The Licorice Candy market was $201.7 Mn in 2020, and it is highly expected to reach $346.2 Mn by 2030. It is eventually growing at a commendable high compound annual growth rate CAGR of 5.6% between 2020-2030. The current pandemic of COVID-19 might make a slight difference in the growth rate. During the time of COVID-19, this market has a great chance to grow. Since kids are always at home, and they are because simply because they do not have anywhere to go or anyone to play with. Hence, parents are giving them new things to cheer them up, and candies can be a great option. However, the higher amount of purchasing of the global industry itself is expected to boost the high demand in terms of improving the quality, and it will make the snack time better as well. The popularity of these candies was there, and this is eventually playing a significant role in the market itself. Apart from that, the high rise of different compounds that are providing new flavors every day is further estimated to make a lot of growth for the market over the forecast period of 2020-2030.
Licorice candy has shown a great demand due to its health benefits. But most of the licorice candies available doesn’t have real licorice and normally flavored. Therefore this poses challenge for real licorice candy manufacturers in the market. The major factor attributing towards the growth of licorice candy are, increased consumption due to health benefits, growing awareness about licorice benefits and people shifting habits from sugar candies to healthy products.
Global Licorice Candy Segment Is Estimated To Witness Remarkable Growth
Source: SAI Research
The Licorice Candy has been segmented based on product types, applications, and packaging. The competition is becoming high, and it is getting tough to challenge the Licorice Candy market in terms of the new flavored candies that are coupled with antimicrobial and antiviral properties. Also, the antiviral candies are setting a new goal while we are facing a completely unknown virus. According to the past analysis, also the future is predicting; this market will gain enough profit because of the beverage and candies. All of these factors will be increasing the growth at any stage, and the demand for this will never stop, and eventually, it will turn into the best choice ever. Everything will play a major role in the global Licorice Candy market to reach the ultimate goal during the forecast period.
North America Is Holding The Market Share By Region
The global Licorice Candy market has been geographically segmented into Europe, Asia Pacific, Latin America, and the Middle East region. However, the largest share of the market is held by North America and Europe. The reasons can be many, but one of the reasons is nothing but the mainstay sweet for snacking. Asia-Pacific region is estimated to have a slow but promising growth over the projection period. Latin America and the Middle East are estimated to witness steady growth during the period owing to the rise of the new candy market. Hence, these will fuel the growth during 2020-2030.
Major Players In Licorice Candy Market
Key players profiled in the report include Twizzlers, Red Vines, Wiley Wallaby, Venco, Good and Plenty, Halva, Klene, RJ'S, Kraepelin and Holm, others.
Global Licorice Candy Market Has Been Segmented Into:
Global Licorice Candy Market, By Product Type
Global Licorice Candy Market, By Application Type
Global Licorice Candy Market, By Packaging Type
Global Licorice Candy Market, By Geography Type