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.
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:
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.