The global licorice candy market is expected to reach a market valuation of US$ 232 million by the year 2022, accelerating with a CAGR of 6.1% by 2022-2032. The global market value for Licorice Candy grew at a CAGR of roughly 3.7 percent over the last half-decade.
Licorice is a longstanding favourite among sweets enthusiasts of all ages. Its unique and addicting flavour is a blend of sweet and salty with a hint of anise flavour. But what is the origin of the licorice candy craze?
One reason could be that it is one of the oldest candies on the market. Licorice has been consumed throughout Europe and Asia for ages. Licorice root is also a natural detoxifier and can help alleviate digestive troubles.
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Another factor may be its versatility. Licorice can be flavored in many different ways, from sweet to savory, which means there is something for everyone. And finally, it has a long shelf life, making it ideal for stocking up on during times of scarcity.
To attract their younger clients, manufacturers are using premium offerings. Corporations experiment with ingredients, but they also place a lot of focus on packaging in an effort to position their goods as opulent.
Key Takeaways from Market Study
- Future Market Insights (FMI) projects the global licorice candies market to surpass US$ 439 million by 2032.
- The licorice candy market is having a value of US$ 232 million in 2022.
- While traditional licorice lovers are likely to exhibit demand for red and black varieties, newer users desire innovations in flavors, size, and texture
- Clean label licorice candies are likely to sweep the market. Citing this, FMI projects the licorice candy market to rise at 5.7% CAGR between 2020 and 2030.
- Better acceptance to holistic benefits of licorice candies from the medical community and its prescription will give considerable impetus
- FMI expects entry of established and large F&B companies in the market over the span for the next three years.
Some of the most popular licorice brands include Twizzlers, Red Vines, and Black licorice jelly beans from Jelly Belly. These brands offer a variety of flavors and textures, allowing consumers to find the perfect one for their taste buds. In addition to classic black licorice, some variations include cherry, grape, and blueberry flavors. Licorice candy is becoming more popular as a standalone snack or as an ingredient in recipes.
In 2018, Darrell Lea developed a mixed fruit variety, featuring bite-sized licorice candies of mango, strawberry, and apple flavors. There is also demand for bold flavors, contrary to the traditionally milder taste of licorice.
Evolving consumer taste for instance encouraged Hershey to introduce Twizzlers, which our sour mini twists in March 2018. The company also introduced sweet and sour filled bites and twists in citrus punch and cherry kick flavors.
A year prior to this, Darrell Lea launched sugar-free varieties of quintessential black and red licorice to help consumers reduce sugar intake. While the product launches may have hit a little slack due to the ongoing crisis caused by the COVID-19 outbreak, innovations are likely to remain a chief factor driving the market in the forthcoming years.