Wilmington, Delaware, United States, Transparency Market Research Inc. -, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Global biscuit industry (비스킷 산업) revenues reached US$ 101.3 billion by 2023. A CAGR of 5.1% is estimated from 2024 to 2032 for the industry to reach US$ 158.5 billion. The industry is expected to grow as convenience food consumption increases, including biscuit consumption. Lifestyles that are busy and the need to maintain a healthy diet on the go have contributed to this trend.
With the growing popularity of premium biscuits, the market is anticipated to grow exponentially, driven by the emergence of new growth opportunities. Biscuit options with innovative, indulgent, and high-quality ingredients are more likely to be purchased by consumers.
Health and wellness are also expected to have an impact on the future of the biscuit market. In addition to highlighting nutritional qualities, brands are expected to market biscuits made with healthy ingredients.
Younger generations have a crucial role in maintaining the biscuit-baking tradition for the industry's future. A biscuit-baking legacy becomes increasingly important as the elderly population ages.
In addition to continual product innovation, the future of the biscuits market will also be shaped by continuing product innovation. Among other things, manufacturers will likely introduce different types of flavors, packaging formats, and packaging variants to cater to the changing preferences of consumers.
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Key Findings of the Market Report
- A growing health consciousness among consumers is likely to drive biscuit demand.
- In 2024, Asia Pacific will capture the largest global market share.
- Oats' popularity and health benefits are expected to increase biscuit sales.
- Consumers increasingly choose pouches/packets packaging due to their convenience and portability.
- Based on distribution channels, the market for biscuits is likely to be dominated by hypermarkets/supermarkets.
Global Biscuits Market: Growth Drivers
- Changes in consumer preferences and lifestyles contribute to the demand for biscuits. On-the-go snacks like biscuits are becoming more popular with consumers. Consumers are becoming increasingly aware of health and wellness, which has led to a growing demand for healthier biscuits. As part of the program, there are biscuits with nutrients, low sugar content, and other health benefits for the users.
- Biscuit manufacturers are continuously innovating products to drive the market's growth. The food industry continues introducing new flavors, varieties, and packaging formats to attract consumers' attention and meet their evolving needs.
- In addition to supermarkets and hypermarkets, convenience stores, retail online stores, and other outlets, biscuits have been widely distributed in various channels, contributing to the growth of the biscuit market. As a result of this extensive distribution network, consumers can access the product easily.
- Biscuit sales have been positively affected by the increase in food consumption per capita, particularly in developing countries. Consumption of food products, including biscuits, has increased as disposable incomes increase.
Global Biscuits Market: Regional Landscape
- Biscuit consumption is largely centered in Asia Pacific. Several prominent biscuit producers and innovative small-scale bakers have contributed to expanding the biscuit market in the Asia Pacific. New tastes, variations, and packages are born from this competition and result in the release of new products.
- Sweet biscuits dominate the market for biscuits in Asia Pacific. In addition to being renowned for their increased sweetness, these biscuits can contain nuts, fruits, or bakery chips. In addition to being a popular breakfast option, they can also be enjoyed at any time.
- A growing demand for healthier biscuits in Asia Pacific is despite sweet biscuits dominating the market. Consumers are increasingly aware of the importance of nutrition and wellness, making healthy biscuits and low-sugar ones more popular.
Global Biscuits Market (Keksmarkt): Competitive Landscape
Consumer demands are helping leading companies launch new products to boost their product portfolios. Efforts are being made to implement business growth strategies to improve the company's overall performance and increase its global presence. For customers to be attracted to biscuits, manufacturers offer a variety of flavors and invest in attractive packaging.
Key Players
- Britannia Industries Limited
- Lotus Bakeries NV Company
- Mondelez International, Inc.
- ITC Limited
- Campbell Soup
- Kraft Foods Group, Inc.
- Nestle SA
- The Kellogg Company
- National Biscuit Industries LTD SAOG
- Dali Food Group Co, Ltd.
- Brutons Biscuit Company
- The Hershey Company
- United Biscuits Company
- Kambly SA
- Others
Key Developments
- In January 2023, Lotus Bakeries, a Belgian biscuit maker, acquired Iqbar, an American maker of better-for-you bars. The investment comes as part of an undisclosed Series B funding round.
- In March 2024, Britannia Industries Ltd, an Indian biscuit maker, plans to enter high-margin chocolate, fresh dairy, and salty snack categories to bolster its portfolio further. An aggressive go-to-market strategy based on data-driven strategies is being developed by the maker of Marie Gold and Good Day biscuit brands in cooperation with Bain & Co.
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Global Biscuits Market: Segmentation
Product Type
- Sweet Biscuits
- Savory
- Crackers
- Filled/Coated
- 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 Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
- Others
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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