Wafer Biscuits Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Wafer Biscuits Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The wafer biscuits market is projected to register a CAGR of 5.12% during the forecast period (2022-2027).

The COVID-19 pandemic created opportunities for private players to emerge in the markets to cater to the inflated demand. The demand for innovative biscuits is consistently high in developed countries because wafer biscuits are a quick and convenient source of snacks. Furthermore, COVID-19 led to a major consumer shift, as customers are no longer brand loyal in developing countries and are trying new brands in the low-stock environment.

The increasing urbanization, which can be attributed to the change in demographics and high disposable income, is fuelling the growth of the wafer biscuits market. The high-profit margins and proliferation of supermarkets have led to a growing interest in premium products, thus providing growth opportunities in the future.

Further, wafer biscuits hold strong popularity, owing to the diversified flavor ranges and growing preferences among kids and adults. They crave convenient snacking options, which led the wafer biscuit market to record robust growth.

Key Market TrendsIncreasing Demand for Sweet Biscuits

The growing preference for convenient snacking and easier consumer accessibility through the advancing retail sector are among the few factors augmenting the wafer biscuits market growth. Moreover, the booming demand for healthy snacking has led many manufacturers to introduce health-efficient biscuits with fortified active ingredients, mainly protein, fiber, and vitamins. Bestore offers probiotic wafer biscuits. Moreover, players are placing/innovating their product line under the better-for-you snacking category. For instance, in 2021, PT Kaldu Sari Nabati added the peanut butter variant under its Nabati Vitakrim vitamin-fortified wafer. Nabati Vitakrim peanut butter cream comes with added vitamin E. The earlier product Nabati Vitakrim raspberry yogurt cream wafer features vitamin C.

Europe Holds the Major Share in Wafer Biscuit Market

The European region dominates the wafer biscuit market, with the largest share due to the high standard of living and many regional vendors. The market has witnessed a significant demand for wafer biscuits owing to product innovations involved in the sector and the use of high-quality ingredients. In 2020, the consumption volume of cookies, wafers, and dry biscuits in Sweden amounted to roughly 67 thousand metric tons, from 45.1 thousand metric tons in 2016, as per JordbrUnited Kingdomsverket data. The market for wafer biscuits across United Kingdom is driven by sensory innovation, where manufacturers are stepping up their efforts to provide products with novel shapes and colors. Over the past few years, the country has grown a specific appetite for conventional & unconventional flavors. Thus, in 2021 Ferrero launched the German biscuit brand into United Kingdom stores. The biscuits consist of two layers of crispy wafer with a hazelnut center, covered in milk chocolate, available in 30p single bars, 60p double packs, GBP 1.80 packs of five, and a GBP 3 10-pack.

Competitive Landscape

The leading market players have been using strategies, such as expansions and new product launches, to increase their global presence and productivity. Some of the major players in the market are Nestle SA, Mondelez International, Mars, Incorporated, and The Hershey Company, among others. The extensive product portfolio, global presence, and the company’s continuous activities in the market studied have resulted in global players accounting for a major share.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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