June 24, 2020
According to the research report titled ‘Biscuits Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Packaging; Distribution Channel, available with Market Study Report LLC, global biscuits market share accounted for USD 76,886 million in the year 2018 and is predicted to expand with a CAGR of 4.2% during the analysis timeframe. The market is expected to reach a valuation of USD 111, 079.29 million by the year 2027.
For those uninitiated, biscuits are made using a mixture of flour, salt or sugar, vegetable shortening or butter and baking powder which is used as a leavening agent. A significant variety of biscuits are available in the market including filled, digestive, savory and sweet biscuits. Digestive biscuits are an exceptional source of fibers and are widely consumed by individuals limiting the consumption of fructose corn syrups and sugar.
Growing demand for convenience food products and preference for healthy food substitutes are major factors driving the biscuits market growth. The product is a rich source of carbohydrates, fibers and fats, hence is widely consumed during breakfast across the globe. Upsurge in food-on-the-go trends, alongside continuous innovative product launches such as organic, high-fiber, low-carb, low-fat and gluten-free biscuits are further aiding the market expansion.
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However, strict lockdown imposed by various governments across the globe in order to minimize the spread of COVID-19 have not only restricted travelling, but also resulted in shutdown of business operations. Additionally, disruption of supply chain and temporary closure of factories owing to the coronavirus pandemic may adversely impact the biscuits market outlook.
As per type, sweet biscuits segment held a substantial market share in the year 2019 and is expected to showcase considerable growth in the forthcoming years. Increasing consumption of sweet biscuits owing to their capacity to provide high energy and taste is fueling the segmental growth. The product is widely consumed between meals in order to provide adequate amount of carbohydrates and sugar to the body. Easy product availability at retail stores is boosting the sales of sweet biscuits.
From the regional point of view, Asia-Pacific is predicted to me a major revenue generator for global biscuits market in the forthcoming years, followed by Europe and North America. Increasing development of innovative flavors in order to cater to consumer demands along with high concentration of market majors in China are swaying the business dynamics in Asia-Pacific. Additionally, growing young population in India will create lucrative growth avenues for biscuits market players.
Walkers Shortbread Ltd., Parle Products Pvt. Ltd., United Biscuits Ltd., Nestle SA, Mondelez International Inc., Lotus Bakeries NV, Kellogg Co., ITC Ltd., Burton’s Biscuit Co. and Britannia Industries Ltd. are the major contenders in global biscuits market.