Global Licorice Market Overview, 2024-29

The licorice market encompasses the production, trade, consumption, and trends of licorice products globally. Licorice, which is used in the food and beverage, pharmaceutical, cosmetic, and tobacco industries, is made from the roots of the Glycyrrhiza plant. Its flavor and several medicinal advantages make it a versatile drug. The market for licorice has been developing gradually due to customers' increasing preference for natural ingredients in food and medication. The rising spectrum of industries using licorice extract, consumer preferences for natural sweeteners and herbal products, and more all have an effect on the market's growth. In the global licorice sector, larger multinational corporations as well as smaller regional firms grow, process, and distribute licorice goods. The global licorice market is composed of large multinational corporations and smaller regional businesses that produce, distribute, and process licorice goods. The licorice sector has several challenges, such as fluctuating prices for raw materials, modifications to rules on the amount of glycyrrhizin (due to possible health hazards), and environmental conditions that impact crop productivity. According to the research report "Global Licorice Market Overview, 2029," published by Bonafide Research, the Global Licorice market is anticipated to grow at more than 5.5% CAGR from 2024 to 2029. A worldwide trend toward the use of more natural and plant-based goods is being observed in a number of industries, including food and beverage, pharmaceutical, and cosmetics. Licorice is utilized in cosmetic goods due to its anti-inflammatory and skin-soothing properties. Even the tobacco industry uses licorice to enhance taste. Since it is thought to be a healthier alternative to artificial sweeteners and flavorings, it fits well with the current clean-label product movement. The two primary factors driving this increase are the innovative uses of licorice and typical eating behaviors. Innovations in product compositions and extraction techniques are also contributing to the market's growth. Adherence to these criteria is crucial for market players to ensure compliance and maintain consumer trust. Because of its versatility, health benefits, and suitability for natural and sustainable materials across a range of international industries, licorice is becoming more and more popular.

The Consumer preferences may be used to determine the most popular variants and regional variations of licorice sweets available worldwide. Wherever there has traditionally been a need for this flavor, classic black licorice candies may be found readily. Extract of licorice, which comes from the Glycyrrhiza plant, is typically used to flavor them. Fruit-flavored candies, such strawberry, cherry, raspberry, and other fruit flavors, that have licorice flavoring combined with them are more well-liked by customers who want sweeter more diverse flavors. Even yet, their fan base is tiny for licorice sweets with apple and anise flavors. The unique herbal taste of licorice flavored with anise will appeal to customers looking for unique flavor characteristics. Candy with a cinnamon flavor mixes the sweet and spiciness of cinnamon with the traditional base of licorice. In the past, black licorice was highly valued in a number of marketplaces, particularly in Europe. However, fruit-flavored licorice sweets are becoming more and more well-known worldwide since they are more universally liked and available in a wider range of tastes. The most popular licorice products (powder, liquid, or block) on the global market may vary according on the specific use and sector. Powdered licorice is widely used in the food and beverage sectors as a flavoring and sweetener. Liquid licorice extract finds appeal with both the culinary and medicinal industries. In herbal preparations and traditional medicinal practices, licorice blocks or roots—which are less common in processed forms—are mostly used when the entire root is steeped or extracted for therapeutic effects. The specific requirements of the finished product, such flavor intensity, solubility, and ease of handling, often impact the form that is selected. Powdered licorice is more useful for large-scale food production, even if liquid extracts provide more formulation flexibility. Licorice blocks or roots are more suitable for niche and conventional markets. Licorice is widely utilized as a flavoring, colorant, and sweetener in the food and beverage industry. It is particularly popular when added to soft drinks, herbal teas, and candies like chewing gum and chocolates. Licorice's significant medicinal benefits make it an essential component of pharmaceutical products. It is a soothing ingredient included in cough syrups and throat lozenges. It is also used in digestive aids and herbal supplements due to its anti-inflammatory and antioxidant properties. Licorice is largely utilized in the tobacco business to enhance taste. To offer sweetness and smoothness to the final tobacco product, it is often applied to tobacco leaves during the casing process. The food and beverage sector frequently commands the largest share of the licorice market in terms of volume and overall consumption. Pharmaceuticals come next since licorice has many valuable medical applications. Each segment contributes differently to the overall growth and diversity of the global licorice market.

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Manmayi Raval

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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

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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.