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23 March, 2021, New York, USA – The chocolate biscuit market is expected to witness tremendous growth in the near future, thanks to rising demand for food consumed away from home, and growing value for agro-business. According to the United States Department of Agriculture (USDA) projections, the food consumed at home was expected to grow from USD 600 billion in 2008 to nearly USD790 billion in 2018. On the other hand, the food consumed away from home was expected to rise from 550 billion in 2008 to over USD 810 billion in 2018. The increased mobility in the workforce, and growing acceptance of eating out as a social norm will likely present major opportunities for players in the chocolate biscuit market, a food-on-the-go product.
The rising demand for biscuits also remains a major positive for new players in the chocolate biscuits market as costs for biscuits avoid the main barriers to entry usually experienced in food production. For example, according to the USDA, the food service sector like restaurants accounted for 34.9 cents per dollar in 2006. Moreover, the retail trade, the main channel for distribution of biscuits only accounted for 13.7 cents per dollar in the same year. These costs remained fairly consistent over the period of the USDA study between 1993-2008. The low costs of distribution as compared to distribution of other food products remain a major positive for entry for new players in the chocolate biscuits market.
The chocolate biscuit market remains a fragmented, and competitive landscape. The growing demand for new products in the global chocolate biscuit market in the Asia Pacific region remains a promising draw for introducing new products to suit unique taste buds. Furthermore, the premium nature of chocolate-based biscuits, and growing demand for quality offerings due to rising disposable income in Asia Pacific along with a large young population will remain major opportunities for growth. Some key players in the global chocolate biscuit market are BALOCCO, August Storck KG, Ezaki Glico, Danish Speciality Foods Aps, Ishiya, Nestle, Mayora, Mondelez International, Pladis Global, and TATAWA.
Demand for Healthy Biscuits Remains a Promising New Avenue for Growth
The demand for healthy cookies remained highest in the chocolate biscuit market in 2018-20 period. The rising health consciousness among consumers, and willingness to pay more to get healthy foods remained strong drivers for growth in the chocolate biscuit market. For example, the Pepperidge company launched Pepperidge Farm Farmhouse thin and crispy cookies. In January 2019, the Maryland launched sugar-free cookies product offerings. The growing attractiveness of packaging, innovative designs continue to drive robust demand for healthy cookies as millennials continue to show highly conscious health behaviour in key markets of North America region. Various studies project that millennials tend to smoke, and consume alcohol, and cigarettes less, tend to visit the gym more often, and are more health conscious about their personal well-being. The growing product introductions, and increased consumer awareness will likely create new opportunities for growth for players in the chocolate biscuit market.
Online Commerce Remains a Major Positive for Growth as E-commerce Thrives
The chocolate biscuit market report is segmented into distribution channels including super markets, convenience stores, online retail, and specialist retailers. Among these, the e-commerce channel promises major leeway for growth. According to the US census bureau, the e-commerce retail sales in the first quarter of 2020 rose to USD 160.3 billion. This represented an increase of 14.8% from the first quarter of 2019, with more consumers switching to the online retail amidst the pandemic. Furthermore, the pandemic has pushed even the elderly (the most vulnerable population during the pandemic) to embed technology to meet daily necessities. The growing demand for biscuits, and its status as a food-on-the-go for various purposes remains an attractive draw amidst the growing e-commerce clout. The conventional retail channel will also experience major growth, thanks to convenience associated with super markets, and large stock gathering undertaken by consumers during the covid-19 pandemic. The covid-19 pandemic resulted in a significant impact in key markets like North America, wherein demand for household essentials remained highest. However, the promise of vaccine on the horizon, and growing demand for quality biscuits in new emerging regions will promise strong recovery for players in the chocolate biscuits market.
North America to Account for Largest Share of Total Revenues
The chocolate biscuit market report is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America is expected to account for highest total revenues during the 2021-2028 period. The region is home to a large working class population, wherein demand for biscuits remains a promising prospect. Also, the growing disposable income in the region, with various legislations promising an increase in minimum wages, and lower healthcare costs are on the horizon. Furthermore, the key players in the region have announced a wide range of new flavors including peanut butter cookies, buttercream, chocolate, among others. The continuous innovation in products in the region, and key status in social ties remains a promising draw for growth in the chocolate biscuit market.
The Chocolate Biscuit Market is Segmented as Follows:
Crackers & Savory Biscuits
By Distribution Channel
Middle East and Africa
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