Market Trends of Wafer Biscuits Industry
Rising Demand for Convenience and Healthy Snacking
- The growing preference for convenient snacking and easier consumer accessibility through the advancing retail sector is among the few factors augmenting the wafer biscuit market's growth. The shift in consumption towards bakery products owing to better appeal, taste, and convenience is a significant driver of market growth.
- In addition, the rising demand for convenience foods is propelling market growth. While demand for nutrition is growing worldwide, wafer biscuit consumption is rising accordingly. Demand for wafer biscuits in the snack category has increased daily because of an active lifestyle, less time spent cooking homemade food, and rising income.
- Moreover, the booming demand for healthy snacking has led many manufacturers to introduce health-efficient biscuits with fortified active ingredients, mainly protein, fiber, and vitamins. As per a survey done by the International Food Information Council (IFIC) in the United States in 2021, about 27% of respondents said they believed fortified foods and beverages could be good for their health. Almost 24% of respondents claimed that fortified foods and drinks are widely available in today's food supply.
- Furthermore, the better-for-you snacking segment is where players are positioning and innovating their product lines. For instance, in 2021, PT Kaldu Sari introduced a new product line called Nabati Vitakrim, consisting of vitamin-fortified wafers. One of the flavors available is peanut butter, and the peanut butter cream in Nabati Vitakrim has been fortified with vitamin E. Additionally, their earlier offering, the Nabati Vitakrim raspberry yogurt cream wafer, contains added Vitamin C. This innovative approach by PT Kaldu Sari allows consumers to enjoy their favorite wafers while also benefiting from the added nutritional value of essential vitamins.
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Europe Holds the Major Share in Wafer Biscuit Market
- The European region dominates the wafer biscuit market, with the largest share due to the high standard of living and many regional vendors. The market has witnessed a significant demand for wafer biscuits due to product innovations and the use of high-quality ingredients.
- In 2021, according to International Trade Center (ITC) Trade Map Trade statistics for international business development (by value), the main importers of waffles and wafers included countries such as Germany (USD 379,807), France (USD 284,508), and the United Kingdom (USD 259,769), after the United States of America.
- The market for wafer biscuits across Europe is driven by sensory innovation, where manufacturers are stepping up their efforts to provide products with novel shapes and colors. In recent years, the countries have developed a taste for both traditional and unconventional flavors.
- Thus, in July 2021, in the United Kingdom stores, Ferrero introduced the German biscuit brand "Duplo." The brand offers various wafer biscuits in different flavors and convenient packaging options. These products are made of two layers of crispy wafer with a hazelnut filling and are coated in milk chocolate.
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