Growing
Tourist Arrivals Translate to Higher Biscuit Sales in Switzerland
A
constant rise in demand for healthy and nutritious product varieties,
with low-calorie and sugar-free products gaining high consumer
preference, and the demand for convenient snacks are some of the key
trends impacting the overall development of the present-day
Switzerland
biscuits market. The rising numbers of international and
domestic tourists in the country and steady growth in the retail
sector post the economic turmoil of 2008 are aiding the market in
moving along a sustainable growth path.
However,
rising raw material, labor, and packaging costs and the need to hold
on to prices to withstand the intense competition in the market are
collectively leading to a stagnant rise in profit margins for
manufacturers. Transparency Market Research estimates that the
Switzerland biscuits market will expand at a CAGR of 1.7% over the
period between 2016 and 2024, rising from a valuation of US$973.3 mn
in 2015 to US$1,125.7 mn by 2024. The market will expand at a 1.2%
CAGR in terms of volume over the same period.
Chocolate
Coated Biscuits Contribute Sizeable Share in Market’s Revenues
Of
the vast variety of products available in the Switzerland biscuits
market, the segment of chocolate coated biscuits contributed the
largest share to the market’s overall revenues in 2015. The segment
acquired a 36.9% share in the market’s revenues in 2015 and is
expected to reach 39.4% by 2024. Bourbon biscuits, filled biscuits,
and plain biscuits were the other leading product segments in terms
of their contribution to the market’s revenues in 2015.
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Volume-wise,
the segment of plain biscuits emerged as the market’s most favored
product variety, accounting for nearly 29.4% share in the market’s
overall volume-wise sales in 2015. The segment is, however, expected
to lose its prominence to other segments such as filled biscuits and
rich tea biscuits over the forecasting horizon, with its share
witnessing a meagre decline to 28.6% by 2024. The health appeal of
plain biscuits will allow the segment to remain at the forefront of
sales in the near future as well.
Consumers
between 20-30 Years of Age Emerge as Most Lucrative Demographic for
Market
In
terms of revenue, the consumer group between the ages of 20-30 years
dominated the Switzerland biscuits market in 2015. This segment
accounted for a nearly 28% share in the market’s revenues in 2015.
The age group of 31-40 years held the second largest revenue share in
the market in 2015, accounting for 23.2% of the overall market. These
sectors are also expected to be the key determinants of the market’s
overall development in the next few years. A vast rise in health
consciousness among consumers in these age-groups is also the key
reason why manufacturers have started focusing more on the production
of healthy and nutritious product varieties.
Over
the period between 2016 and 2024, the age group of 5-10 years is
expected to lead to the most promising growth opportunities for the
Switzerland biscuits market. TMR estimates that the segment will
expand at the fastest CAGR of 2.7% from 2016 through 2024. This
estimate translates in a substantial rise in the overall consumption
of product varieties such as chocolate coated and filled biscuits.
In
the fragmented market, some of the key vendors operating amid intense
competition are Lefèvre-Utile, Walkers Shortbread Ltd, Confiserie
Sprüngli AG, Kägi Söhne AG., Kambly SA, Wernli AG, Barilla G. e R.
Fratelli S.p.A, Lotus Bakeries N.V., Nestle S.A., Burton’s Food,
Midor AG, HUG AG, and United Biscuit.
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