Licorice is a medicinal herb that is well known for its health beneficial properties and also used as a sweetening agent in food and beverage industry. As licorice has a range of application as a sweetening agent for the production of teas and confectionery products, hence its demand is increasing in production of chocolates and candies. The frequent consumption of high sugar-based products associated with increased incidences of diabetes.
Sugar free licorice has gained trained traction due to increasing imbalance of blood cholesterol level because of the consumption of high sugar-based products. Sugar free licorice is widely used as ingredient for the production bakery, confectionary, ice-cream, health drinks, and other functional beverages. The increasing awareness among the population regarding regular sugar-based products is propelling the overall demand for sugar free licorice-based products. Sugar free licorice is available in powder and liquid form which is enabling its application for the creation of several products. Due to its range of applications, the demand for sugar free licorice is anticipated to grow over the forecast years.
Rising Incidence of Diabetes Propelling the Growth for Sugar Free Licorice
Sugar free licorice as a sweetening agent has various advantages as compared with other high-calorie sweetening agents. Sugar free licorice does not surge the glucose and insulin levels in the blood and also having better gastrointestinal tolerance. In addition to this, sugar free licorice also prevents tooth decay that is boosting the demand for applications in food and beverage products. However, the rising awareness regarding the low-calorie sugar intake among the population across the globe along with the associated benefits of consuming sugar free licorice. Owing to this, the demand for sugar free licorice thus expected to surge over the forecast years.
For instance, according to the analysis of the Diabetes Research Institute Foundation in the United States, there were approximately 1.5 million new diabetes cases diagnosed among the individuals aged 18 years and above in 2018.
Global Sugar Free Licorice: Market Segmentation
Based on nature, the global sugar free licorice market has been segmented as-
Based on form, the global sugar free licorice market can be segmented as-
Based on application, the global sugar free licorice market can be segmented as-
- Health Drinks
- Functional Beverages
- Alcoholic drinks
- Non-Alcoholic drinks
Based on sales channel, the global sugar free licorice market can be segmented as-
- B2B (Direct Sales)
- B2C (Indirect Sales)
- Store-based Retailing
- Convenience Stores
- Specialty Stores
- Other Retailing Formats
- Online Retailing
Global Sugar Free Licorice Market: Key Players
The manufacturers operating in their business in global sugar free licorice market include The Old Time Candy Company, Kenny's Candy Company, Inc., Gimbal's Fine Candy, Red Vines, AirHeads, Kookaburra Liquorice, The Hershey Company, American Licorice Company, Candy Crate Inc., Saint Louis, Darrell Lea, Kenny's Candy Company, Inc., and RJ's Licorice Limited among others.
For instance, in 2017, Darrell Lea introduced sugar free licorice of quintessential red and black licorice for the consumers who are aiming at sugar consumption.
Opportunities for Market Participants:
The increasing premiumization across the globe is creating growth prospects for the manufacturers operating in the global sugar free licorice market. The younger generation is also one of the main drivers for sugar free licorice market as they seek for the products with appealing textures and mixed flavors. However, among adult demographics, the demand for sugar free licorice is high due to the health beneficial properties. Therefore, the players are focusing on premium products to entice younger consumer base.
Conventionally, Licorice is not well-recognized as a premium confection ingredient. In spite of this, several manufacturers have started marketing strategies by introducing innovations along with advertisements across several platforms to change the perception of the consumers. These are the major factor which in turn making avenues for the global sugar free licorice market.
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