Change is the only constant – a phrase that resonates well with almost every product, especially in the food and beverages and consumer goods sectors. That said, the former is equally dependent on the invaluable liking for legendary food products. And, this trend will define how companies in the global biscuits market shape their future. A report by Transparency Market Research says that the success of players in the global market for biscuits will rely on how well they create a balance between launching new products and sustaining the demand for traditional offerings. Almost one-third of the total revenues in the global biscuits market came from plain biscuits – US$ 25 mn, a value that explains the importance of this behemoth segment.
Pegged at US$ 76.38 bn, the global biscuits market is expected to grow at 4.70% CAGR between 2017 and 2025. For such a huge market, the eight-year forecast period offers growth opportunities worth US$ 33 bn, making the global biscuits market a US$ 109.95 bn industry.
Millennials’ Choice to Augur Tomorrow’s Products
Fancy is, perhaps, the right term that describes ingredient to tantalize the taste buds of millennials. From exotic products to overwhelming appearances, millennials look for products that find a way to their heart through the tummy. This underlying aspect has kept most players, new and old, in profiling consumer expectations, especially youth.
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With affordability taking a back seat in emerging economies like India, companies are foraying into a range of exotic biscuits, face-lifting their brand value. For instance, Parle, with a bedrock position in the market, did linger around with efforts to revive its product line few years ago. But, a quick analysis and prompt reaction to the evolving market, changed the fortunes of the company, once again. After tasting success with its best-selling product Hide and Seek, Parle recently ventured into its range of exotic cookies.
This classic case study is just one of the several examples that one may find in the latest TMR report on global biscuits market. Prominent and new entrants in the market will need to have systems in place to analyze changing consumer behavior. This will help satiate consumers’ hunger for new products.
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Companies to Explore Products for Health-Conscious Audience
While companies will be exploring new range of products to rake up sales figures, the global biscuits market offers a catch – the rise in lifestyle diseases. Diabetes, hypertension, and obesity, all three disease – scientifically inter-related, have left the entire world worried. The World Health Organization (WHO) finds that the diabetic population sky-rocketed from 108 million in 1980 to 422 million in 2014. And, the prevalence among adults above 18 years has doubled since then. The trends are similar for hypertension and obesity, too.
Changes in diet is critical for a healthy lifestyle. And, diabetologists recommend eating small portions at multiple intervals to keep blood glucose levels in control. While there are several options available, biscuits are easy to carry. This prompts companies in the global biscuits market to come out with healthy options like multigrain biscuits. Players are replacing white flour with millets, wheat, and other healthy options. Simultaneously, companies in the global biscuit market are also adopting strategic marketing campaigns to prove the effect of their healthier products on the targeted audience.