Posted On: 2022-02-01
Sweet segment acquired the largest market revenue share in the India biscuit market in year 2020 – 6Wresearch
The sweet teeth culture of India along with convenient availability of ready-to-eat food product and substitute of traditional sweets, as well as favourable national policies by the Indian government, such as Retail and Wholesale Trade in MSMEs, allowing 100% FDI in retails sector and funding Production Linked Incentive (PLI) for enhancing manufacturing capabilities and exports, which would give a tremendous boost to the retail, food, hospitality and commercial sectors, thus becoming the key market drivers for biscuit market in India in the coming years. Furthermore, rising demand for packaged food due safety concerns, along with increased need for ready-to-eat food due to evolving lifestyle, would drive up demand for biscuit in the coming years. Furthermore, the COVID 19 pandemic in 2020 impacted negatively on biscuit market growth in the first three quarters of the year 2020 due to a disrupted supply chain as a result of lockdown measures implemented to stop the virus from spreading, resulting in a fall in revenues during the pandemic. Although, once lockdown limitations were gradually lifted, sales of biscuits began to pick up as operations in industries and demand for packaged food increased, regaining the India biscuits market to its growth trajectory.
According to 6Wresearch, India Biscuit Market revenue size is projected to grow at a CAGR of 9.0% during 2021-2027. The demand for biscuit increased owing to the growth of convenience store and retail sector in country during 2017 to 2019. In addition, growth of ready-to-eat products on account of COVID 19 pandemic proliferated demand for biscuit during 2020 to 2021 and same trend is expected to follow in coming years. Additionally, demand from northern region is expected to increase during forecast period due to in the overall India biscuit market owing to the prevalence of population density in the northern region.
According to Unnati Jain, Research Associate, 6Wresearch, “In terms of category, sweet biscuit has captured highest market revenues in 2020. Cookies and chocolate coated biscuit accounted for major share in 2020 as it provides hunger satisfaction and is eaten as a dessert after meal, making it a popular among youths.”
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“India biscuit market (2021-2027)” report provides an in-depth analysis with 23 figures and 9 tables, covered in 86 pages. The report estimates and forecast the overall India biscuit market by category. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.