Latest Research Report to uncover key Factors of Global Biscuits Market
Expanding demand for healthy snacks and Increase in per capita food consumption in developing countries are the primary drivers leading the global biscuits market during the forecast period. The market is also expected to continue being augmented by rising demand for convenience food, innovation in packaging, and expanding young population. One such growth in biscuits market is increasing per capita consumption of biscuits globally.
The global biscuits market is, however, currently restrained by the shortage of food ingredients and labor along with increase in tax rate. Increasing competition among key players is the main challenge for biscuit manufacturers which will lead to decrease in the profit margin. As competition intensifies in the sector with price wars among leading players, industry players are expected to improve the efficiency of their value chain, from inbound logistics to distribution and, to a large extent, marketing and export of products. Revenue generated from biscuits market is estimated to be valued at roughly US$76,384.9 mn by the end of 2017 and is expected to increase at a CAGR of 4.7% over the forecast period. Global biscuits market are expected to be valued at approximately US$109,959.9 mn by the end of 2025.
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Sweet Biscuits to Lead the Pack as they Remain Global Favorites
By product type, the biscuits market is segmented into sweet biscuits, savory, crackers, filled/coated, wafers, and others. The sweet biscuits segment is likely to be the most attractive segment in the forecast period on the backdrop of the rising consumer preference towards healthy biscuits. On the basis of source type, the biscuits market can be segmented into wheat, oats, millets, and others. The wheat segment is estimated to account for a significant revenue share of 48.4% in 2017 and is expected to register significant growth rate during the forecast period.
Furthermore, on the basis of packaging type, the biscuits market is segmented into pouches/packets, jars, boxes, peelpaq, and others. Amongst these segments, the pouches/packets is anticipated to occupy the largest market share of 40.4% in 2017. Based on distribution channel, the biscuits market can be segmented into supermarket/hypermarket, convenience store, specialty store, online retail, and others. The online retail segment is expected to register high growth rate during the forecast period. By flavor type, the biscuits market is segmented into plain biscuits; chocolate, sour cream, cheese and spiced; fruits & nuts; and others. The plain biscuits segment is likely to be the most attractive segment in the forecast period.
Asia Pacific and Europe to be Key Consumers of Biscuits
On the basis of region, the market in Asia Pacific (APAC) and Europe is expected to dominate over the forecast period followed by North America. A large number of consumer base has been developed in APAC for the bakery products such as biscuits as an alternative for breads, and confectioneries. Asia is expected to become a prominent player by the end of the forecast period with a significant CAGR attributed to increase in the per capita consumption of biscuits in the region.
Some of the major companies operating in the global biscuits market are Britannia Industries Limited, Lotus Bakeries NV, Mondelez International, Inc., ITC Limited, Campbell Soup Company, Nestle SA, Kraft Foods Group, Inc., The Kellogg Company, National Biscuit Industries LTD SAOG, Dali Food Group Co, Ltd., Brutons Biscuit Company, The Hershey Company, United Biscuits Company (Y?ld?z Holding Group), Kambly SA, Walkers Shortbread Ltd., Ulker Biskuvi Sanayi A.S., Parle Products Private Limited, Dr Gerard sp. z o.o., HUG AG, and Cornu AG.
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Product Innovation to Foster Growth of the Global Biscuits Market
During the projected timeline, the global biscuits market is projected to expand steadily. Innovation of products in the form of new tastes, shapes, and flavors and appealing packaging appears to be influencing the dynamics of global biscuit market in near future. Market participants are eager to develop successful biscuit pricing and marketing strategies. Manufacturing companies appear to maintain transparency in labeling as consumer awareness of ingredients and its health benefits grow. Biscuit makers are motivated to produce low-sugar and nutritious biscuits because of the low calorie and sugar content.
Biscuits contain nutrients like fibres, fats and carbohydrates, all of which are important for human health. Biscuits are a popular breakfast food all over the world because of their high nutritional value. Biscuits are convenient to transport and store, and they can be eaten as desired. Biscuits are quite a handy food product that can be enjoyed by people of all ages. Biscuits can be eaten with or without beverages such as coffee or tea. As a result, premium quality biscuits come with a rich flavor and are widely eaten.
Aggressive Marketing Strategies and Rising Disposable Income to Boost Demand
Sedentary lifestyles, rising disposable income, and rapid urbanization are all likely to support growth of the global biscuits market in the years to come. The penetration of biscuits in malls and supermarkets into the market has resulted in an overall enhanced visibility of various biscuits with various shapes and tastes. As part of marketing, television commercials have now increasingly become promotional strategies. Market growth is also aided by marketing methods and strategies. As a result, biscuit companies are constantly experimenting with new combinations and ideas in order to keep consumers interested. However, fierce competition and high cost of raw materials are likely to stifle expansion of the global biscuits market.
Because of the product developments in the industry and the use of high-quality ingredients, biscuit demand has been on the rise. Biscuits, which come in a variety of grains like oats, ragi and other flavors, are catching the attention of the millennial population who prefer ready-to-eat meals. Furthermore, bakery manufacturers are attracting customers with creative packaging solutions, which are expected to fuel growth of the global biscuits market.
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