Biscuits Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Sweet, Savory, Crackers, Filled, Wafers, and Others); Packaging (Pouches/Packets, Boxes, and Jars); Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
The biscuit market was valued at US$ 76,886.00 million in 2018 and is projected to reach US$ 111,079.29 million by 2027; it is expected to grow at a CAGR of 4.2% from 2019 to 2027.
Biscuits are made from a mixture of flour, sugar or salt, butter or vegetable shortening, and baking powder as a leavening agent. There are a variety of biscuits available in the market, such as sweet, savory, digestive, and filled biscuits. Digestive biscuits are a rich source of fiber and are preferred by the consumers who want to avoid consumption of sugar and fructose corn syrups. Biscuits contain many nutritional factors, such as fats, fibers, and carbohydrates. The high nutritional value of biscuits makes them a highly preferred breakfast meal consumed globally. The biscuits market is driven by the increasing demand for convenience snacking, as well as healthy food additives, among consumers. Also, food-on-the-go is the most recent trend among consumers and is one of the fundamental considerations for consumers while purchasing food products. In addition, frequent launches of biscuit varieties with new formulations in the basic products, such as gluten-free, low-fat, low-carb, high-fiber, and organic biscuits, to attract consumers further contribute to the market growth.
Based on type, the biscuits market has been segmented into sweet, savory, crackers, filled, wafers, and other biscuit types. The sweet segment held the largest share of the market in 2019, while the filled segment is estimated to register the highest CAGR during the forecast period. Sweet biscuits are consumed worldwide owing to their taste, capacity to provide energy, and easy availability. They are mostly consumed between meals to provide enough amounts of sugar and carbohydrates to the body. Therefore, the high nutrient content of sweet biscuits also makes it a preferred choice of consumers. Moreover, the growing preference for convenient snacking, together with easier accessibility for consumers through the advancing retail sector, is favoring the growth of the global sweet biscuits market.
The biscuits market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Asia Pacific held the largest share of the global biscuits market, followed by Europe and North America. China holds the largest share of the market in Asia Pacific, which is mainly attributed to increasing efforts by companies toward the development of innovative flavors to meet consumer demand, in addition to the presence of a large number of biscuit manufacturing companies in the country. Moreover, India is anticipated to witness substantial growth in the biscuits market throughout the forecast period owing to the growing young population as well as rising trend of gifting premium cookies on occasions.
Britannia Industries, Burton’s Biscuit Company, ITC limited, Kellogg Company, Lotus Bakeries, Mondelez International, and Nestlé S.A., are among the major players in the global biscuits market.
Impact of COVID-19 Pandemic on Biscuits Market
COVID-19 outbreak first began in Wuhan (China) during December 2019, and since then it has spread across the globe at a fast pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst affected countries in terms confirmed cases and reported deaths as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The overall market breakdown due to COVID-19 is also affecting the growth of the biscuits market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
The overall global biscuits market size has been derived in accordance to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the biscuits market.
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