Wafer Biscuits Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.49 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Wafer Biscuits Market Analysis
The wafer biscuits market was valued at USD 6.29 billion for the current year and is expected to register a CAGR of 5.49% over the next five years.
- A wafer is a sort of dry, crispy, thin biscuit that comes in a wide range of shapes, sizes, and packaging. It is a component of ice cream, biscuits, and chocolate bars. Wafers are becoming more popular among consumers as they are a convenient food sold in all retail establishments. Wafer biscuits can be made into cookies by sandwiching cream flavoring between them. Its surface is waffle-patterned.
- Consumers in the market frequently preferred coated wafers, among the most frequently preferred wafer products. Furthermore, the wafer biscuit market is being driven by rising demand for healthy snacks and rising per capita consumption in developing countries. The booming demand for healthy snacking has led many manufacturers to introduce health-efficient wafer biscuits with fortified active ingredients, mainly protein, fiber, and vitamins.
- Further, wafer biscuits hold strong popularity, owing to their diversified flavor ranges and growing popularity among kids and adults. They crave convenient snacking options, which led the wafer biscuit market to record robust growth. Owing to the demand, manufacturers are actively launching their products with novel flavors and packaging options.
- For instance, in August 2022, he Voortman Bakery launched pumpkin spice wafers. The cookies are baked with real pumpkins. They contain no artificial colors or flavors, nor do they contain high-fructose corn syrup. On a general note, the proliferation of supermarkets and hypermarkets has increased the visibility of wafer biscuits in the market, facilitating consumers' identification of new products on the market.
Wafer Biscuits Market Trends
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.
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.
Wafer Biscuits Industry Overview
The wafer biscuits market is highly fragmented. Mars, Incorporated, Mondelēz International, Inc, Lotte Corporation, Hostess Brands, LLC, and Nestlé S.A. are among the key players in the wafer biscuits market. Owing to the rapidly developing nature of the market, launching new products has become one of the most important strategies to gain a competitive edge.
The players in the market have also been adopting expansion as a key strategy, followed by mergers and acquisitions. These strategic moves have proven successful for global players seeking to strengthen their presence in the market.
Furthermore, companies have been using strategic partnerships to penetrate existing markets. For instance, in February 2021, Britannia Treat, which offers crème wafers across India, partnered with Grofers for a strategic partnership to introduce an INR 10 pack to bring easy affordability to consumers.
Wafer Biscuits Market Leaders
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Mars, Incorporated
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Mondelēz International, Inc
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Lotte Corporation
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Hostess Brands, LLC
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Nestlé S.A.
*Disclaimer: Major Players sorted in no particular order
Wafer Biscuits Market News
- July 2022: Loacker S.p.A. launched its wafer biscuits across the United States by partnering with Costco Stores. The Loacker Minis are baked and available in hazelnut, vanilla, and chocolate flavors. The company claims these products are made of non-genetically modified organism (GMO) ingredients, including alpine milk, locally harvested and roasted Italian hazelnuts, Madagascar vanilla, and other sustainable ingredients.
- May 2022: Lotte Corporation launched its new anime-themed Bikkuri Man chocolate wafer on the occasion of the release of the Dragon Ball Super television series. The product is offered in two packages, with a series of sticker collections concerning the anime. These products are retailed across Japan.
- April 2022: Hostess Brands added a new variant, mint chocolate flavor, to its bite-sized line of wafers i.e., Hostess Crispy Minis, launched in 2021.
Wafer Biscuits Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Rising Demand for Convenience and Healthy Snacking
4.1.2 Surge in Product Innovations
4.2 Market Restraints
4.2.1 Growing Demand for Alternate Healthy Snacking Options
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Form
5.1.1 Cream Filled
5.1.2 Coated
5.2 Distribution Channel
5.2.1 Supermarkets/ Hypermarkets
5.2.2 Convenience Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Italy
5.3.2.6 Spain
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Mars, Incorporated
6.3.2 Nestlé S.A.
6.3.3 Mondelēz International, Inc
6.3.4 The Hershey Company
6.3.5 Lotte Corporation
6.3.6 Ravi Foods Pvt. Ltd. (RFPL)
6.3.7 The Kellogg Company
6.3.8 Hostess Brands, LLC
6.3.9 Loacker S.p.A.
6.3.10 Universal Robina Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Wafer Biscuits Industry Segmentation
Wafers are made by baking thin sheets of a very liquid batter between two very hot, heavy plates. Wafers provide a distinctive eating texture.
The wafer biscuit market is segmented by form, distribution channel, and geography. The market is divided into cream-filled and coated products based on their form. Based on the distribution channel, the market is segmented into supermarkets/ hypermarkets, convenience stores, online retail stores, and other distribution channels. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, South Africa, and the Middle East and Africa.
The market sizing has been done in value terms in USD for all the abovementioned segments.
| Form | |
| Cream Filled | |
| Coated |
| Distribution Channel | |
| Supermarkets/ Hypermarkets | |
| Convenience Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
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Wafer Biscuits Market Research FAQs
What is the current Wafer Biscuits Market size?
The Wafer Biscuits Market is projected to register a CAGR of 5.49% during the forecast period (2024-2029)
Who are the key players in Wafer Biscuits Market?
Mars, Incorporated, Mondelēz International, Inc, Lotte Corporation, Hostess Brands, LLC and Nestlé S.A. are the major companies operating in the Wafer Biscuits Market.
Which is the fastest growing region in Wafer Biscuits Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Wafer Biscuits Market?
In 2024, the Europe accounts for the largest market share in Wafer Biscuits Market.
What years does this Wafer Biscuits Market cover?
The report covers the Wafer Biscuits Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Wafer Biscuits Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wafer Biscuits Industry Report
Statistics for the 2024 Wafer Biscuits market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wafer Biscuits analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
