India Biscuits Market Size Set to Grow at Steady CAGR Crossing USD 4 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India biscuits market size at USD 3.19 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India biscuits market size to grow at a CAGR of 4.72% reaching a value of USD 4.078 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India biscuits market size at USD 3.19 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India biscuits market size to grow at a CAGR of 4.72% reaching a value of USD 4.078 billion by 2029. The growth of India biscuits market is primarily fueled by the increase in the number of health-conscious consumers, rising awareness about healthy eating habits, as well as changes in food consumption habits, a growing demand for ready-to-eat food items among the population. Moreover, upgrading the distribution network, appealing packaging, and e-commerce will all contribute to the overall expansion of the biscuit market over the forecast period.
Opportunity: Increasing demand for branded premium biscuits
As incomes rise, consumers are more willing to spend money on premium products. This is leading to increased demand for premium biscuits, which are perceived as being of higher quality than non-branded biscuits. Furthermore, consumers are becoming more health-conscious, and they are looking for healthier snack options. Premium biscuits are often made with healthier ingredients, such as whole grains, nuts, and seeds. This makes them a more attractive option for health-conscious consumers. In addition, the growing indulgence, health concerns, and familiarity with rich taste among Indian consumers has prompted Indian manufacturers to experiment with a wide range of biscuits and cookies. This has also resulted in stronger growth in the premium area of the market when compared to the economical and mid segments. The variations in biscuits such as cholesterol free, healthy, flavorful, and easy to carry at a fair cost have attracted a huge number of consumers, causing the sector to grow at a faster rate.
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Segmental Information
India Biscuits Market - By Distribution Channel
Based on distribution channel, India biscuits market is divided into supermarkets/hypermarkets, convenience stores, specialist retailers, online, and others. Supermarkets/hypermarkets are the largest distribution channel for biscuits in India, accounting for the majority of the market share. Convenience stores are also a popular distribution channel, and they are growing in popularity due to the increasing number of convenience stores in India. Online retail is a growing distribution channel, and it is expected to grow in the future due to the increasing popularity of online shopping in India.
India Biscuits Market - By Region
Based on region, the India biscuits market is divided into North India, West India, East India, and South India. The northern region of the country holds the highest 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 introduction of multinational biscuit manufacturers, modern retail trade, and changing urban lifestyles fueled the rise of the biscuit sector.
Impact of COVID-19 on India Biscuits Market
The initial stages of the pandemic saw panic buying, where consumers stocked up on essential goods, including biscuits. Biscuit companies capitalized on this trend by launching new variants and expanding their presence, especially in rural areas. They aimed to cater to the rising demand and capture new consumer segments. The pandemic heightened the focus on health and wellness, leading to increased demand for healthier snack options. While sweet biscuits saw demand, there was also a trend towards savory baked goods and biscuits with reduced sugar content. The closure of physical stores during lockdowns led to a surge in online shopping. Biscuit manufacturers and retailers focused on expanding their online presence to reach consumers through e-commerce platforms. This shift to online sales channels played a crucial role in maintaining access to consumers during lockdowns.
Competitive Landscape
The India biscuits market is fragmented, with numerous players serving the market. The key players dominating the India Biscuits market include Parle Products Pvt Ltd, Britannia Industries Limited, ITC Limited, Mondelez India Foods Private Limited, Surya Food & Agro Ltd, Anmol Biscuits Ltd, SAJ FOOD PRODUCTS (P) LTD, UNIBIC Foods India Pvt Ltd, Dukes Products India Limited, Mrs Bector Food Specialities Ltd and Cremica Agro Foods Ltd. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
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