In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Biscuits are one of the most important and one of the favorite snacks consumed by almost every family all over the globe. It is a food product which can be easily prepared at home or at a large scale in big factories. There are varieties of biscuits popular for breakfast and other meals.
The biscuit comprises of various nutritional factors such as carbohydrates, fats, and fibers which are essential to human body, making it a highly preferred breakfast meal worldwide. Biscuits can be easily carried anywhere, hence becomes most convenient and healthy food product. Every person irrespective of any age group love to have biscuits either in their breakfast or as evening snacks. It can be consumed with tea, coffee, juices and many more drinks.
The rising demand for healthful plus quick snacks and rising food consumption per capita in developing countries is promoting towards the growth of the global biscuit market. The biscuit industry has evolved basis the consumer demands through all these years. In addition, increasing research and development activities also resulted in the development of different varieties of biscuits, therefore providing the customers a wide range of types to choose from. Moreover, increasing awareness amongst consumers for gluten free biscuits and biscuits that do not contain traditional white flour, are also anticipated to add on towards the growth of the global biscuits market. The global biscuits market is anticipated to grow with a CAGR of around 6% during the forecast period 2020-2028. This market is segmented by product type, source, packaging, distribution channel and by flavor. These segments are further divided into sub-segments. Based on product, the global biscuits market is segmented into sweet biscuits, savory, crackers, filled or coated, wafers and others, out of which, the market of sweet biscuits segment is anticipated to hold the largest share in the biscuit market on account of the availability of numerous varieties of sweet biscuits, as well as increase in the preference of sweet biscuits amongst children. Moreover, sweet biscuits also act as a quick source of carbohydrates and the sugar present in the biscuit aids to fill up hunger, thereby raising the consumption of sugar biscuits, and in turn the growth of the segment. CLICK TO DOWNLOAD SAMPLE REPORT
Backed by the increasing disposable income, and rapid urbanization, the demand for snacks that are available readily and can be consumed without cooking or putting much effort, have observed a significant growth over the past few years. The demand for snacks can also be attributed to the availability of the different types of biscuits globally that are made with different flours and with different flavors and taste preferences. On the other hand, the increasing awareness for gluten free biscuits and increasing awareness for the side effects of consuming biscuits made of white flour, has raised the necessity amongst the biscuit manufacturers to manufacture healthy biscuits. Such factors are anticipated to drive the growth of the global biscuit market.
On this era of digital marketing and television ads, biscuit manufacturers are also using innovative ideas to promote their products through these channels. It is the best platform to market the product, by which they can reach more people. These ads and marketing techniques are helping in the growth of this market.
The major restraint factors in this market are tough competitors and high cost for raw material to make the biscuits of premium quality. To survive in such kind of competitive market the quality of biscuits should be of best quality, to make such quality biscuits the raw material should be of good quality. Therefore, high cost of raw material hinders the market growth and becomes a major restraint factor.
Our in-depth analysis of the biscuits market includes the following segments:
Based on regions, the biscuits market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America and Europe region is anticipated to hold the largest market share owing to rising disposable income that is driving people towards consuming biscuits on daily basis.
The biscuit market in Asia-Pacific region is expected to be the fastest-growing market during the forecast period which can be attributed to a shift in consumer preference and increasing disposable income in the markets of China and India.
The biscuits market is further classified on the basis of region as follows: