The latest report from Technavio, the Sweet Biscuit Market, expects the market to grow at a CAGR of 5.13% between 2022-2026 and a growth of US$26.6 billion. The report takes into account the consumer base, adoption rate, average selling price, revenue generated and other factors in order to estimate the market size.
The global sweet biscuit market is fragmented and highly competitive among local and regional players. To position their products, major vendors use methods such as new product innovations, product expansions, mergers, acquisitions and alliances.
Competition between vendors and declining profit margins create significant risk, as well as rapid technological changes in curing, packaging and transportation. In order to survive in this competitive market, vendors must distinguish their product offerings clearly. Vendors identified include Alco Group, BakeMate, Burtons Biscuit Co, Grupo Bimbo, The Kraft Heinz Co, and more as some of the major market participants.
Growing preference for healthy biscuits will offer “immense” growth opportunities, Technavio reported, but fluctuating raw material prices will challenge the growth of the market for participants. To capitalise on opportunities, vendors should focus on growth prospects in fast-growing segments.
The market is segmented into two distribution channels: offline and online. The offline segment accounted for maximum sales and revenue generation for the market in 2021. Geographically, Europe will emerge as the key market occupying 34% of the global market share. This is driven by high employment rates, increased immigration and rising disposable incomes of consumers in the region.
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