In 2018, the biscuit market was valued at approximately US$ 76,886.00 million and is anticipated to grow to around US$ 111,079.29 million by 2027, reflecting a compound annual growth rate (CAGR) of 4.2% from 2019 to 2027.
Biscuits are typically crafted from a blend of flour, sugar or salt, butter or vegetable shortening, and baking powder, which acts as a leavening agent. The market offers a diverse range of biscuits, including sweet, savory, digestive, and filled varieties. Digestive biscuits, in particular, are favored by health-conscious consumers due to their high fiber content and lower sugar levels. Biscuits are rich in essential nutrients such as fats, fibers, and carbohydrates, making them a popular choice for breakfast around the world. The growth of the biscuit market is largely fueled by the rising demand for convenient snacking options and healthier food ingredients. Additionally, the trend of on-the-go eating has become a significant factor influencing consumer purchasing decisions. The introduction of new biscuit varieties, including gluten-free, low-fat, low-carb, high-fiber, and organic options, further enhances market expansion by appealing to a broader consumer base.
The biscuit market can be categorized into several types: sweet, savory, crackers, filled, wafers, and other biscuit forms. In 2019, the sweet biscuit segment dominated the market, while the filled biscuit segment is projected to experience the highest CAGR during the forecast period. Sweet biscuits are popular globally due to their appealing taste, energy-boosting properties, and widespread availability. They are often consumed as snacks between meals, providing essential sugars and carbohydrates. The nutritional benefits of sweet biscuits contribute to their popularity among consumers. Furthermore, the increasing preference for convenient snacking, coupled with improved accessibility through the evolving retail landscape, supports the growth of the sweet biscuits segment.
The global biscuits market is divided into regions including North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific region holds the largest share of the global biscuit market, followed closely by Europe and North America. Within Asia Pacific, China leads the market, driven by companies' efforts to innovate flavors that cater to consumer preferences, alongside a significant number of biscuit manufacturers operating in the country. India is also expected to see considerable growth in its biscuit market during the forecast period, fueled by a burgeoning young population and the increasing trend of gifting premium cookies during special occasions.
Key players in the global biscuits market include Britannia Industries, Burton?s Biscuit Company, ITC Limited, Kellogg Company, Lotus Bakeries, Mondelez International, and Nestl? S.A.
Effects of the COVID-19 Pandemic on the Biscuits Market
The COVID-19 pandemic, which originated in Wuhan, China, in December 2019, has rapidly spread worldwide, significantly impacting various countries, including Italy, Iran, Spain, South Korea, France, Germany, and the United States, as of March 2020. The pandemic has disrupted economies and industries globally due to lockdowns, travel restrictions, and business closures. Consequently, the biscuits market has also faced challenges, including factory shutdowns, supply chain disruptions, and a general economic downturn, all of which have hindered market growth.
The overall size of the global biscuits market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders and experts to validate the findings and gain deeper analytical insights. Participants in this research typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the biscuits sector.