Licorice Candy Market is Likely to Surge at 5.2% CAGR, Reaching US$ 403.4 million by 2033 | Future Market Insights, Inc.
The United States licorice candy market is set to attain a notable CAGR of 23.4% through 2033. The original black licorice segment is set to uphold a CAGR of 29.60% through 2033, driving market leadership.
NEWARK, Del, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The licorice candy market is expected to grow from *US$ 278.5 million in 2023* to *US$ 403.4 million by 2033*, with a *CAGR of 5.2% *from 2018 to 2022.The market for licorice candies has grown due to evolving consumer tastes and preferences, focusing on nostalgic treats and innovative flavors. Manufacturers have introduced a wide range of licorice candy products to cater to changing consumer demands, offering unique and diverse experiences to attract new customers and meet the demands of licorice candy enthusiasts.
The licorice candy market has benefited from its cultural associations and global reach. Licorice candies have longstanding traditions in regions like Scandinavia, the Netherlands, and Finland, contributing to their popularity among both local consumers and international markets.
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*Market Opportunities*
The licorice candy market presents several opportunities for growth and expansion. Manufacturers can capitalize on the increasing demand for unique flavors and combinations, catering to evolving consumer preferences.
Additionally, there is potential to tap into new consumer markets by expanding distribution networks and exploring international markets. Innovations in healthier and natural ingredient options can also appeal to health-conscious consumers. With cultural associations and a global market presence, the licorice candy market holds promising opportunities for market players.
*"The licorice candy market has demonstrated resilient growth over the past year, with an increasing consumer demand for diverse flavors and innovative product offerings. The industry's ability to adapt to evolving consumer preferences and introduce novel variations has contributed significantly to its sustained success"*-says Nandini Roy Choudhury ( client Partner for Food and Beverages at Future Market Insights, Inc.)
*Key Takeaways*
· The licorice candy sector expanded at a CAGR of 4% from 2022 to 2033.
· By 2033, China's licorice candy market is projected to expand, with a CAGR of 2.3%.
· In 2022, the United States dominated the licorice candy market with a share of 23.4%.
· In 2022, Germany expanded significantly in the licorice candy market business, with a share of 12.9%.
· Japan emerged as a dominant player in the licorice candy market in 2022, securing a substantial 2.5% market share.*Competitors Winning Strategies*
Competitors in the licorice candy market have implemented winning strategies such as introducing innovative flavors and combinations, expanding distribution networks, focusing on healthier and natural ingredient options, leveraging cultural associations, and catering to evolving consumer preferences to gain a competitive edge and capture a larger market share.
Furthermore, competitors in the licorice candy market have also adopted effective marketing strategies, including engaging social media campaigns, collaborations with influencers and popular brands, and targeted promotional activities to enhance brand visibility and attract a wider consumer base.
Continuous product development, packaging innovations, and investments in research and development have allowed competitors to stay ahead in this dynamic market, ensuring sustained growth and customer loyalty in the highly competitive licorice candy industry.
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*Recent Developments:*
· The licorice candy market has witnessed recent developments such as the introduction of new flavors and healthier options, expansion into international markets, innovative packaging, niche, and premium offerings, collaborations and partnerships, and sustainability initiatives.
· Key players in the licorice candy market are innovating products, expanding portfolios, and investing in branding and marketing to stay competitive in the market.
*What key players are doing in the Licorice Candy Market?*
1. *The RJ's Licorice Co.:* Known for producing a wide range of licorice candy products, including soft-eating licorice, licorice allsorts, and licorice logs.
2. *The Hershey Company:* A major player in the confectionery industry, Hershey's produces various licorice candies under its Twizzlers brand.
3. *Gustaf's Licorice:* Gustaf's is a popular licorice brand offering a variety of licorice candies, such as licorice laces, licorice wheels, and licorice bites.
4. *Red Vines:* Red Vines is a well-known licorice candy brand that offers classic red licorice twists and other licorice-based products.
5. *Haribo:* Although primarily known for its gummy candies, Haribo also produces licorice-based products, including licorice wheels and licorice ropes.*Key players*
· The Old Time Candy Company
· Gimbal's Fine Candy
· Kenny's Candy Company, Inc.
· Red Vines
· Kookaburra Liquorice
· AirHeads
· Candy Crate Inc.
· American Licorice Company
· The Hershey Company
· Saint Louis
· Missouri.
· Kenny's Candy Company, Inc.
· Darrell Lea
· RJ's Licorice Limited
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*Licorice Candy Market by Category*
*By Product Type:*
· Original Black Licorice
· Fruit Flavored Candy
· Apple
· Anise
· Grape
· Cinnamon
· Grape*By Application:*
· Restaurants and Hotels
· Schools and Institutions
· Recreational
· Sports Centers
*By Packaging:*
· Cans
· Jars
· Bottles*By Region:*
· North America
· Europe
· Asia Pacific
· Central & South America
· Middle East & Africa*Author*
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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