LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global wafer biscuit market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global wafer biscuit market will witness growth in terms of revenue during the forecast period. The growth is primarily driven by changing consumer lifestyles and preferences, the demand for convenience foods, and the rise in disposable income. These factors have led to the increased consumption of bakery products, which is driving the growth of the wafer biscuit market.
Manjunath Reddy, a lead analyst from Technavio, specializing in research on food sector, says, “Manufacturers are coming up with new innovative and healthier products. They are replacing pesticides and synthetic additives in products without compromising on their quality, texture, and taste. They are continuing to focus on the health of consumers and are adding organic and gluten-free products to their existing product range.”
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The top three emerging trends driving the global wafer biscuit market according to Technavio research analysts are:
- Increase in demand for organic and gluten-free wafer
- Introduction of new flavors
- Increase in demand from emerging countries
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Increase in demand for organic and gluten-free wafer
Gluten is a type of protein that is mainly used in manufacturing bread and other bakery products. Gluten can cause inflammation of the small intestine and can damage the skin and brain in individuals with celiac disease. Also, it is difficult for the body to absorb nutrients from such food products. Thus, consumers that are allergic to gluten prefer organic and gluten-free food products.
“The demand for organic wafers and gluten-free wafers is rapidly increasing. The bakery markets in the US and Europe have less growth compared with the markets in developing countries. Vendors aim to provide healthier bakery products by using high-quality ingredients and raw materials. Organic wafers are produced with certified organic raw materials,” according to Manjunath.
Introduction of new flavors
Constantly changing consumer tastes and preferences create a demand for new flavors. The introduction of new flavors by major manufacturers is a factor that is boosting the demand for wafers in the market. The common flavors that are enjoyed by consumers globally are mixed fruit, choco vanilla, pineapple, orange, mango, and strawberry.
Some of the new flavored wafers that are being introduced in the market include Fruit and Nut Flavored Wafers, Hunny Choco Flavors Biscuits, Dark Magic Choco Wafer Biscuits, Walnut Wafers, Hazelnut Wafers, and Coconut Wafers. Nilla is the brand name of Nabisco that offers vanilla-flavored wafer-style cookies, which are very famous in the market.
Increase in demand from emerging countries
The global wafer biscuit market is expected to witness a rising demand for wafers from growing economies, such as China and India. This can be attributed to various factors, including the increasing urbanization, growing population, and rising per capita income in these countries. India and China account for around 38% of the global population. They are the fastest-growing economies in the world. The increasing global population also provides a huge opportunity for wafer manufacturers to grow as consumers are increasingly consuming wafer products.
The key vendors are as follows:
- THE HERSHEY COMPANY
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