Pune, India -- (SBWIRE) -- 12/27/2018 -- Market Analysis:
Biscuits Market is one of the fastest growing of the all sectors in the fast-moving consumer goods (FMCG) category. According to a research report published by Market Research Future (MRFR), the global biscuits market is expected to exhibit growth trend and reach a significant valuation by the end of the forecast period of 2017-2023. Biscuits are of one most common snack and are largely preferred by consumers due to the trend of snacking between meals. Biscuits act as on-the-go food and are experiencing high demand due to urbanization which boosts the growth of the market. Easy availability of biscuits complements this growth. The shift in consumption towards bakery products owing to better taste, appeal and convenience is a significant driver of the market growth. Introduction of various options and innovations in product line has added to the growth of the market. Availability of biscuits with functional ingredients such as wheat, oats, and multi-grains, honey, etc. appeal to health-conscious consumers who choose such biscuits as a healthy snacking option. Besides biscuits are free from synthetic products and GMO-free.
Biscuits are a variety of quick bread popular in different forms throughout the world. They are made from a combination of flour, milk and water. This simple dough is generally rolled out, cut into small rounds, baked, and served hot. Food preferences and ingredients in various regions of the country often determine the preference for different types of biscuits.
Moreover, manufacturers are coming up with fancy and eye-catching packaging other than experimenting with flavors, size, and product format. In addition, premiumization in the biscuits industry is in progress at a healthy pace and is anticipated to drive the growth of the global biscuits industry. Conversely, the growth of the global biscuits market might be hindered by high raw material cost and product adulteration.
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Major Key Players Trend:
The global biscuits market is highly competitive and fragmented due to the presence of many unorganized and local players. Majority of the manufacturers follow the strategy of product innovation and improvisation to sustain the intense competition and broaden their consumer base. The key players operating in the global biscuits market include Parle Products Pvt. Ltd. (India), Lotus Bakeries NV (Belgium), Campbell Soup Company (U.S.), Britannia Industries Limited (India), Kraft Foods Group, Inc. (U.S.), Mondelez International, Inc. (U.S.), ITC Limited (India), and Burton's Foods Ltd. (U.K).
Industry Updates:
In September 2018, leading food & beverage manufacturers, Kellogg's Arabia, Mars Saudi Arabia, and Nestle Middle East signed a voluntary pledge with the Saudi Food and Drug Authority (SFDA) to reduce salt, sugar, and fat content in their products. The companies also pledged to place clear nutritional labels on their products.
Segmentation:
By packaging, the global biscuits market has been segmented into boxes, pouches/packets, cans/jars, and others. The boxes segment is the largest segment followed by pouches/packets due to ease of packaging and transport. The cans/jars segment is expected to showcase growth trend due to increasing consumer preference towards premium packaging options for bakery products.
The global biscuits market has been segmented based on source, packaging, and distribution channel. By source, the global biscuits market has been segmented into wheat, oats, multi-grain, and others. The wheat segment is leading the market while multi-grain and oats segment is expected to exhibit significant growth owing to the high demand for functional ingredients used for the preparation of biscuits.
By distribution channel, the global biscuits market has been segmented into store-based and non-store based. The store-based segment is the dominating the market due to the one-stop shopping experience. However, e-commerce distribution channel is anticipated to show exponential growth over the forecast period.
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Regional Analysis:
The global biscuits market spans across the regions of Asia Pacific, North America, Europe and the Rest of the World (RoW). North America and Europe are the leading markets of biscuits due to the high popularity of baked items and savory confectionery products in the regions. However, Asia Pacific is slated to be the fastest growing market for biscuits. Changing food consumption pattern and increase in per capita income in the developing countries of the region also aids in the expansion of the market. Moreover, urbanization and rise in living standards have also affected the market growth positively. Latin America has emerged as a new market for biscuits and has attracted investments from various manufacturers. Increasing per capita income of the consumers is expected to ignite pockets of growth in the Latin America region over the forecast period.