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Global Licorice candy Market: Overview

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.

Global Licorice Candy Market: Competitive Landscape

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:

  • The Old Time Candy Company
  • 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

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Global Licorice Candy Market: Key Trends and Drivers

  • The world is increasingly conscious of the bad effects of excess sucrose consumption. Weight gain, poor blood sugar control and heart disease are just a few of the many deleterious effects of this sweetening agent. Diabetes, a disease which is growing at a phenomenal rate globally, is attributed to these very factors. 10.4% of the world population will be diabetic by 2030. Hence, sucrose consumption is due to decline in the future. As licorice offers a plethora of health benefits and is significantly sweeter than sucrose, it is due to find increased acceptance by a populace that currently suffers from several chronic diseases. 
  • A hindrance to the licorice candy market could be the easy availability of extraction facilities for sucrose and other sweetening agents, which are more established than this confection. Nevertheless, as licorice extraction from its natural sources picks up, the licorice candy market would increase substantially over the coming years. 

Global Licorice Candy Market: Regional Analysis

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. 

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Licorice Candy Market

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