Wafer Biscuits Market Size
The Global Wafer Biscuits Market reached USD 98.5 billion in 2022 and is expected to reach USD 146.2 billion by 2030 growing with a CAGR of 5.1% during the forecast period 2024-2031. The increasing trend of snacking between meals and on-the-go lifestyles has led to a rise in demand for convenient and portable snacks like wafer biscuits.
Wafer biscuits are lightweight, easy to carry, and individually wrapped, making them a convenient choice for consumers looking for quick and portable snacks. Wafer biscuits can be enjoyed on their own as a snack, used as a topping or ingredient in desserts, or paired with other food items like ice cream or chocolate spreads, providing versatility in consumption options.
One major opportunity in the wafer biscuits market is the growing demand for healthier and more nutritious snack options. Consumers are increasingly seeking snacks that offer both indulgence and health benefits. Wafer biscuits can be used in combination with other bakery items, such as cakes, pastries, and ice cream. They are commonly used as layers or fillings in desserts, adding a crispy texture and flavor to the overall product. Wafer biscuits are beloved for their delicate, thin layers and satisfyingly crispy texture that provide a delightful eating experience.
Market Scope
| Metrics | Details |
| CAGR | 5.1% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Application, Distribution Channel, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
For more insights Request Free Sample
Market Dynamics
Increasing Demand for Healthy Snacks Drive Market Growth
The growing demand for healthy snacks has prompted many manufacturers to release biscuits that are beneficial to health with their fortified active ingredients, which are primarily protein, fiber, and vitamins. Consumers are now more conscious about their health and are actively seeking out snacks that offer better nutritional profiles and healthier ingredients. This has led to a shift in consumer preferences towards healthier snacking options, including wafer biscuits that are made with whole grains, natural sweeteners, and fewer artificial additives.
Some of the major key players launched new products in the market. For instance, on July 11, 2021, PT Kaldu Sari Nabati, a consumer goods company, started a line of peanut butter-flavored and vitamin-fortified wafers under the name Nabati Vitakrim. The Nabati Vitakrim peanut butter cream fillings have been fortified with vitamin E. While its earlier product, the Nabati Vitakrim raspberry yoghurt cream wafer, contains vitamin C.
Utilizing Advanced Packaging Techniques Could Boost Market Expansion
Vendors have started using clear printing techniques in recent years to introduce some creative packaging. One of the obvious factors that can have a positive effect on market growth is the growing focus on innovative packaging. The packaging of wafer biscuits ensures radiation protection in a conflict similar to this. Additionally, the product's size and shape are maintained. These packaging materials are typically produced to improve the packaging's aesthetics and a product's shelf life.
Effective packaging solutions also guarantee water vapor permeability. Moisture can affect flavoring ingredients like fat, sugar, wheat flour, and others. Furthermore, there is a lot of fat in these ingredients. As a result, these factors push manufacturers to create appropriate packaging options to shield wafers from harm, which are factors that drive market growth in the forecast period.
Fluctuating Raw Material Prices and Increasing Health Concerns May Hampers the Market Growth
The main ingredients used in wafer biscuits such as sugar, flour, and cocoa are subject to price volatility due to changing weather patterns, geopolitical issues, and other factors. This can impact the cost of production and affect the profit margins of manufacturers. Moreover, wafer biscuits are high in sugar and fat content, which can lead to health problems such as obesity, diabetes, and heart disease. As a result, consumers are becoming increasingly health-conscious, and there is a growing demand for healthier snack alternatives, which could negatively impact the sales of wafer biscuits.
Fluctuations in raw material prices can also disrupt the supply chain and production planning for wafer biscuit manufacturers. Sudden price increases or shortages of specific ingredients can result in challenges in sourcing raw materials, maintaining consistent product quality, and meeting customer demand in a timely manner.
Market Segment Analysis
The global wafer biscuits market is segmented based on type, application, distribution channel, and region.
Increased Demand for Various Coated Wafer Biscuits is Expected to Drive the Segment’s Growth
The global wafer biscuits market by type has been segmented into coated and cream filled.
