Biscuits & crackers gain traction as on-the-go meals
According to a report by Transparency Market Research (transparencymarketresearch.com) the global biscuits market is estimated to reach U.S. $109,959.9 million by the end of 2025. During the forecast years of 2017 and 2025, the global market is expected to register a CAGR of 4.7%. Of all the products, sweet biscuits are expected to lead the market. Geographically, Asia Pacific is projected to show a higher expansion rate than the others due to an ever-growing consumer base. This regional market is expected to rise at a CAGR of 4.9% between 2017 and 2025.
Biscuits are one of the most important snacks used in an average household. They are a variety of breads popular for breakfast and other meals. A lot of different types of biscuits are manufactured. The type of biscuits included in the report are sweet biscuits, savory, crackers, filled/coated, wafers and others.
Increasing consumer demand for natural and GMO-free products is increasing the biscuits market, due to rising health awareness and food safety concerns. Furthermore, increasing convenience in foods, new methods of purchasing products are gaining popularity such as virtual supermarket and mobile phone shopping. Consumer can purchase groceries directly from their cell phones at any place during the day. Increasing mordent retail formats like supermarket/hypermarkets in developing countries is rising the biscuits market. Also, people in developing countries prefer nutritious biscuits with tea in breakfast.
Some of the restraints potentially restricting the growth of the biscuits market are shortage of skilled staff and high manpower cost. As well, the aging population is a challenge for biscuit manufacturer due to growing birth rate and low death rate, manufacturers has to provide food to all ages. This has created challenge for manufacturers to produce product according to older generation.
Transparency Market Research states that the competition in the global biscuits market is highly fragmented due to a significant number of international and local players. Tough to cutthroat competition, several players are emphasizing on commercializing unique flavors wrapped in unique packaging. Furthermore, the biscuit manufacturers are also trying to tap into the new and emerging wave of health foods by using healthy raw materials to manufacture tasty biscuits.