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.
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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.
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