Changeis the only constant – a phrase that resonates well with almost every product,especially in the food and beverages and consumer goods sectors. That said, theformer is equally dependent on the invaluable liking for legendary foodproducts. And, this trend will define how companies in the global biscuitsmarket shape their future. A report by Transparency Market Research says thatthe success of players in the global market for biscuits will rely on how wellthey create a balance between launching new products and sustaining the demandfor traditional offerings. Almost one-third of the total revenues in the global biscuits market came from plain biscuits - US$ 25 mn, a valuethat explains the importance of this behemoth segment.
Peggedat US$ 76.38 bn, the global biscuits market is expected to grow at 4.70% CAGRbetween 2017 and 2025. For such a huge market, the eight-year forecast periodoffers growth opportunities worth US$ 33 bn, making the global biscuits marketa US$ 109.95 bn industry.
Millennials’ Choice to Augur Tomorrow’s Products
Fancyis, perhaps, the right term that describes ingredient to tantalize the tastebuds 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 profilingconsumer expectations, especially youth.
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Withaffordability taking a back seat in emerging economies like India, companiesare foraying into a range of exotic biscuits, face-lifting their brand value.For instance, Parle, with a bedrock position in the market, did linger aroundwith efforts to revive its product line few years ago. But, a quick analysisand prompt reaction to the evolving market, changed the fortunes of thecompany, once again. After tasting success with its best-selling product Hideand Seek, Parle recently ventured into its range of exotic cookies.
Thisclassic case study is just one of the several examples that one may find in thelatest TMR report on global biscuits market. Prominent and new entrants in themarket will need to have systems in place to analyze changing consumerbehavior. This will help satiate consumers’ hunger for new products.
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Companiesto Explore Products for Health-Conscious Audience
Whilecompanies will be exploring new range of products to rake up sales figures, theglobal biscuits market offers a catch – the rise in lifestyle diseases.Diabetes, hypertension, and obesity, all three disease – scientificallyinter-related, have left the entire world worried. The World HealthOrganization (WHO) finds that the diabetic population sky-rocketed from 108million in 1980 to 422 million in 2014. And, the prevalence among adults above18 years has doubled since then. The trends are similar for hypertension andobesity, too.
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Changesin diet is critical for a healthy lifestyle. And, diabetologists recommendeating small portions at multiple intervals to keep blood glucose levels incontrol. While there are several options available, biscuits are easy to carry.This prompts companies in the global biscuits market to come out with healthyoptions like multigrain biscuits. Players are replacing white flour withmillets, wheat, and other healthy options. Simultaneously, companies in theglobal biscuit market are also adopting strategic marketing campaigns to provethe effect of their healthier products on the targeted audience.
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