New York, US, Aug. 13, 2021 (GLOBE NEWSWIRE) -- Biscuits Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Biscuits Market Information by Source, Packaging, and Distribution Channel - Forecast till 2027”, the market is projected to grow at a CAGR of 4.97%.
Biscuits Market Scope
Biscuits are a type of baked flour-based dish that is usually hard, flat, and unleavened. The majority of biscuit makers place a premium on marketing and promotional initiatives, which include using e-retailers to advertise their product offerings on online platforms. Due to the presence of many unorganized and local competitors, the worldwide biscuits industry is highly fragmented. As a result, manufacturers are emphasizing aggressive product advertising and branding for new items in order to raise consumer awareness.
Major firms are working on providing new product offers to the market in order to meet consumer interests based on their current tastes and preferences. Because sweet biscuits play such an important part in the bakery and snack industries, prominent companies are working hard to provide a wide range of tastes and varieties to meet consumer preferences.
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Biscuits Market Competitive Landscape
Some of the key Players Profiled in the Global Biscuits Market
- Parle Products Pvt. Ltd. (India)
- Britannia Industries Limited (India)
- Lotus Bakeries NV (Belgium)
- Mondelez International, Inc. (U.S.)
- ITC Limited (India)
- Kraft Foods Group, Inc. (U.S.)
- Campbell Soup Company (U.S.)
- Burton’s Foods Ltd. (U.K)
Market Drivers
The Biscuit Market has benefited from a shift in consumer preferences toward bakery products, such as sweet biscuits. One of the primary drivers of this industry is the increase in product innovations. Manufacturers' new product launches and attractive packaging styles are also expected to boost the market's growth. Furthermore, because eating-on-the-go is the most recent ongoing trend and one of the primary factors for customers when purchasing food goods, it has emerged as a key driver of the industry.
The expansion of this market is being aided by the fortification of bakery products to improve the overall flavor of the product, as customers have been recognized as being more receptive to new flavors. The demand for crackers and other baked goods has increased as a result of the fast-paced lifestyle and urbanization. Furthermore, biscuit demand is rising as a result of inventive packaging, new tastes, and the addition of new ingredients, shapes, and technologies.
Market Restraints
High raw material costs and an increasing tax burden on the sector are the challenges that the biscuit market will face in the near future. Also posing a barrier for the biscuit business is a scarcity of food components and manpower.
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Biscuits Market COVID-19 Analysis
The COVID-19 epidemic had both beneficial and negative consequences on the biscuit market. The market's negative impact was caused by disruptions in global supply chains, which resulted in companies shutting down operations or working with insufficient staff, resulting in low production. Furthermore, consumers stacking long-life commodities, such as biscuits, reduced product availability on the market. Nonetheless, the demand for nutritious oat- and nut-based cookies was driven by customers seeking simple, healthy snacking options.
Market Segmentation
The Global Biscuits Market is segmented into Source, Packaging, and Distribution Channel.
It is divided into wheat, oats, multi-grain, and other sources. Wheat has the largest market share of all of them. Due to the increased demand for useful ingredients used in the manufacturing of biscuits, the multi-grain and oats segments are booming.
The market is divided into pouches/packets, boxes, cans/jars, and various packaging types. Due to their simplicity of packing and transportation, boxes dominate the market, followed by pouches/packets. Due to consumer preferences for premium packaging alternatives for bakery items, the usage of cans/jars is in high demand.
The market is divided into two types of distribution channels: store-based and non-store-based. Because of the one-stop shopping experience, the store-based segment dominates the market. However, over the projected period, e-commerce as a non-store based distribution channel is expected to increase at an exponential rate.
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Regional Insights
North America, Europe, Asia-Pacific, and the Rest of the World make up the Worldwide Biscuits Market (RoW). Because baked snacks and savory confectionery goods are popular in the region, North America and Europe dominate the market.
However, due to changing food consumption preferences and rising per capita disposable income, Asia-Pacific is the fastest expanding area. The impact of urbanization and improvements in consumer lifestyle are projected to drive up biscuit consumption in developing countries in the coming years.
During the predicted period, however, Latin America is discovered to be a new investment region for biscuit manufacturers. Consumers' increasing disposable income, combined with the existence of key competitors, will propel the Biscuits Market forward in the forecast period.
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