ALBANY, New York, Aug. 19, 2019 /PRNewswire/ -- Transparency Market Research has recently published a new research report that talks about the global biscuits market and how it has been shaped or influenced in recent years. According to the research report, the market is projected to be a massive industry worth US$109 Bn by 2025. During the given forecast period of 2017 to 2025, growth opportunities worth US$33 Bn are expected to arise that will significantly drive the development of the global biscuits market. The mentioned growth of the market is estimated to be achieved with a CAGR of 4.70% over the course of the forecast period. The valuation at the end of the projection period is considerably more than the initial valuation of US$76.38 Bn recorded in 2016.
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The segment of biscuits is an important vertical of the food and beverage market. The tastes and demands of consumers across the globe are constantly evolving and the industry is constantly adapting to it as well. However, a liking for highly popular food products remains the same. Plain biscuits are one such item. This biscuit variety accounted for nearly one-third of the overall revenue of the global biscuits market generating around US$25 Bn. According to the research report, finding the right balance between evolving demands and irreplaceable traditional choices will define the success and growth of the key companies in the market. Some of the prominent names in the global biscuits market include names such as Parle Products Private Limited, HUG AG, Walkers Shortbread Ltd., The Hershey Company, Dali Food Group Co. Ltd., National Biscuit Industries Ltd., and Cornu AG among others.
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Young Customers Are Prime Targets for Leading Brands
The current era is shaped by the quickly changing demands of millennials. These millennials are opting for ingredients that will tantalize their taste buds. Thus, from overwhelming appearances to exotic products, they are looking for products that will not only satisfy their hunger but also appeal to their hearts. This has been a key trend that has been leveraged by leading players in the biscuits market and they are launching new products that will quickly settle in the hearts of young consumers. This is also a key driving factor for the growth of the global biscuits market.
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For example, Parle, a legendary name in the global biscuits market, did take some time to adapt to the evolving market. It tried to revive its old and popular products with traditional techniques but it did not yield the expected results. However, thorough research and quick reactions to the changing market demands helped in transforming the fortunes as well as the status of the company. After gaining huge success with Hide 'n' Seek biscuits, the company quickly entered the segment of premium and exotic cookies. The company did not stop the production of its flagship Parle G product, however, kept on providing newer and exotic biscuits as per the changing needs of their loyal customers.
Highly Settled Consumer Base in APAC is Driving Regional Growth
From a regional perspective, the global biscuits market is divided into five key segments viz. North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of these segments, the global market is expected to be dominated by the Asia Pacific and Europe regions during the course of the given forecast period of 2017 to 2025. A huge consumer base in the Asia Pacific region that prefers biscuits over bakery and confectionary products is the main driving factor for its growth. The next high growth potential is expected to be shown by North America region.
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The study presented here is based on a latest Transparency Market Research report titled "Biscuits Market (Product - Sweet Biscuits, Savory, Crackers, Filled/Coated, and Wafers; Source - Wheat, Oats, and Millets; Packaging - Pouches/Packets, Jars, Boxes, and Peelpaq; Distribution Channel - Supermarket/Hypermarket, Convenience Store, specialty Store, and Online Retail; Flavor Type - Plain, Chocolate, Sour Cream, Cheese, and Spiced, and Fruits and Nuts) Global Industry Analysis and Opportunity Assessment 2017 – 2025."
The global biscuits market is segmented based on:
- Sweet Biscuits
- Convenience Store
- Specialty Store
- Online Retail
- Sour Cream, Cheese, and Spiced
- Fruits and Nuts
- North America
- The United States
- Latin America
- The United Kingdom
- Middle East and Africa
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