Market Outlook

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-

  • Organic
  • Conventional

Based on form, the global sugar free licorice market can be segmented as-

  • Powder
  • Liquid

Based on application, the global sugar free licorice market can be segmented as-

  • Bakery
  • Confectionary
    • Chocolates
    • Candies
    • Gummies
    • Twizzlers
  • Ice-Cream
  • Beverages
    • Health Drinks
    • Functional Beverages
    • Juices
    • Alcoholic drinks
    • Non-Alcoholic drinks
    • Others

Based on sales channel, the global sugar free licorice market can be segmented as-

  • B2B (Direct Sales)
  • B2C (Indirect Sales)
    • Store-based Retailing
    • Supermarket/Hypermarket
    • Convenience Stores
    • Groceries
    • 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.

 

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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