Sweet Biscuit Market - Growth, Trends, and Forecasts (2023 - 2028)

Sweet Biscuit Market - Growth, Trends, and Forecasts (2023 - 2028)

The sweet biscuit market is projected to register a CAGR of 5.35% over the next five years.

For the longest time, biscuits have been used as snacks during different activities in daily life. Due to increased urbanization, industrialization, and lifestyle change, the snacking trend is visible in many countries. Therefore, the biscuit market is growing in urban areas. Also, the growing convenient snacking preference, coupled with easier consumer accessibility through the advancing retail sector, is one of the few factors augmenting the sweet biscuit market growth globally.

Additionally, market players have been innovating products according to consumer needs. For instance, Kids prefer biscuits with chocolate or other fruity flavors. Therefore, market players are making biscuits with different flavors, unique shapes, and attractive packaging materials. The consumer's preference for free-from and functional products is rising owing to health-related issues like diabetes, obesity, and celiac disease. Furthermore, product innovations like filled biscuits and sandwiches are driving the market growth. For instance, in December 2021, Sunfeast, an ITC limited center-filled Dark Fantasy Desserts. The products are available in two flavors, i.e., Choco Chunks and Choco Nut Dipped.

The consumers growing consciousness about their health is driving the market players to produce high-quality, nutrient-rich products. The consumer trend of gluten-free and vegan food is driving the market players to innovate products according to consumer needs. Rising awareness about health and fitness and a growing healthy snack product preference, especially among working professionals and millennials, is driving sales. Healthy biscuit demand is increasing due to the active consumer lifestyle who look for convenient eating options. Because of rising lifestyle-related disorders such as obesity and rising awareness about well-being, consumers' need for tasty indulgence shifted their preference toward healthy biscuits as a nutritious alternative. Manufacturers are actively indulging in healthy biscuits production in different flavors to enhance their taste. In May 2022, Arnott's, a Campbell Soup Company brand, launched new gluten-free versions of biscuits. The biscuits are available in three flavors, i.e., Mint Slice, Shortbread Cream, and TeeVee Snacks Original.

Sweet biscuits remain one of the most preferred types of snacks and are consumed regularly by people of all age groups in the Asia-Pacific region. To cater to the rising demand for premium sweet biscuits in the country, manufacturers are targeting various groups of consumers and launching products specific to their needs. Moreover, consumers are increasingly aware of the importance of consuming balanced and healthy diets, with increasing demand for protein intake to boost energy and solve undernutrition problems, especially among children. The manufacturers are updating their portfolios with the launch of new products with additional nutrients and different flavors. For instance, in December 2021, Britannia Industries limited launched and relaunched its biscuit brand Good Day with the addition of three new varieties. The biscuits contain four types of nuts and are bigger biscuit size.

The sweet biscuit market is highly competitive, with the significant presence of numerous local and regional players. Mondelēz International Inc., Britannia Industries Ltd, ITC Limited, Groupo Bimbo, Parle Products Ltd, Yildiz Holdongs Inc., and Kellogg's Company are the most active companies in the sweet biscuit market. The companies are increasing their product lines and expanding their presence worldwide. Key players in the sweet biscuit market adopt new product innovations, expansions, mergers, acquisitions, and partnerships to position their products.

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