Licorice-based food consumption has enjoyed the high ground across the West since several decades. This surging demand is backed by a history of perceived medical benefits, specifically boosting antiviral and antimicrobial resistance.
DUBAI / ACCESSWIRE / July 2, 2020 / Future Market Insights: The global licorice candy market is anticipated to enjoy a steady growth trajectory, surpassing a value of US$ 250 Mn by the end of 2020. The market is expected to gain an edge due to extensive usage amongst the medical fraternity due to licorice's holistic health benefits. Consisting of over 300 compounds, licorice possesses antimicrobial and antiviral properties. In addition, it is highly useful in treating conditions such as tooth decay, eczema or sore throat. Furthermore, licorice roots are also known to soothe gastrointestinal problems and clean respiratory systems.
Based on the aforementioned factors, the licorice market is set for healthy growth in the years to come. Owing to its antiviral properties, licorice candy consumption has significantly accelerated during the coronavirus pandemic. Market players are increasingly seeking to promote licorice candies as premium products to change consumer perceptions and garner more revenue. For instance, Gimbal's All Natural Licorice Scottie Dogs, made from purse anise and licorice represents a premium market.
"Long-term projections about the licorice candy market suggest a year-on-year growth exceeding 5% throughout the upcoming decade. Projections indicate that the demand for licorice candies is not expected to decelerate soon, providing market vendors to burgeon their investments in designing more licorice enhanced products," infers a leading FMI analyst.
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Licorice Candy Market- Key Takeaways
- Global licorice candy market shall expand at a CAGR of ~5.7% during the forecast period (2020-2030)
- Fruit flavored candies are towering over the traditional black and white candies. Demand for novelties in tastes by consumers is pushing fruit-flavored licorice candies market growth
- Sugar-free variants are taking the licorice candy market by storm, generating lucrative opportunities due to rising prevalence of diabetes and other sugar-related problems
- Household consumption shall remain the dominant segment in the years to come. However, demand from restaurants and eateries is witnessing a steady increase as mouth-fresheners
- North America remains the kingpin in the licorice candy market due to rising demand for unique and borderline foods. However, rising health consciousness has catapulted the East Asian market
Licorice Candy Market- Prominent Drivers
- Demand for clean ingredient profiles and bite-sized pieces are driving important innovations in the traditional licorice candy segment
- Indulging consumers' sensory experiences by virtue of introducing new flavors is providing immense traction to the market.
- "Better-for-you" trends are rapidly gaining traction in the licorice candy market, prompting manufacturers to customize products according to customers' dietary requirements
Licorice Candy Market- Key Constraints
- Licorice Candy suppliers have been experiencing highly volatile input costs, making it challenging to acquire raw materials, especially licorice roots, denting profit margins
- Dearth of regulations regarding consumption could lead to misuse of claims indicating health benefits. This will shake consumer confidence, ultimately impeding market growth
Anticipated Impact of COVID-19
The coronavirus pandemic has generated major shockwaves across various industries. Production cycles are operating at reduced capacity due to the imposition of nationwide lockdowns to enforce social distancing. This has caused disruptions in the licorice candy market as well. Suppliers are finding it difficult to procure raw materials due to logistical disruptions, causing a dip in production. However, this trough is slowly eroding as the demand for licorice candies is flying high due to the perceived antiviral resistance properties it provides.
According to clinical studies, licorice is rich in over 20 triterpenoids and nearly 300 flavonoids. Two of these triterpenoids have antiviral properties as they inhibit viral gene expression and replication. Therefore, immense possibilities exist for manufacturers to produce more licorice candies. Moreover, the overall antimicrobial properties within licorice will only accelerate consumption in the years to come, keeping the market afloat.
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Competition Landscape
The global licorice candy market is dominated by a host of prominent players offering several brands, providing consumers with a wide array of choices. Some leading suppliers include American Licorice Company, Saint Louis, Missouri, Darrell Lea, RJ's Licorice Ltd., Gimbal's Fine Candy, Red Vines and The Old Time Candy Company to name a few. These players are concentrating on acquiring local businesses to expand their market footprint and gain a competitive advantage. For instance, Gimbal's "Scottie Dogs Licorice" brand was acquired by Jelly Candy to expand the latter's confectionary portfolio in 2019. Provision of additional perks is also an important strategy to establish firm footing in the market. For example, in 2018, The Old Time Candy Company doled out licorice candies with different gifts such as "subscription boxes", corporate gifts and others.
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Future Market Insights, in its new offering, provides an unbiased analysis of the global licorice candy market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the licorice candy market based on the type (black pure licorice and multiple layer candy with licorice), by application (restaurants and hotels, schools and institutions, recreational and sports centers, household consumption) Flavor (apple, anise, grape, cinnamon, grape, strawberry, raspberry, blueberry, cranberries, cherry others) packaging (cans, jars bottles and others) sales channel (direct and indirect) across seven region.
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