Global Licorice Candy Market to see Rapid Growth by 2028

The global licorice candy market is anticipated to grow at a considerable CAGR during the forecast period (2022-2028). The rise in the demand for healthy and organic food is anticipated to drive the growth of the global licorice candy market. For instance, according to Simmons National Consumer Survey (NHCS) and the US Census data, an estimated 94.38 million people consumed organic food in 2020. Also, according to the 2020 Organic Industry Survey, released by Organic Trade Association, the US organic food has recorded a sale of $50.4 billion, which is 4.6% greater than 2019. Thus, the rise in the consumption of organic and healthy food is anticipated to accelerate the demand for the global licorice candy market.

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The rise in oral diseases is one of the major factors driving the growth of the global licorice candy market. According to the data published by World Health Organization (WHO) in 2019, oral diseases pose a major health burden for many countries and affect people throughout their lifetime causing discomfort, pain, and disfigurement. Approximately 3.5 billion people are affected by oral diseases globally. Moreover, approximately 2 billion suffer from caries of permanent teeth and 520 million children suffer from caries of primary teeth globally. Also, as per the data published by the Center for Disease Control (CDC) in 2021, nearly all adults aged 65 years and older had a cavity, and 1 in 5 had untreated tooth decay. Also, 2 in 3 or 68.0% of adults aged 65 years or older have gum disease. Thus, the licorice is anticipated to avoid oral disease such as caries, gum disease and others owing to its anti-adhesive and anti-microbial properties.

Looking toward the demand for licorice candy, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in March 2022, America Licorice Co.,had launched a variety of licorice candy offerings. The product lineup includes SourPunch Chicks & Bunnies, Sour Ounch Easter Twists, Sour Punch Easter straws and Torie & Howard Easter Organic Chewie Fruties. Thus, such launches are anticipated to drive the growth of the global licorice candy market.

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Market Coverage

The market number available for - 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Product
By End -User
By Packaging
By Distribution Channel
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape- America Licorice Co., Kenny's Candy Co, Inc., and Candy Crate, Inc among others

Key questions addressed by the report

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?

Global Licorice Candy Market Report by Segment

By Product

Black Pure Licorice
Multiple Layer Candy with Licorice
Others

By End-User

Restaurants & Hotels
Schools & Institutions
Recreational & Sports
Household Consumption
Others

By Packaging

Cans
Jars
Bottles
Others

By Distribution Channel

Direct Sales
Indirect Sales

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This release was published on openPR.