Market Size of Wafer Biscuits Industry
| 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 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 Size Summary
The wafer biscuits market is experiencing robust growth, driven by increasing consumer demand for convenient and healthy snacking options. Wafer biscuits, known for their crispy texture and versatile use in products like ice cream and chocolate bars, are gaining popularity due to their ease of consumption and diverse flavor offerings. The market is seeing a surge in the introduction of health-efficient variants, fortified with proteins, fibers, and vitamins, catering to the rising consumer preference for nutritious snacks. This trend is further supported by the expanding retail sector, which enhances product visibility and accessibility, allowing consumers to explore new flavors and packaging options. The market's growth is also fueled by innovative product launches, such as pumpkin spice wafers and vitamin-fortified varieties, which appeal to both children and adults seeking convenient and flavorful snacking solutions.
Regionally, Europe dominates the wafer biscuits market, benefiting from a high standard of living and a strong presence of regional vendors. The demand in this region is bolstered by sensory innovations and the introduction of both traditional and unconventional flavors. Key players in the market, including Mars, Incorporated, Mondelēz International, Inc, and Nestlé S.A., are actively engaging in product launches, strategic partnerships, and expansions to strengthen their market presence. The market's fragmented nature encourages competition, with companies leveraging mergers and acquisitions to enhance their foothold. Notable strategic moves include Britannia Treat's partnership with Grofers in India and Loacker S.p.A.'s launch of wafer biscuits in the United States through Costco Stores, highlighting the dynamic and evolving landscape of the wafer biscuits market.
Wafer Biscuits Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Rising Demand for Convenience and Healthy Snacking
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1.1.2 Surge in Product Innovations
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1.2 Market Restraints
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1.2.1 Growing Demand for Alternate Healthy Snacking Options
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Form
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2.1.1 Cream Filled
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2.1.2 Coated
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2.2 Distribution Channel
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2.2.1 Supermarkets/ Hypermarkets
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2.2.2 Convenience Stores
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2.2.3 Online Retail Stores
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2.2.4 Other Distribution Channels
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 France
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2.3.2.4 Russia
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2.3.2.5 Italy
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2.3.2.6 Spain
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle-East and Africa
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Wafer Biscuits Market Size 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.
