Liquorice Market Size to grow by USD 676 million between 2024-2028
Technavio, a leading provider of market research reports, has released its latest study on Liquorice Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
Key Highlights:
The market size is estimated to grow by USD 676 million, at a CAGR of 5.97% during the forecast period. In the global liquorice market, there has been a significant surge in demand for herbal liquorice products due to their immunity-boosting properties. The roots of the liquorice plant contain enzymes that facilitate the production of lymphocytes and macrophages, key components of the body's natural immune defense system. This trend is particularly noticeable in developed nations such as the US, Canada, and the UK, where consumers are increasingly health-conscious and concerned about inflammatory conditions like obesity. As a result, there is a growing preference for functional foods and beverages that offer immunity-enhancing benefits, driving market growth in the liquorice industry.
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The liquorice market represents a significant business opportunity, with global revenue projected to reach USD3.5 billion by 2027. Key drivers include increasing consumer preference for natural sweeteners and the growing demand for functional foods. Major players include Perfetti Van Melle, Ferrero SpA, and Haribo GmbH & Co. KG. Strategic partnerships, product innovation, and geographical expansion are crucial strategies for market growth.
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