Global Licorice Market Outlook, 2029

The production, trade, consumption, and trends of licorice products worldwide are all included in the global licorice market. The Glycyrrhiza plant's roots are used to make licorice, which is utilized in the food and beverage, pharmaceutical, cosmetic, and tobacco sectors. It is an adaptable substance because of its pleasant taste and many therapeutic benefits. The market for licorice has been steadily expanding as a result of consumers' growing desire for natural components in food and medicine. Consumer preferences for natural sweeteners and herbal goods, as well as the growing range of sectors that licorice extract is being used in, all have an impact on the growth of the market. The cultivation, processing, and distribution of licorice products are carried out by both major international enterprises and smaller regional players in the worldwide licorice industry. Large international companies and smaller regional firms engaged in the production, distribution, and processing of licorice products make up the worldwide licorice market. Challenges facing the licorice industry include volatile raw material pricing, changes in regulations pertaining to glycyrrhizin content (because of potential health risks), and crop yield-affecting environmental conditions.

According to the research report "Global Licorice Market Outlook, 2029," published by Bonafide Research, the Global Licorice market was valued at more than USD 2.9 Billion in 2023. The food, beverage, pharmaceutical, and cosmetics sectors are among those seeing a global movement toward using more natural and plant-based products. Because of its anti-inflammatory and skin-soothing qualities, licorice is used in cosmetic products. Licorice is utilized to improve flavor qualities even in the tobacco business. It fits with the current trend of clean-label products as it is seen to be a healthier substitute for artificial sweeteners and flavorings. The use of licorice in novel applications and customary eating patterns are the two main drivers of this growth. The market's growth is also being aided by innovations in product formulations and extraction methods. For market participants to guarantee compliance and preserve customer trust, adherence to these standards is essential. Businesses are making investments in traceability and sustainable agricultural practices in order to satisfy customer demands for morally and ecologically sound products. The market for licorice is expanding because of its adaptability, health advantages, and compatibility with customer desires for sustainable and natural components across a variety of global businesses.

The most popular varieties and geographical variations of licorice candies in the worldwide market can be attributed to customer preferences. Classic black licorice sweets are widely available in areas where there has historically been a demand for this flavor. They are usually flavored with licorice extract, which is obtained from the Glycyrrhiza plant. Candy with licorice flavoring mixed with fruit, such as strawberry, cherry, raspberry, and other fruit tastes, is more popular among consumers who favor sweeter and more varied flavors. Apple and anise-flavored licorice sweets are less popular, although they nevertheless have a small following. Customers seeking distinctive flavor profiles will find the distinct herbal taste of licorice flavored with anise appealing. Candy with a cinnamon flavor combines the classic licorice foundation with the sweet and spicy taste of cinnamon. In the past, black licorice has been very popular in several markets, especially in Europe. But since they come in a variety of flavors and are more widely appealing, fruit-flavored licorice sweets have become increasingly well-known around the world.

The type of licorice goods (powder, liquid, or block) that dominate the worldwide licorice market might differ depending on the particular use and industry. The food and beverage industries frequently utilize powdered licorice as a flavoring and sweetener. The culinary and pharmaceutical sectors both favor the use of liquid licorice extract. Licorice blocks or roots, which are less frequent in processed forms, are mostly utilized in herbal preparations and traditional medical practices where the entire root is steeped or extracted for its therapeutic benefits. The final product's unique criteria, such as taste strength, solubility, and handling convenience, frequently influence the shape that is chosen. While liquid extracts allow for greater formulation flexibility, powdered licorice is more practical for large-scale food preparation. Blocks or roots of licorice are more suited to traditional and specialist markets.

In the food and beverage sector, licorice is frequently used as a colorant, sweetener, and flavoring. It is especially well-liked in drinks like soft drinks and herbal teas, as well as in confectionary items like chocolates and chewing gum. Licorice is a key element in pharmaceutical goods due to its substantial therapeutic effects. Because of its calming effects, it is used in throat lozenges and cough syrups. Because of its anti-inflammatory and antioxidant qualities, it is also utilized in digestive aids and herbal supplements. In the tobacco industry, licorice is mostly used to improve flavor. It is frequently added to tobacco leaves during the casing process to give the finished tobacco product sweetness and smoothness. In terms of volume and general consumption, the food and beverage industry often leads the licorice market. This is followed by pharmaceuticals due to the high-value medical uses of licorice. Every sector makes a distinct contribution to the global licorice market's overall expansion and diversification.
Companies Mentioned:
Mars Wrigley Confectionery, div. of Mars Inc., Ferrero Group, Haribo GmbH & Co. K.G., Perfetti Van Melle, Meiji Co. Ltd., Nestle SA, Hershey Co., Lotte Confectionery Co Ltd, Mondelez International, Lindt & Sprungli AG



Considered in this report
• Geography: Global
• Historical Year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects Covered in the report:
• Global Market Size By Value for the time period (2018-2029F)
• Country Wise Market Size By Value for the time period (2018-2029F)
• Market Share by Type (Black Licorice, Fruit Flavoured Candy, Anise & Apples, Cinnamon) By Value
• Market Share by Form (Powder, Liquid, Block) By Value
• Market Share by Applications (Food & Beverages, Pharmaceuticals, Tobacco and Others) By Value

By Type
• Black Licorice
• Fruit Flavoured Candy
• Anise & Apples
• Cinnamon

By Form
• Powder
• Liquid
• Block

By Application
• Food & Beverages
• Pharmaceuticals
• Tobacco
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to sugar confectionery industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.