Creativity to drive sweet biscuits market value to $192bn by 2033
The global market for sweet biscuits is projected to reach a value of US$ 192 billion by 2033 as worldwide demand for sweet biscuits is expected to increase at a CAGR of 5.8% from 2023 to 2033, according to analysis by Fact.MR.
The study notes that consumers around the world are incorporating biscuits into their breakfast routines due to their high nutritional value. Sweet biscuits are seen as a popular source of energy due to their nutritious composition consisting of fibres, fats, and carbohydrates.
The market for sweet biscuits is growing with the introduction of innovative shapes, packaging, and flavours. The growing demand for healthy snacks and rising per capita consumption of sweet biscuits in developing economies are presenting lucrative opportunities for players. Whole grain snacks such as oats and millets are also attracting health-conscious consumers globally.
There is a increasing trend of purchasing premium biscuits as gifts for various celebrations such as Halloween, Christmas, and Valentine’s Day. Premium biscuits filled with ingredients such as coffee, caramel, and chocolate are favoured by consumers with high incomes. The increasing demand for innovative biscuit flavours is also driving sales.
However, Fact.MR says the sweet biscuit industry faces challenges such as low product prices due to their widespread availability and more consumers shifting toward healthy food and reducing sugar consumption. High transportation costs and volatile raw material prices also hinder the growth of the sweet biscuits market. Despite these challenges, increasing R&D efforts are expected to create opportunities for new entrants.
Key takeaways from the market study includes:
- Demand for sweet biscuits is projected to increase at a CAGR of 5.8% during the from 2023 to 2033.
- The global sweet biscuits industry is estimated to reach a value of US$ 192 billion by 2033.
- The current size of the sweet biscuits industry is US$ 109 billion.
- Sales of sweet biscuits in Germany are predicted to advance at a CAGR of 4% from 2023 to 2033.
- Demand for sweet biscuits in Canada is set to expand at a CAGR of 4.6% through 2033.
By way of example, Fact.MR says key manufacturers of sweet biscuits are incorporating effective strategies for innovative product development to expand their geographical presence as part of the competitive landscape. For instance, in June 2022, Kellogg launched two flavours as part of the Special K range: Dark Chocolate Curls and Mixed Berries with Blackcurrant. These newly launched products contain oat grain fibre and puffed grains to support gut health.
- Nestle SA, a subsidiary of Nestle Health Science, acquired the Brazilian health lifestyle brand Puravida in March 2022. Puravida produces nutritional snacks, bars, drink mixes, and protein powder, and is a digitally native vertical brand founded in 2016.
- Parle diversified its portfolio in December 2021 with the launch of “Parle G Chakki Atta.” This new product is expected to bring a positive impact on consumers’ health in the long run.
- In April 2022, Britannia introduced the first co-created biscuit, Britannia Marie Gold Jeera, for the market in Tamil Nadu (India). This region-specific launch engaged homemakers in the manufacturing of these biscuits.
Fact.MR, in its new offering, presents an unbiased analysis of the global sweet biscuits market for the period 2023 to 2033.
The study divulges essential insights into the market on the basis of product type (plain biscuits, cookies, filled biscuits, chocolate-coated biscuits, others), distribution channel (supermarkets/hypermarkets, specialist retailers, convenience stores, online stores, others), and region (North America, Europe, Asia Pacific, Latin America, and the MEA).