The global market for biscuits is displaying a highly competitive business structure, finds a new research study by Transparency Market Research (TMR). Britannia, Mondelez International Inc., Lotus Bakeries NV, ITC Ltd., Campbell Soup Co., Kraft Foods Group Inc., Nestle SA, The Kellogg Co., Dali Food Group Co Ltd., National Biscuit Industries, and many more are prominent part of the competitive landscape of this market, making it extremely fragmented. The leading companies are focusing on expanding their regional bases to strengthen their position. Over the coming years, vendors in this market are likely to take up strategic partnerships, states the research report.
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According to the research report, the global biscuits market was worth US$76.38 bn in 2017. Expanding at a CAGR of 4.70% during the period from 2017 to 2025, the market is projected to reach US$109.95 bn by the end of the forecast period. Savory biscuits, sweet biscuits, crackers, wafers, filled/coated biscuits are the main products available in the global market. Among these, the demand for sweet biscuits is comparatively high and the trend is anticipated to remain so over the next few years, reports the research study.
Europe and Asia Pacific Excluding Japan to Remain Dominant
On the basis of the geography, the global biscuits market has been segmented into North America, Asia Pacific excluding Japan, Latin America, Japan, the Middle East and Africa, and Europe in this research report. Among these, the markets in Asia Pacific excluding Japan and Europe has acquired the dominance, thanks to the high consumption biscuits. This regional market is anticipated to remain on the top over the next few years. The increasing number of bakeries and soaring demand for different types of breads and confectioneries are likely to support these regional markets in the years to come. North America and the Middle East and Africa are also expected to witness a significant rise in the years to come, states the research report.
Rising Demand for Convenient Food to Support Market Growth
“The global market for biscuits is benefiting substantially from the rising demand for healthy snacks and the augment in the per capita food consumption in emerging countries,” says an analyst at TMR. Going forward, the market is likely to be driven by the augmenting demand for convenience food, rise in the young population, and innovation in packaging over the next few years, states the research report.
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