Biscuit Market
The global biscuit market is expected to exhibit steady growth over the forecast period. The market is driven by the growing demand for convenient snacks and increasing health consciousness among consumers. The market is also supported by the growing popularity of online retail and the rising disposable income of individuals in emerging economies.
The market is segmented into three categories: cookies, crackers, and other biscuits. Cookies hold the largest market share among the three categories, accounting for around 40% of the market share. The cookies segment is further segmented into chocolate cookies, salty cookies, oat cookies, and other cookies, while the crackers segment is segmented into salt crackers, sweet crackers, and other crackers.
The global biscuit market is dominated by several key players such as Mondelez International, Kellogg's, Britannia Industries, ITC Limited, Parle Products, United Biscuits, Nestlé, PepsiCo, and General Mills.
The largest region in the biscuit market is the Asia-Pacific, which is attributed to the high population density and the increasing demand for convenient and packaged snacking options. The fastest-growing region in the biscuit market is Africa, which is attributed to the increasing urbanization and the growing disposable income of the population in the region.
The biscuit market faces several challenges such as rising competition from substitutes, volatile raw material prices, and strict government regulations. However, there are also several opportunities for growth in the market such as the development of new product flavors and varieties, expansion into new markets, and investment in research and development.
Overall, the global biscuit market is expected to continue its positive growth trajectory, driven by the changing preferences of consumers for convenient and healthy snacking options.
1. The biscuit industry is expected to experience a CAGR of 5.5%, reaching a revenue of USD 184977.6 million by 2030.
2. The industry is segmented into cookies, crackers, and other biscuits with cookies having the largest share at 40%.
3. Companies like Mondelez International, Kellogg's, and Nestlé are some of the major players in the industry.
| Base Year | 2021 |
|---|---|
| Forecast Year | 2022 - 2030 |
| Revenue 2022 | 114247.6 |
| Revenue 2030 | 184977.6 |
| CAGR | 5.5% |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | Africa |
4. Asia-Pacific is currently the largest region in the biscuit market, while Africa is expected to be the fastest-growing region.
5. Growing demand for convenient snacks and increasing health consciousness among consumers are some of the key drivers in the industry.
6. Rising competition from substitutes, volatile raw material prices, and strict government regulations are some key restraints.
7. Development of new product flavors, expansion into new markets, and investment in research and development offer opportunities for industry growth.
Drivers, restraints, and opportunities are the key factors that have a significant impact on the growth of the biscuit market.
Drivers:
- Growing demand for convenient snacks: With the busy lifestyle of consumers, there is a growing demand for convenient and easy-to-consume snacks. Biscuits are a popular snack option that can be consumed on-the-go or as a quick bite, which drives market growth.
- Increasing health consciousness among consumers: Consumers are increasingly becoming conscious of their health and are looking for healthier snacks. Biscuit manufacturers are introducing products that are low in sugar, salt, and fat content and are made with healthier ingredients, which is driving market growth.
- Growing popularity of online retail: With the growing popularity of online retail, it has become easier for consumers to purchase biscuits and other snacks. This convenience of easy ordering and doorstep delivery is boosting market growth.
Restraints:
- Rising competition from substitutes: The biscuit market faces competition from other snack categories like chips, popcorn, and other bakery products, which can serve as a substitute for biscuits for consumers. This competition is a major restraint for market growth.
- Volatile raw material prices: The biscuit market is dependent on raw materials like wheat, sugar, and oil, whose prices can be volatile. Such fluctuations in the cost of raw materials can impact the market growth.
- Strict government regulations: Governments regulate the food industry to ensure food safety and quality standards. Complying with these regulations can increase manufacturing costs and impact the market growth.
Opportunities:
- Development of new product flavors and varieties: By introducing new flavors and varieties, biscuit manufacturers can attract consumers and expand their customer base, which presents an opportunity for market growth.
- Expansion into new markets: With global biscuit sales increasing, there is an opportunity for manufacturers to expand their market reach to new geographies, which can drive market growth.
- Investment in research and development: Investment in research and development can help manufacturers introduce innovative products and improve existing products, which can attract consumers and increase market growth.
Sure, I'd be happy to provide insights on each segment of the biscuit industry:
1. Cookies with a share of 40%:
- The cookie segment is expected to continue dominating the biscuit industry, owing to its popularity among consumers.
- Chocolate cookies are expected to witness the fastest growth, due to an increasing demand for confectionery products among consumers.
- Oat cookies are expected to witness significant growth, owing to the rising trend of healthy snacking.
- Salty cookies are expected to remain a popular choice among consumers, owing to their versatile nature.
2. Crackers with a share of 30%:
- Salt crackers are expected to lead the segment, owing to their traditional popularity and increasing demand for savory snacks.
- Sweet crackers are expected to witness a steady growth rate, due to their popularity among consumers as a light and sweet snack.
- Other crackers, which include flavored and multigrain options, are expected to witness a growing demand among health-conscious consumers.