Coated wafer biscuits segment held the largest market share due to their wide range of flavors, including strawberry and chocolate, consumers favor coated wafer biscuits. Coated wafer biscuits come in a variety of flavors, including chocolate, vanilla, sugar, caramel, and pink wafer cookies, all of which are constantly being developed by manufacturers. Due to the variety of sizes and shapes that manufacturers offer in their coated wafers, this segment is expected to grow over the forecast period.
Some of the major key players launched new products in the market to expand their business. For instance, For instance, on February 06, 2023, Hershey India Pvt. Ltd., a subsidiary of the Hershey Company launched chocolate-coated wafer biscuits in the market. Unique crispy wafer tubes with melt-in-your-mouth Hershey's chocolate flavor are within, and the outside has a generous coating of chocolatey crème and unexpected crunchy bits.
Market Geographical Share
Increased Consumption of Snack Products In North America
North America is the dominating region in the global wafer biscuits market due to a high standard of living and the large number of health-conscious people in that region. The increase in demand for wafer biscuits is due to product innovations in the industry and the use of premium ingredients, which are factors that have primarily impacted the North America region. Furthermore, the increased consumption of snack items like biscuits across the region is due to their busy lives.
An increase in product launches by major key players in the region helps to boost segment growth. For instance, on February 04, 2023, Nutella wafer biscuits are now available for consumers in the United States. These biscuits are designed to be a mid-afternoon snack or an after-dinner treat. It is available in the pack size of a 20-count resealable bag for $4.79.
Wafer Biscuits Brands
The major global players include Nestle, Mars, Bahlsen, Hershey Food Corp, Streit's, Cadbury, Greco BrOthers, Keebler Vanilla Wafers, Mondelez International and Pickwick.
COVID-19 Impact
During the pandemic, there has been a surge in demand for packaged and shelf-stable food products, including wafer biscuits. With people spending more time at home, there has been an increased inclination towards snacking, which has driven the demand for wafer biscuits as a convenient and indulgent treat. The pandemic has disrupted global supply chains, including the procurement of raw materials and transportation of goods. Lockdown measures, travel restrictions, and reduced workforce in some regions have led to logistical challenges, which may have impacted the availability and timely delivery of wafer biscuits to the market.
The pandemic has influenced consumer preferences and purchasing behaviors. Health and wellness considerations have become more prominent, leading to an increased interest in healthier and natural snacks. This shift in consumer preferences may have affected the demand for traditional wafer biscuits that are often perceived as indulgent and less healthy.
Russia-Ukraine Impact Analysis
Political tensions or trade disputes between Russia and Ukraine can potentially affect the import and export of wafer biscuits between the two countries. Tariffs, regulations, and other barriers to trade can impact the availability and affordability of wafer biscuits in the respective markets. Economic conditions in both Russia and Ukraine, such as GDP growth, inflation rates, and consumer purchasing power, can also influence the demand for wafer biscuits. Economic instability or recessions can lead to reduced consumer spending and impact the overall sales and growth of the wafer biscuit market.
Local consumer preferences and cultural factors may also play a role in shaping the wafer biscuit market in Russia and Ukraine. Factors such as taste preferences, brand loyalty, and the popularity of local or traditional snacks can impact the market dynamics.
Key Developments
- In July 2022, Loacker S.p.A., an Italian confectionery company, introduced its wafer biscuits throughout the US by collaborating with Costco Stores. The Loacker Minis are baked and allegedly come in chocolate, hazelnut, and vanilla flavors. The manufacturer asserts that these products are made with non-GMO ingredients like Alpine milk, sustainably sourced and locally roasted Italian hazelnuts, Madagascar vanilla, and other ingredients.
- In May 2022, Lotte Corporation, a multinational conglomerate company, introduced its brand-new Bikkuri Man chocolate wafer with an anime theme on the occasion of the debut of the Dragon Ball Super television series. The item is sold in two different packages and comes with several sticker collections related to the anime. In Japan, these goods are sold in retail stores.
- In April 2021, Mars, Incorporated, a multinational confectionery company, launched its new product Orange Maltesers Biscuits. Three "tangy orange, malty bobbles" are included in each biscuit and are coated in milk chocolate.
Why Purchase the Report?
- To visualize the global wafer biscuits market segmentation based on type, application, distribution channel, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of wafer biscuits market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global wafer biscuits market report would provide approximately 61 tables, 61 figures and 122 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
