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Biscuits Global Market Projected to Experience a Growth Rate of 7.0% CAGR, Reaching over $169.07 Billion By 2028
Biscuits Global Market
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According to The Business Research Company's, The biscuits market size has grown strongly in recent years. It will grow from $121.07 billion in 2023 to $129.21 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to changing consumer lifestyles, health and wellness trends, rise of online shopping, trade policies, crisis events.
The biscuits market size is expected to see strong growth in the next few years. It will grow to $169.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to personalization trends, global flavor fusion, growth in plant-based diets, diverse dietary preferences, government regulations. Major trends in the forecast period include artisanal and craft biscuits, subscription models, interactive packaging, culinary collaborations, blockchain traceability.
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Market Drivers and Trends:
Rapid urbanization is expected to propel the growth of the biscuits market going forward. Urbanization refers to the population shift into relatively small areas, forming cities. This concentration results in land being transformed for residential, commercial, industrial, and transportation purposes. Globally, urbanization is changing food systems and helping to transform them by shaping spatial patterns of food demand and influencing consumer preferences. For instance, in April 2022, according to the World Economic Forum, a Switzerland-based international non-governmental and lobbying organization, the proportion of the global population living in cities is expected to reach 80% by 2050. More than 4.3 billion people, or 55% of the world's population, now live in cities, with that figure expected to rise to 80% by 2050. Therefore, rapid urbanization is driving the growth of the biscuits market.
Product innovations are a key trend gaining popularity in the biscuits market. Major market players, such as Club Crisps and Town House Dipping Thins, are developing products with enhanced taste and textures to sustain their position in the biscuit market. For instance, in July 2021, ITC Limited, an Indian food factory operating in the biscuits market, launched the Sunfeast All-Rounder, a potato biscuit that is masala sprinkled, crunchy, and one of the thinnest biscuits, while the potato in the base creates a unique texture for the biscuit. The masala sprinkled on top offers consumers an intense aroma and taste that lingers long after every bite.
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Major Key Players of the Market:
Universal Robina Corporation, Nestlé S.A., Mars Incorporated, Mondelez International Inc., Grupo Bimbo S.A.B. de C.V., Kellogg Company, The Kellogg Company, Pladis Global, Lotte Corporation, The Hershey Company, ITC Limited, Patanjali Ayurved Limited, Dali Foods Group Co. Ltd., Britannia Industries Limited, United Biscuits (UK) Limited, Lotus Bakeries NV, Parle Agro Pvt. Ltd., Pepperidge Farm Incorporated, Walkers Shortbread Ltd., Arnott's Ltd., Bahlsen GmbH & Co. KG, Cremica Food Industries Limited, Leclerc Foods USA Inc., Burton's Biscuit Company, Surya Food & Agro Ltd., Ravi Foods Pvt. Ltd., Anmol Industries Limited, Duke and Sons Pvt. Ltd., C.A. Pillsbury and Company, Loacker S.p.A.
Biscuits Market 2024 Key Insights:
• The biscuits market size is expected to see strong growth in the next few years. It will grow to $169.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• The Biscuits Market In The Era Of Global Urbanization
• A Deep Dive Into The Rising Tide Of Biscuit Product Innovations
• Europe was the largest region in the biscuits market in 2023
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