The global liquorice shellac market is expected to witness growth owing to the increasing demand for confectionery products and processed foods during the forecast period. In addition, the increasing demand for candy and other sweets among children is likely to fuel the growth of liquorice shellac market in the upcoming years. Liquorice is also used in medicines as an antiviral, antimicrobial, anti-inflammatory, hepatoprotective and blood pressure increasing agent leading to the growth of liquorice shellac market in medical application. However, the increasing price of liquorice and shortage of raw materials is expected to hamper the growth of the market over the forecast period.
Candy and confectionery industry had been dominating the global liquorice shellac market in the past few years owing to the demand for candies and sweets by younger consumers all over the world. It is also expected to be the fastest-growing industry during the forecast period. Medical industry closely followed the market occupancy after candy and confectionery industry owing to the healing and curing properties exhibited by liquorice shellac. The tobacco industry is also one of the prime drivers of global liquorice shellac market owing to the increased consumption of tobacco in the form of cigarettes, chewing tobacco, moist snuff, and pipe tobacco on a global scale. Research & development activities are further expected to drive the global liquorice shellac market and are also anticipated to create fresh avenues for investors over the forecast period.
Asia Pacific held the largest market share of global liquorice shellac market based on the segmentation, in terms of volume and revenue, owing to large cultivation fields of liquorice plants as well as increasing indigenous consumption. This region has been experiencing high demand for candy & confectionery items, tobacco, as well as medicines owing to the rise in disposable income among the consumers as well as an increase in demand for effective medicines. This region is also expected to be the fastest-growing region for the global liquorice shellac market over the forecast period owing to the rising demand for candies and sweets from the infant and younger consumers of this region. North America is expected to witness average growth during the forecast period owing to the growing awareness about the importance of liquorice in medicines and other pharmaceutical products apart from their use in sweets and candies. This is expected to fuel the growth of the global liquorice shellac market in North America. Europe is likely to witness average growth, though lesser than North America, in global liquorice market owing to the demand for liquorice in sweets and candies. This growth may be slightly hampered due to the ban on use of tobacco in public regions of Europe.
Key players present in liquorice shellac market are Excom Europe Ltd., Licorice extract Co., Ltd., Ferrotex Ltd., Ana International, S.D. Pharmaceuticals and Tawheed Usmani Production Co., Ltd.
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