3. Other biscuits with a share of 30%:
- This segment includes a diverse range of biscuits, including cream biscuits, digestive biscuits, and wafers.
- Digestive biscuits are expected to witness a significant growth rate, owing to their perceived health benefits.
- Cream biscuits are expected to remain a popular choice among consumers, owing to their sweet taste and texture.
- Wafer biscuits are expected to witness a moderate growth rate, owing to their versatility as a snacking option.
Overall, the biscuit industry is expected to witness significant growth in the coming years, driven by increasing demand for convenient snacks and growing health consciousness among consumers. However, the industry faces challenges from rising competition from substitutes, volatile raw material prices, and strict government regulations. Companies can capitalize on opportunities such as developing new product flavors and varieties, expanding into new markets, and investing in research and development to stay ahead in the market.
As per the given data, the largest region for the biscuit industry is Asia-Pacific, which is home to some of the major companies like Mondelez International, Kellogg's, Britannia Industries, and ITC Limited. The region is expected to maintain its dominance in the industry due to the growing population, rising disposable income, and changing lifestyle patterns, which result in an increasing demand for convenient and packaged foods.
However, the fastest-growing region for the biscuit industry is Africa, which presents immense growth opportunities for companies. The region has a large population base, increasing urbanization, and a growing middle class that prefers convenient and affordable snacks. Moreover, the region has a young demographic that seeks more innovative and unique flavors in biscuits, which increases the potential for new product launches and brand building.
Overall, the biscuit industry is expected to witness growth in both established and emerging markets, which presents an opportunity for companies to expand their reach and tap into new customer segments.
Recent market trends in the biscuit industry include a shift towards healthier and more sustainable products. Consumers are increasingly looking for biscuits that are made with natural and organic ingredients, as well as those that are gluten-free, low-fat, and low-sugar. This has resulted in many companies introducing new products that cater to these needs.
Another trend is the growing popularity of online retail channels for purchasing biscuits. E-commerce platforms have become a convenient and efficient way for consumers to purchase their favorite biscuits from the comfort of their homes. This has also provided an opportunity for companies to expand their reach and increase their sales.
In addition, there is also a growing demand for innovative product flavors and varieties, which has prompted companies to invest in research and development. This has led to the introduction of new and unique biscuit flavors, such as matcha, caramel, and spicy flavors, which have gained popularity among consumers.
Overall, the biscuit industry is evolving with changing consumer preferences and technological advancements, and companies are responding by introducing new products and investing in research and development to stay competitive in the market.
The global biscuit market is highly competitive, with several key players dominating the industry. Some of the major companies operating in this market include Mondelez International, Kellogg's, Britannia Industries, ITC Limited, Parle Products, United Biscuits, Nestlé, PepsiCo, and General Mills. These companies compete on the basis of product quality, variety, taste, price, and distribution channels.
In terms of regional presence, the Asia-Pacific region is the largest market for biscuits, owing to the high population and increasing urbanization in countries such as India and China. However, the fastest-growing region for biscuits is Africa, thanks to rising consumer awareness and the growing number of modern retail outlets.
To stay competitive in the market, biscuit manufacturers are constantly innovating and introducing new product flavors and varieties. Companies are also focusing on expanding their presence in new markets and investing in research and development to create healthier and more convenient snack options.
However, there are certain restraints in the market that hinder its growth, such as rising competition from substitutes, volatile raw material prices, and strict government regulations. Nonetheless, the increasing demand for convenient snacks and growing health consciousness among consumers provide ample opportunities for biscuit manufacturers to grow and succeed in the market.
In recent years, the biscuit market has witnessed several significant developments. For instance, there has been an upsurge in the demand for organic, gluten-free, and vegan biscuits, and many brands are now catering to the increasingly health-conscious consumer. Prominent biscuit brands have also been investing in the development of new product flavors and varieties to stay ahead of the competition.
The growth of online retail has also been a significant development in the biscuit market, with many companies investing heavily in their online presence. This has opened up new opportunities for smaller and niche brands to reach a wider consumer base.
Asia-Pacific remains the largest region for biscuit sales, with India and China leading the way. These two countries alone account for a significant portion of the global biscuit market, and many major brands have been expanding their operations in these countries.
In terms of regional growth, Africa is emerging as the fastest-growing market for biscuits. Factors such as a growing population, increasing consumer disposable income, and changing lifestyles have contributed to the rise in demand for biscuits in this region.
Despite the growth in demand for biscuits, the market faces several restraints, including rising competition from substitutes, volatile raw material prices, and strict government regulations. Companies have been investing in research and development to find alternatives and better ways to reduce their reliance on raw materials that are prone to price volatility.
Overall, the biscuit market is experiencing steady growth and is expected to continue to do so in the coming years. Companies that invest in product innovation, online retail, and expansion into new markets are likely to see the most significant gains in the market.
| Companies Covered |
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| Segments Covered |
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