The projected value of the global wafer biscuits market is US$ 160 billion for 2033-end. Worldwide consumption of wafer biscuits is estimated to increase at a CAGR of 4.1% through 2033, a FactMR analysis of the global wafer biscuits market for the period of 2023-2033 says.
Wafer biscuits are flat, thin, crisp, and dry cookies that are gaining popularity among youngsters. These are also used in the preparation of some sweet dishes and ice cream sandwiches. The easy availability of different flavors of these biscuits such as strawberry and chocolate is likely to contribute to increased sales of these products.
Manufacturers from the wafer biscuits industry are coming up with innovative and new wafer biscuits in different flavors including caramel wafer biscuits, pink wafer cookies, sugar wafer cookies, chocolate wafer biscuits, and vanilla wafer cookies. The products are introduced in various sizes and shapes to attract consumers.
The influx of people is high in supermarkets and hypermarkets as compared to other distribution channels as they provide a wide variety of choices for all products. Rapid increase in urbanization and changing consumer lifestyles have led to increasing demand for convenience food that includes wafer biscuits. Developing countries are key geographical areas that are likely to bolster the sales of different ready-to-eat snacking options, and thus stimulate target market growth.
- Sales of wafer biscuits are set to progress at a CAGR of 4.1% through 2033.
- The market in Canada is projected to expand at a CAGR of 3.5% through 2033.
- Current valuation of the global wafer biscuits industry is US$ 107 billion.
- Consumption of wafer biscuits is expected to reach US$ 160 billion by 2033-end.
- The expected growth rate of the coated wafer biscuits segment is 4.5% CAGR through 2033.
“Increased per capita consumption of convenience food due to busy lifestyle and rising disposable income is expected to boost growth opportunities for wafer biscuit suppliers,” says a Fact.MR analyst.
Vendors are introducing a wide variety of wafer biscuits with some innovative and new ideas for packaging. The use of quality material attracts more users and contributes to the increased shelf life of these biscuits. Further, these wafer biscuits are made up of flour, wheat, etc. which are prone to moist environments so, the use of good packaging solutions is helpful to increase the shelf life of the products.
The study divulges essential insights into the market on the basis of type (cream-filled and coated), application (chocolate, sandwich, and ice cream), and distribution channel (hypermarkets & supermarkets, convenience stores, online stores, and specialty food stores), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).