India Biscuits Market Projected to touch USD 11,792.3 Million by 2027
Published | 04 September 2021
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that India Biscuits Market is projected to reach USD 11,792.3 Million by 2027, growing at a CAGR of 12.4% during the forecast period. The India biscuit market is being powered by factors such as rising customer income, a shift to quality biscuits, the establishment of more manufacturing facilities, rising health awareness, biscuit innovation, appealing packaging, and so on. Moreover, the active involvement of women in business life, as well as having less time for cooking homemade food, is propelling the demand for biscuits in India. Furthermore, people are becoming more health-conscious, which motivates them to make healthier snack choices. Especially during COVID -19, ready-to-eat options that are easy to preserve at home and have long shelf life are highly preferred by consumers.
Active lifestyle and health awareness of consumers
Consumers' active lifestyles and the rising preference for convenient eating options are increasing demand for healthy biscuits. Health-conscious consumers prefer biscuits with high nutritional value. As a result, biscuit manufacturers nowadays use more fibrous and nutritious constituents such as oats, reducing the extent of artificial colors and additives, and avoiding high fructose syrup entirely, while manufacturing biscuits.Another variant for health-conscious consumers is the low sugar or sugar-free biscuits that help with weight management, cholesterol management, and much more.
Rising demand for ready to eat snacks
The growing demand for ready-to-eat snacks among the people is further expected to boost the biscuit market's growth in India. Furthermore, the unexpected outbreak of COVID-19 and the pandemic-induced nationwide lockdown has raised the demand for convenience and healthy food items with longer shelf life, thereby driving the growth of the India biscuits market.One reason for the rise in demand for ready-to-eat foods is that a growing number of the working population have less time to cook, which in turn contributes to the demand for biscuits. Biscuits are the perfect snack for just about any occasion; thus, they are popular among the working population, who are always looking for fast snacks.
Increasing consumer awareness regarding ingredients
Now, simply meeting the minimum legal requirements in product labeling is not enough to build trust with customers.Consumers have become more aware of advertised promises and the actual benefits that matter to them. The only way to deliver convenient products is to stick to strict regulations pertaining to biscuit manufacturing. Additionally, increasing raw material costs and a rising tax burden on the sector are the challenges that the biscuit market is likely to face in the near future.
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Impact of COVID-19 in the industry
The COVID-19 pandemic has impacted nearly every industry, including consumer goods, and the Indian biscuit industry is no exception.Amidst all of the health problems, many businesses are still experiencing difficulties as a result of travel restrictions and limitations on the local movement. However, However, the sudden outbreak of COVID-19 and national lockdown have significantly increased demand for ready-to-eat snacks due to the growing demand for readily accessible snacks that can be consumed at home.Furthermore, as health problems become more prevalent, people are becoming more aware of the importance of eating nutritious foods, which is significantly adding to consumer demand.
Sweet Biscuits occupies the largest share of India Biscuits Market
The sweet biscuit section accounted for a significant share of the biscuit market in 2020. The filled biscuits market in the sweet biscuits’ category is expected to develop at the fastest CAGR during the forecast period. Sweet biscuits are popular all over the world because of their delicious taste, high energy content, and ease of availability. Sweet biscuits are also a common option among consumers due to their high nutrient content. During the forecast period, the sweet biscuits market is expected to grow due to the rising popularity of ready-to-eat snacks and the increased convenience for consumers offered by the growing retailsector.
Northern Region is expected to witness significant growth in the market during the forecast period
The Northern Region of India holds the maximum market share and is expected to dominate the Indian market over the forecast period. Product innovations and high disposable income are the two primary factors driving the growth of the biscuits market in this region. Consumer tastes are also evolving, and the demand for on-the-go foods among the working population in the city is driving the market. Also, because of their increased buying power, customers can now afford to pay for delicious and high-quality biscuits. Additionally, the arrival of Manufacturing Multinationals and changing consumer habits are driving the growth of the biscuits industry.
India Biscuits Market Favorable for New Entrants
The key players in the India Biscuits Market are Parle Products Pvt. Ltd., Britannia Industries, ITC Limited, Mondelez India Foods Pvt. Ltd., Surya Food &Agro Ltd., Anmol Biscuits Ltd., SAJ FOOD PRODUCTS (P) LTD, UNIBIC Foods India Pvt. Ltd., Dukes Products India Limited, Mrs.Bectors Food Specialties Ltd., Patanjali, Horlicks, Karachi Bakery and other key manufacturers.
As more and more new brands enter the India biscuits industry with more authentic products, the market is becoming more favorable for new entrants. Biscuit companies can discover deficiencies in their competitors' products, improve their own, and use marketing strategies to communicate their uniqueness.The biggest challenge for new entrants, however, is the considerable amount of capital required to start a biscuit firm, as it requires a large plant and capital to function.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Biscuits Market.It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India Biscuits Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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