Global Wafer Biscuits Market - 2023-2030

Global Wafer Biscuits Market - 2023-2030

The Global Wafer Biscuits Market reached US$ 98.5 billion in 2022 and is expected to reach US$ 146.2 billion by 2030 growing with a CAGR of 5.1% during the forecast period 2023-2030.

The availability of a wide range of flavors, fillings, and textures in wafer biscuits appeals to consumers who seek variety and unique taste experiences. Wafer biscuits are often priced competitively, making them an accessible and affordable snack option for a wide consumer base. The global reach and availability of wafer biscuits have expanded with increased international trade and globalization, leading to greater consumer access and market growth.

By aligning with the evolving health-conscious consumer preferences, wafer biscuit companies can tap into a new market segment and attract health-conscious consumers who are looking for guilt-free indulgence. Additionally, expanding into untapped or emerging markets, both domestically and internationally, presents another opportunity for wafer biscuit manufacturers to expand their customer base and increase market share.

Market Dynamics

Increasing New Product Launches and Productivity Drive Market Growth

The wafer biscuit market stands out due to the abundance of vendors. The leading market participants have been employing strategies, such as expansions and the introduction of new products, to increase their global presence and productivity. The top international rivals on the market include Nestle SA, Mondelez International, and The Hershey Company. Due to their extensive product offerings, widespread presence, and ongoing market activity, global players now account for a sizeable portion of the market.

Some of the key players launched new products in the market to expand their business. For instance, On April 02 2021, Jack and Jill Lausanne, a confectionary company launched the TWO-TONE brand and the first non-coated wafer. For a filling bite, it combines two rich cream flavors with crunchy wafer biscuits.

Increasing Changes in Consumer Tastes and Preferences in Wafer Biscuits Drive Market Growth

There is a constant need for new wafer biscuit flavors due to shifting consumer tastes and preferences. To increase the market demand for wafers, major biscuit manufacturers are expanding their flavor selections. The flavors that consumers around the world prefer most are chocolate vanilla and mixed fruit (pineapple, mango, orange, and strawberry). Some of the new flavor wafers that have been released on the international market include fruit and nut-flavored wafers, coconut wafers, hazelnut wafers, Dark Magic chocolate wafer biscuits, and Hunny Choco Flavors Biscuits.

An increase in the new product launches of wafer biscuits in the market helps to boost market growth over the forecast period. For instance, on August 03, 2022, LoveRaw, a chocolate company launched a vegan caramelized biscuit cre&m wafer in the market. The new product is a crispy texture wafer filled with a biscuit cream and thin layers of caramel. Additionally, due to the rising demand for healthy snacks, many manufacturers have introduced biscuits that are made with fortified nutrients, primarily protein, fiber, and vitamins, which are driving the market growth.

Fluctuating Raw Material Prices and Increasing Health Concerns May Hamper the Market Growth

The main ingredients used in wafer biscuits such as sugar, flour, and cocoa are subject to price volatility due to changing weather patterns, geopolitical issues, and other factors. This can impact the cost of production and affect the profit margins of manufacturers. Moreover, wafer biscuits are high in sugar and fat content, which can lead to health problems such as obesity, diabetes, and heart disease. As a result, consumers are becoming increasingly health-conscious, and there is a growing demand for healthier snack alternatives, which could negatively impact the sales of wafer biscuits.

COVID-19 Impact

During the pandemic, there was a surge in demand for packaged and shelf-stable food products as consumers stocked up on essential items. This included wafer biscuits, which are considered convenient snacks with a longer shelf life. The increased demand for packaged foods positively impacted the wafer biscuits market. The pandemic led to disruptions in the global supply chain, including the availability and transportation of raw materials for wafer biscuit production. Restrictions on movement, border closures, and reduced workforce in manufacturing facilities and logistics operations affected the sourcing of ingredients and the timely delivery of finished products, leading to supply chain challenges for wafer biscuit manufacturers.

The pandemic altered consumer purchasing behavior, with many people turning to online channels for their shopping needs. This shift impacted traditional brick-and-mortar retail sales, including impulse purchases of wafer biscuits at convenience stores and supermarkets. While e-commerce platforms saw increased sales, overall consumption patterns were affected.

Russia-Ukraine Impact Analysis

The political tensions between Russia and Ukraine have resulted in trade restrictions, import/export barriers, and disruptions in the supply chain. These disruptions can affect the availability of raw materials, packaging materials, and finished wafer biscuits in the market.

Companies operating in both countries may face challenges in sourcing ingredients, manufacturing, and distributing their products across borders. Political instability and economic uncertainties can impact consumer purchasing power and overall market demand. Fluctuations in currency exchange rates, inflation, and changes in consumer behavior due to the geopolitical situation can affect the consumption patterns of wafer biscuits. Consumers may be more cautious about their spending and prioritize essential items over indulgent snacks like wafer biscuits.

The political tensions can lead to changes in trade relationships and market dynamics. Companies may face increased competition from domestic producers, as import restrictions and trade barriers may favor local manufacturers. This can impact the market share and competitiveness of foreign wafer biscuit brands in the Russian and Ukrainian markets.

Segment Analysis

The global wafer biscuits market is segmented based on type, application, distribution channel, and region.

Increased Demand for Various Cream Filled Wafer Biscuits is Expected to Drive the Segment’s Growth

The global wafer biscuits market by type has been segmented by coated and cream filled.

The cream-filled wafer biscuits segment held the highest global wafer biscuits market share due to the increase in consumer demand for the different flavors of cream wafer biscuits. The cream-filled wafer, which is made from refined grains and baked afterward to create a tasty and healthy treat, is also a nutritious snack. The cream-filled wafer biscuits are a quick and easy snack that increases market share.

An increase in the new product launches with the cream-filled wafers helps to boost segment growth over the forecast period. On April 26, 2022, Voortman Cookies, a food manufacturing company launched two limited-time fruit-flavored wafers in the market. The two flavors consist of Raspberry Lemonade and Tropical Fruit which are easily available in the United States and Canada. These wafers consists of real lemons, raspberries, coconut and pineapple creamy fillings.

Geographical Analysis

The Increased Demand for Ready-to-Eat Snacks in North America

North America dominated the global wafer biscuits market as a result of urbanization and healthy eating practices. Customers looking for a distinctive healthy snack have been successfully attracted to the European market. Wafer biscuits are a grain-based raw food, gluten-free wafers and baked goods that set the wafer biscuit category apart from other bakery goods. The region's modern residents' quick and convenient lifestyles have raised public awareness of the nutritive advantages of snack foods.

The North American wafer biscuit market is a thriving industry characterized by the growing demand for convenient and indulgent snacks, with consumers appreciating the crispy and light texture of wafer biscuits. Some of the major key players in the market launched new products in the market. For instance, On February 17 2021, Nestle launched vegan kitkat crisp chocolate in the market. It is made by using 100% sustainable cocoa sourced via Nestlé Cocoa Plan in conjunction with the Rainforest Alliance.

Competitive Landscape

The major global players include Nestle, Mars, Bahlsen, Hershey Food Corp, Streit's, Cadbury, Greco BrOthers, Keebler Vanilla Wafers, Mondelez International and Pickwick.

Why Purchase the Report?
• To visualize the global wafer biscuits market segmentation based on type, application, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of wafer biscuits market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global wafer biscuits market report would provide approximately 61 tables, 61 figures and 122 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies