Gluten-free and New Flavors Drive Wafer Biscuit Market

Global wafer biscuit market growth value has reached USD44.06bn in 2016 and is expected to have a value of USD54.73bn by 2021, while the incremental growth will be USD10.67bn, according to a report by Technavio.

The latest report on the global wafer biscuit market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021.

According to Technavio, the global wafer biscuit market by coated wafer biscuits was valued at USD29.64bn in 2016 and the global wafer biscuit market by chocolate wafer is expected to reach USD29.81bn by 2021. Hypermarkets and supermarkets held the major share of the global market in 2016, with a share of 61.78%.

Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

The growth is primarily driven by changing consumer lifestyles and preferences, the demand for convenience foods, and the rise in disposable income. These factors have led to the increased consumption of bakery products, which is driving the growth of the wafer biscuit market.

Manjunath Reddy, a lead analyst from Technavio, specializing in research on food sector, says: “Manufacturers are coming up with new innovative and healthier products. They are replacing pesticides and synthetic additives in products without compromising on their quality, texture, and taste. They are continuing to focus on the health of consumers and are adding organic and gluten-free products to their existing product range.”

A main trend, as gluten-free, is an important driver for the wafer market, and consumers that are allergic to this protein prefer organic and gluten-free food products, the study finds.

“The demand for organic wafers and gluten-free wafers is rapidly increasing. The bakery markets in the US and Europe have less growth compared with the markets in developing countries. Vendors aim to provide healthier bakery products by using high-quality ingredients and raw materials. Organic wafers are produced with certified organic raw materials,” according to Manjunath.

Constantly changing consumer tastes and preferences create a demand for new flavors. The introduction of new flavors by major manufacturers is a factor that is boosting the demand for wafers in the market. The common flavors that are enjoyed by consumers globally are mixed fruit, choco vanilla, pineapple, orange, mango, and strawberry.

Some of the new flavored wafers that are being introduced in the market include Fruit and Nut Flavored Wafers, Hunny Choco Flavors Biscuits, Dark Magic Choco Wafer Biscuits, Walnut Wafers, Hazelnut Wafers, and Coconut Wafers.

Key vendors include companies like Mars, Nestlé, Hershey and pladis.