About Licorice Candy
The word licorice was derived from the Greek, which meant “sweet root”. Licorice is essentially a type of flowering plant that is subject to Southern Europe and Asia. The sweet flavor in licorice is provided by glycyrrhizin, which is 50 times sweeter than sugar. Licorice candy is a sweet which is usually flavored and colored black and red with the extracts of the roots of the licorice plant. A huge variety range of licorice sweets is produced all around the world. It is usually manufactured in the shape of chewy ropes or tubes. Black licorice combined with anise extract is also a well-known flavor in other types of sweets like jellybeans. In addition, there are various other licorice-based sweets that are sold in the United Kingdom, like licorice allsorts. Dutch and Nordic licorice normally contains ammonium chloride in place of sodium chloride, significantly in salty licorice.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 4.6% |
The fragmented nature of the market is due to the great number of players present in the market. Market leaders are now focusing on new product innovations and developments due to highly changing customer demands and preferences. Also with the increase in demand from the emerging economies is also driving the demand for the Licorice Candy market. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Licorice Candy market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Mars Inc. (United States), Mondelez International Inc. (United States), Barcel S.A. (Mexico), Nestle SA (Switzerland), Hershey Foods Corp. (United States), Meiji Co. Ltd.(Japan), Perfetti Van Melle SpA (Italy), Haribo GmbH & Co. (Germany), August Storck KG (Germany), Yildiz Holding (Turkey) and United Confectioners (Russia) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Jelly Belly Candy Co.(United States) and American Licorice Co.(United States).
Segmentation Overview
AMA Research has segmented the market of Global Licorice Candy market by Type (Black Licorice, Red Licorice, Salty Licorice and Others), Application (Personal Consumption, Hotels, Restaurants, Institutes and Others) and Region.
On the basis of geography, the market of Licorice Candy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Ingredients, the sub-segment i.e. Licorice Extract will boost the Licorice Candy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channels, the sub-segment i.e. Online will boost the Licorice Candy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Packaging, the sub-segment i.e. Re-closable Zipper Bags will boost the Licorice Candy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of These Licorice Candies, Owing to the Fact That They Help in Quitting Smoking, as Licorice is a Common Ingredient in Tobacco, Growing Demand for Diverse Flavors of Candy and Focus on Development and Innovations of New Flavored Candy
Market Growth Drivers:
The Growth in Population, Increase in Consumption of Licorice Due to the High Level of Calcium in it and Changing lifestyles and Standards Fueled by Rising Disposable Income
Challenges:
Growing Dominance of the Local Players and Increasing the risk of adulteration
Restraints:
Increasing Availability of Artificial Flavors and Strict Rules and Regulations for Usage of Food Flavors and Licorice
Opportunities:
Rising Focus on Younger Consumer Based Licorice Candy through New Inventions, Increasing Number of All Natural and Upscale Varieties of Candies and Growing Emphasis on Healthy Products and All Natural Ingredients
Market Leaders and their expansionary development strategies
In May 2020, Prefetti Van Melle USA, Inc. has launched the first soft gummy products in the United States, under Fruit-Tella brand, which has a strong base in Europe.
In April 2021, HI-CHEW launched a new HI-CHEW fruit combos stand up pouch. It creates a fruit-forward experience with interesting flavors like tropical smoothie, pina colada, and the fresh strawberry lemonade. Each chewlet in the pouch is wrapped up with two layers of juicy and mouthwatering goodness.
Licorice and its derivatives, including ammoniated glycyrrhizin, are generally recognized as safe (GRAS) for use in foods by the US Food and Drug Administration (FDA). This regulation includes descriptions, specifications and maximum use levels for licorice and licorice derivatives. The FDA assumes that glycyrrhizin levels in foods do not pose a health hazard, provided that these foods are not consumed in excess. and Also, the European Food Safety Authority(EFSA) derived a tolerable weekly intake of 120ng/kg body weight of the OTA which formed the basis for the rules placing new maximum levels for the toxin in range of foodstuffs like dried vine fruit, cocoa, and cocoa products and licorice.
Key Target Audience
Manufacturers of Licorice Candy, Suppliers of Licorice Candy, Online and Offline Retailers, Traders, Distributors, and Suppliers of Licorice Candy, Food and Beverage Industry and Regulatory Bodies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.