Flourishing Innovation in the Biscuits Category
The global biscuits market was valued at USD 106,232.78 million in 2020, and it is projected to reach an estimated CAGR of 4.97%, during the forecast period, 2021-2026, according to Research And Markets data.
The global biscuits market witnessed both positive as well as negative impacts due to the COVID-19 pandemic. The negative impact on the market was due to the disruption of global supply chains leading to companies shutting down their factories or working with limited staff in yielding low production. Moreover, consumer stacking long shelf-life items, including biscuits resulted in lesser product availability in the market. Nonetheless, consumers opting for convenient healthy snacking options drove the demand for nutritious oat-based, and nut-based biscuits, among others.
Research And Markets’ study suggests the market is driven by the rising demand for convenience snacking paired with an affinity for healthy ingredients among consumers. Also, since Food-on-the-go is one of the most recent on-going trends and is one of the fundamental considerations for consumers while purchasing food products, it has become a prominent factor for driving the market.
In addition, frequent launches with new formulations in the basic product range such as low fat, gluten-free, low-carb, organic, and high-fiber biscuits, to attract consumers have further fuelled the market growth. Discussing segmentation by type, sweet biscuits is the fastest-growing sector owing to their taste and indulgence appeal.
Other than focusing on new product development and marketing communications, the companies are also engaging in various in-store promotions. These in-store promotions are likely to center on money-off promotions, such as extra value packs, or buy-one-get-one-free. Also, in terms of distribution channel, online stores sales for healthy snack foods are growing at a faster rate, attracting many vertical specialists like Amazon, Walmart, Carrefour etc. who are riding on increasing e-retailing growth and vying for a significant pie in online biscuit space.
You can read the rest of this article in the January/February Issue of Asia Pacific Baker & Biscuit magazine, which you can access by clicking here.