Biscuits Market to Reach USD 158.5 Billion by 2032, Growing at a 5.1% CAGR - Analysis by TMR

The global biscuits market has been experiencing steady growth, driven by the increasing preference for convenience foods and the rising demand for healthy snack options. In 2023, the industry was valued at US$ 101.3 billion and is projected to grow at a CAGR of 5.1% from 2024 to 2032, reaching US$ 158.5 billion by the end of the forecast period. The popularity of biscuits as an on-the-go snack has made them a staple in households worldwide. Manufacturers are continuously innovating, introducing new flavors, healthier alternatives, and attractive packaging to cater to evolving consumer preferences.

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Market Size and Growth

The biscuits market is expanding rapidly due to changing dietary habits and increasing urbanization. With busier lifestyles, consumers are looking for ready-to-eat snack options that are both tasty and nutritious. The demand for low-calorie and gluten-free biscuits is on the rise, particularly among health-conscious consumers.

The market is also benefiting from the surge in flavored and textured biscuits, as manufacturers experiment with unique ingredients to enhance taste and appeal. According to industry estimates, the sale of biscuits and snack bars in India alone reached 2.5 million metric tons in 2021, reflecting strong market potential in emerging economies.

Competitive Landscape

The global biscuits industry is characterized by the presence of several major players, including Britannia Industries Limited, Lotus Bakeries NV, Mondelez International, ITC Limited, Nestlé SA, The Kellogg Company, and United Biscuits Company. These companies are focusing on new product development, mergers, acquisitions, and expansion strategies to strengthen their market position.

Recent developments include:

• August 2023: Craze Biscuits launched Choco Rocky (a chocolate cookie) and Bourbon (a chocolate-filled sandwich biscuit), expanding its product portfolio.
• March 2022: Mondelez International acquired Chipita Global SA, a Greek company known for its snack products, enhancing its presence in key markets.

Market Segmentation

The biscuits market can be segmented based on product type, source type, flavor type, packaging, and distribution channels:

Product Type:
• Sweet Biscuits
• Savory Biscuits
• Crackers
• Filled/Coated Biscuits
• Wafers
• Others

Source Type:
• Wheat
• Oats
• Millets
• Others

Flavor Type:
• Plain
• Chocolate
• Sour Cream, Cheese, and Spiced
• Fruits and Nuts
• Others

Packaging:
• Pouches/Packets
• Jars
• Boxes
• Peelpaq
• Others

Distribution Channels:
• Hypermarkets/Supermarkets
• Convenience Stores
• Specialty Stores
• Online Retail
• Others

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Regional Analysis

Asia Pacific: The Leading Region

Asia Pacific held the largest share of the global biscuits market in 2023 and is expected to continue its dominance throughout the forecast period. This growth is fueled by the increasing demand for ready-to-eat food products and advancements in the food and beverage sector. Countries such as India, China, Japan, Australia, and South Korea are significant contributors to the region's biscuit consumption.

According to the Australian Export Grains Innovation Center, Australians and New Zealanders consume over 6 kg of biscuits, cookies, and crackers per person annually, showcasing a strong demand for these products. Additionally, Australia is well-positioned to supply high-quality grains essential for biscuit production, further driving market expansion.

North America and Europe: Steady Growth

North America and Western Europe are also significant markets for biscuits, driven by consumer demand for organic, gluten-free, and fortified snack options. The presence of leading multinational companies and continuous product innovations are expected to sustain growth in these regions.

Future Outlook

The future of the global biscuits market looks promising, with several key trends shaping its trajectory:

1. Growing Demand for Healthier Options: Consumers are increasingly opting for sugar-free, protein-rich, and fiber-fortified biscuits, driving innovations in the industry.

2. Expansion of Online Retail Channels: E-commerce platforms are playing a pivotal role in boosting sales, providing greater accessibility to a wider consumer base.

3. Sustainable Packaging Initiatives: Companies are investing in eco-friendly and biodegradable packaging to align with sustainability goals and attract environmentally conscious consumers.

4. Emerging Market Opportunities: Developing economies, particularly in Latin America, the Middle East, and Africa, present lucrative growth opportunities due to rising disposable incomes and increasing urbanization.

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