In 2023, the global biscuit market revenue was estimated to be worth USD 104.32 billion; by 2024, it is projected to reach USD 108.75 billion. By 2032, the market is expected to have grown at a compound annual growth rate (CAGR) of 5.56% to reach USD 167.69 billion.
Around the world, people of all ages frequently eat biscuits, which are baked sweets or snacks. To draw clients who are open to trying new flavors, they are available in a range of flavors, textures, and shapes. The market for biscuits will expand more quickly due to the rising demand for gluten-free and healthful snacking.
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
Yıldız Holding (Turkey)
Mondelēz International (U.S.)
Kellogg Co. (U.S.)
ITC LIMITED (India)
Britannia Industries (India)
Lotus Bakeries Corporate (Belgium)
Campbell Soup Company (U.S.)
Nestlé (Switzerland)
The Kraft Heinz Company (U.S.)
Ferrero (Italy)
Information Source: https://www.fortunebusinessinsights.com/biscuits-market-108482
Segmentation:
High Nutritional Composition and Wide Availability to Boost Demand for Sweet Biscuit-Segment
The market is divided into three segments based on product type: savory biscuits, sweet biscuits, and crackers. Due to their widespread availability in various stores and high nutritious content (fats, fibers, and carbohydrates), the sweet biscuit category is expected to dominate the market.
Plain Segment Emerge as Top Choice for Health-Conscious Consumers
The market is separated by flavor, including plain, chocolate, cheese, fruit and nut, and others. Due to its simplicity and ability to help consumers measure their nutrient intake, the plain biscuit segment dominated the market in 2022.
Availability of Large Variety of Snacks to Increase Customer Footfall in Hypermarkets/Supermarkets
The market is separated into independent bakeries, specialty shops, hypermarkets/supermarkets, and internet retailers based on the distribution route. Because they give consumers access to a greater range of biscuit brands, hypermarkets and supermarkets have the most market share.
North America, Europe, Asia Pacific, South America, and the Middle East and Africa are the regions that are covered by the market.
Report Coverage:
Important categories, including top product kinds, firms, distribution methods, and flavors, are highlighted in the market analysis. Additionally, it provides information on significant industry advancements and current market trends. In addition to the elements already mentioned, the study discusses a number of other factors that have fueled the market's recent expansion.
Drivers and Restraints:
Rising Demand for Convenient Foods and Product Innovations to Boost Market Development
Due to busy lifestyles and an increasing number of working people looking for healthier snacks to stay in shape, there has been a noticeable growth in the demand for convenience foods in recent years. Additionally, biscuit manufacturers are introducing goods with novel tastes and textures, which will support market expansion.
However, the expansion of the biscuits market may be hampered by the availability of substitute snack options and the high cost of raw materials.
Regional Insights:
Asia Pacific Dominates due to Growing Middle-Class Population and Awareness about Nutritious Snacking
The market is expected to be dominated by Asia Pacific due to the growing middle class in the region, which is driving up popularity of teatime cookies. Additionally, growing consumer awareness of wholesome snack options will support the expansion of the regional market.
Because biscuits are so popular as a breakfast food, Europe will see significant increase. Additionally, the region's prosperity will be aided by the COVID-19 pandemic's acceleration of the market and the growing demand for snacks with longer shelf lives.
Competitive Landscape:
Product Innovations to be Key Focus of Market Players to Maintain Their Dominance
To increase their clientele, a number of major industry participants are implementing creative growth tactics, like joint ventures and new product developments. In order to meet the high demand from consumers, the companies have expanded their manufacturing of palatable and nourishing snacks. In order to give their customers snacks with distinctive flavors, they are also increasing their efforts in a number of R&D initiatives.
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Notable Industry Development:
February 2023: Ferrero's Nutella brand introduced two new goods to the American market. These goods include Nutella Biscuits (USD 4.79), which are laden with hazelnut spread, and Nutella B-Ready (beginning at USD 1.89). These snacks are available for purchase both online at sites like Amazon and in stores around the nation.