The global wafer biscuit market size is projected to expand at a substantial CAGR of 5.12% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing urbanization, shift in demography and rise in disposable incomes.
The breakfast biscuit trend continues to develop strongly as customers prefer more convenient breakfast alternatives. The availability of handy and healthful on-the-go snacks, such as morning biscuits, is one factor that attracts customers.
The COVID-19 pandemic has both beneficial and bad consequences for the global wafer biscuits market. The market's negative impact was caused by disruptions in global supply chains, which resulted in firms closing down operations or operating with insufficient employees, resulting in poor production. Furthermore, consumer stockpiling of commodities with a lengthy shelf life, such as biscuits, led in a reduction in product supply in the market. The demand for nutritious oat-based and nut-based cookies, are estimated to drive the market.
Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for convenience food and increasing disposable incomes are expected to fuel the market during the forecast period.
- Increasing demand for coated wafer biscuits is the major factor propelling the market during the forecast period.
- Large profit margins, rising spread of supermarkets, and increasing demand in luxury items, is estimated to provide future development potential.
- Lack of skilled labor in the market act as major challenges that can hamper the market expansion during the forecast period.
- New product introductions and growing demand in developing countries are expected to create significant opportunities for the market players.
Global Wafer Biscuit Market Segment Insights
The coated wafer biscuit segment is projected to constitute a large market share
Based on the category, the global wafer biscuit market is segregated into coated wafer biscuit and cream-filled wafer biscuit. The coated wafer biscuits segment is anticipated to expand at a robust CAGR. The consumers choose coated wafer biscuits because they come in a variety of flavors, including strawberry and chocolate. In addition, producers are constantly developing new flavors for coated wafer biscuits, such as chocolate wafer biscuits, vanilla wafer cookies, sugar wafer cookies, caramel wafer biscuits, and pink wafer cookies. Wafer cookies Manufacturers are offering coated wafer cookies in various shapes and sizes, which attracts the customers and the segment is projected to expand during the forecast period.
The supermarket segment is expected to register a substantial CAGR
On the basis of applications, the global wafer biscuit market is fragmented into supermarket, department store, and others. The supermarket segment is projected to hold a major market share during the forecast period. The supermarkets provide a wide selection of wafer biscuits from numerous wafer cookie brands they attract a larger number of customers than other distribution channels. Due to changing consumer lifestyles and rising urbanization, particularly in emerging countries, the supermarket segment will continue to rise throughout the forecast period.
The market in Europe is expected to hold the major market share
In terms of regions, the global wafer biscuit market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Europe is estimated to expand at a high CAGR during the forecast period, owing to high standard of living and the presence of numerous merchants in the region. Wafer biscuits are the second largest market in North America. However, due to rising health concerns among consumers, the rise in wafer biscuit consumption has slowed in this region. The Asia-Pacific region is likely to be the fastest-growing market during the forecast period, owing to a shift in consumer preferences and increased disposable incomes. The urbanization in the region, particularly in China and India, has boosted market demand for wafer biscuits and other bakery items.