Global licorice candy market is projected to grow at a CAGR of ~5.7% between 2020 and 2030. Future Market Insights (FMI) has projected the sales of licorice candies to surge in sync with natural food category. The market is expected to gain an edge with the medical community becoming more absorbent with the holistic benefits of licorice. Spurred by these factors, FMI projects the licorice candy market to surpass US$ 250 Mn by the end of 2020.
These candies are available in different colors and attractive shapes, which are intended to attract consumers. Besides its colorful appearance and interesting shapes, licorice candies are known to ease pain of ulcers. They also help in improving resistance to stress. Awareness regarding a plethora of health benefits of licorice candy will fuel its demand in the near future.
With focus on preventive healthcare rising, healthcare products will be more frequently launched. FMI expects this trend to create favorable growth opportunities for the market.
Key Takeaways from the Licorice Candy Market Study
- The rising focus on making confectionery items healthier will aid growth in the licorice candy market. In addition to this, attractive packaging of candies will remain a key growth enabler
- Demand from restaurants and hotels is expected to rise at a higher rate, yet household consumption will account for dominant share
- The increasing demand for the sugar-free candy is creating lucrative growth prospects
Rising Demand for Sugar Confectionery Products to Propel Growth
The demand for licorice candies is expected to rise on account of the expansion of the bakery and confectionery segment. Licorice candies are highly preferred by baby boomers and millennial. With the key players offering licorice candy in a wide range of flavors such as strawberry, raspberry and others, a demand uptick is most likely.
For More Detailed Insights on Licorice Candy Market
Licorice candies are often made from ingredients that have anti –diabetic effect. These ingredients can help in reducing blood sugar, besides possessing anti-inflammatory properties. To make their products more attractive to younger generation, there is immense focus on innovative packing among market players. Spurred by these factors, the licorice candy market will exhibit sustainable growth in the coming years.
“Licorice candy market is gaining traction due to the increasing demand for confectionery goods. In addition to this, rising demand from schools and institutions, restaurant, hotels and other segments, besides household consumption will create favorable opportunities for growth” says an FMI analyst.
Who is winning?
Some of the key players in the licorice candy market are The Old Time Candy Company, Kookaburra Liquorice, Red Vines and Gimbal’s Fine Candy and the emerging competitors are Darrell Lea, AirHeads, Kenny's Candy Company, Inc., Candy Crate Inc., Switzer's Authentic American Licorice Company, Sweet Gourmet, The Hershey Company, Candy, Kenny's Candy, RJ's Licorice and others.
The key manufactures are focusing on the acquisition of local businesses to expand their footprint and product offering. Besides this, acquisition often allows them to gain competitive advantage.
Some of the recent examples of their expansion strategies are:
- In December 2019, Jelly Candy acquired the most reputed brand “Scottie Dogs licorice” of Gimbal’s jelly bean Gimbal Brothers, LLC to build its portfolio of confectionery and snack brand.
- In 2018, The Old Time Candy Company offered licorice candies with different candy gifts such as “ subscription boxes”, “ personalized candy bar wrappers” “ corporate gifts and others.
Get Valuable Insights into Licorice Candy Fiber Market
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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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.