The global licorice candy market is estimated to reach a market worth of US$ 278.5 million by 2023, with a 5.2% CAGR by 2033. By 2033, the global market for licorice candy is expected to be worth US$ 403.4 million.
Licorice has long been a favourite among sweets connoisseurs of all ages. Its distinct and addictive flavour is a combination of sweet and salty with a dash of anise flavour. But where did the licorice candy craze begin?
Customer demand for licorice-flavored confectionery items is driving the growth of the Licorice Candy Market. Many people like licorice candy because of its distinct flavour and nostalgic appeal. Product developments, such as the introduction of new flavours and varieties, are also propelling market expansion and broadening customer appeal.
One possible explanation is that it is one of the market’s oldest candies. For ages, people in Europe and Asia have ingested licorice. Licorice root is a natural detoxifier that can also help with digestive problems.
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Another factor may be its versatility. Licorice can be flavored in many different ways, from sweet to savory, which means there is something for everyone. And finally, it has a long shelf life, making it ideal for stocking up on during times of scarcity.
To attract their younger clients, manufacturers are using premium offerings. Corporations experiment with ingredients, but they also place a lot of focus on packaging in an effort to position their goods as opulent.
Key Takeaways from Market Study
- Future Market Insights (FMI) projects the global licorice candies market to surpass US$ 439 million by 2032.
- The licorice candy market is having a value of US$ 232 million in 2022.
- While traditional licorice lovers are likely to exhibit demand for red and black varieties, newer users desire innovations in flavors, size, and texture
- Clean label licorice candies are likely to sweep the market. Citing this, FMI projects the licorice candy market to rise at 5.7% CAGR between 2020 and 2030.
- Better acceptance to holistic benefits of licorice candies from the medical community and its prescription will give considerable impetus
- FMI expects entry of established and large F&B companies in the market over the span for the next three years.
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Competitive Landscape
Some of the most popular licorice brands include Twizzlers, Red Vines, and Black licorice jelly beans from Jelly Belly. These brands offer a variety of flavors and textures, allowing consumers to find the perfect one for their taste buds. In addition to classic black licorice, some variations include cherry, grape, and blueberry flavors. Licorice candy is becoming more popular as a standalone snack or as an ingredient in recipes.
In 2018, Darrell Lea developed a mixed fruit variety, featuring bite-sized licorice candies of mango, strawberry, and apple flavors. There is also demand for bold flavors, contrary to the traditionally milder taste of licorice.
Evolving consumer taste for instance encouraged Hershey to introduce Twizzlers, which our sour mini twists in March 2018. The company also introduced sweet and sour filled bites and twists in citrus punch and cherry kick flavors.
A year prior to this, Darrell Lea launched sugar-free varieties of quintessential black and red licorice to help consumers reduce sugar intake. While the product launches may have hit a little slack due to the ongoing crisis caused by the COVID-19 outbreak, innovations are likely to remain a chief factor driving the market in the forthcoming years.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global Licorice Candy market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on product type (Original Black Licorice, Fruit Flavored Candy, Apple, Anise, Grape, Cinnamon, Grape), Nature (organic and conventional), and Sales channels (Restaurants and Hotels, Schools and Institutions, Recreational, Sports Centers and Retail Sales Channels) across seven major regions of the world.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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