's Candy Company, Inc. 18.13 Darrell Lea 18.14 RJ's Licorice Limited 19. Assumptions & Acronyms Used 20. Research Methodology
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Licorice Candy Market
