Biscuits Market Size, Share, Trends and Growth Forecast to 2032
The global biscuits market size was valued at USD 104.32 billion in 2023 and is expected to be worth USD 108.75 billion in 2024. The market is projected to reach USD 167.69 billion by 2032, recording a CAGR of 5.56% during the forecast period.
Biscuits refer to baked treats or snacks that are regularly consumed by people of all ages across the world. They come in a variety of flavors, textures, and shapes to attract customers who are willing to try new flavors. The growing demand for snacks that contain healthy ingredients and are gluten-free is increasing every year, which will accelerate biscuits market growth.
Fortune Business Insights™ displays this information in a report titled, “Biscuits Market, 2024–2032.”
Information Source: https://www.fortunebusinessinsights.com/biscuits-market-108482
Segmentation:
High Nutritional Composition and Wide Availability to Boost Demand for Sweet Biscuit-Segment
Based on product type, the market is segmented into crackers, sweet, and savory biscuits. The sweet biscuit segment is anticipated to dominate the market as these are highly composed of nutrients, such as fats, fibers, and carbohydrates, and are widely available in different stores.
Plain Segment Emerge as Top Choice for Health-Conscious Consumers
Based on flavor, the market is divided into plain, chocolate, cheese, fruit & nut, and others. The plain biscuit segment dominated the market in 2022 as this snack option offers convenience and helps customers quantify the amount of nutrients consumed.
Availability of Large Variety of Snacks to Increase Customer Footfall in Hypermarkets/Supermarkets
Based on distribution channel, the market is divided into hypermarkets/supermarkets, specialty stores, independent bakeries, and online. The hypermarkets/supermarkets segment holds the largest market share as these stores provide customers with access to a wider variety of biscuit brands.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report analyzes the market and highlights crucial areas, such as leading product types, companies, distribution channels, and flavors. It also offers information on the latest market trends and key industry developments. Apart from the abovementioned factors, the report covers several factors that have contributed to the market’s growth in recent years.
Drivers and Restraints:
Rising Demand for Convenient Foods and Product Innovations to Boost Market Development
The demand for convenience foods has commendably increased in recent years due to hectic lifestyle and rising working population seeking healthier snacks to keep them fit. Biscuit producers are also launching products with innovative flavors and textures, which will help market’s growth.
However, availability of alternative snacking options and high raw material prices may impede biscuits market growth.
Regional Insights:
Asia Pacific Dominates due to Growing Middle-Class Population and Awareness about Nutritious Snacking
Asia Pacific is projected to dominate the market as the region’s middle-class population is on the rise, which is increasing the sales of biscuits that can be consumed as tea-time snacks. Moreover, rising awareness about nutritious snacking products will also fuel the regional market growth.
Europe will witness notable growth due to the high popularity of biscuits as a breakfast meal. Moreover, the rising demand for snacks with longer shelf-life and acceleration of market during the COVID-19 pandemic will augment the region’s progress.
Competitive Landscape:
Product Innovations to be Key Focus of Market Players to Maintain Their Dominance
Several key market players are adopting innovative growth strategies, such as partnerships and product innovations to expand their customer base. The companies have increased the production of tasty and nutritious snacks to keep up with the strong consumer demand. Moreover, they are raising their investments in various R&D programs to provide snacks with unique flavors to their customers.
Notable Industry Development:
February 2023: Nutella, a brand of Ferrero, launched two new products in the U.S. market. These products include Nutella B-Ready (starting at USD 1.89) and Nutella Biscuits (USD 4.79), loaded with Hazelnut spread. These snacks can be bought in stores across the country and through online retailers, such as Amazon.
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)