Changing taste preferences, high margins, expansion of modern supermarket chains and increasing affluence amongst consumers have encouraged the manufacturers to come up with different kinds of cookies. Due to low income people, large quantity in small packs and wide distribution network in the rural places, consumption of mass cookies has increased in recent times, thus increasing the total market of cookies.
According to recently published report of Bonafide Research "India Biscuit Market Outlook, 2023", the cookies biscuit market of India is expected to grow with a CAGR of more than 11% over the forecast period 2018-23. Consumers taste has been changing continuously with time. Cookies have taken the place of other biscuits such as cream, glucose, milk, marie, crackers, etc. With premiumization of biscuits, cookies biscuits are widely purchased by the consumers. Also, with increasing purchasing power, consumers are readily paying for taste and quality products. For example, 'Parle' which previously focused on mass marketing of products especially plain biscuits is now targeting the niche market as well. The introduction of Parle’s 'Milano' cookie is an example of growing demand for center-filled cookies in the country. Further, recently, in the mid of 2017, 'Cremica' introduced its premium cookie “Golden Bites” in response to growing consumer demand for taste and indulgence. The market is rapidly evolving as per consumers changing taste preference towards different variants of biscuits; the market players are also coming up with product innovation and promotional strategies to collect the benefits.
In India, there are lots of festivals people celebrate. Giving away sweets & chocolates were used to be a tradition earlier, but due to fear of adulteration in sweets, consumers have shift to buy premium cookies in place of sweets. Gifting options pertaining to high-end premium cookies is a key trend prevalent in metro cities owing to its longer shelf life as compared to chocolates and sweets. With growing number of manufacturing facilities, retail outlets, hypermarkets and supermarkets, growth is likely to occur in the cookies biscuit market of the country in the upcoming years.
Major companies operating in the biscuit market of India are ITC Limited, Britannia Industries Limited, Mondelez India Foods Private Limited, Parle Products Private Limited, Surya Food & Agro Limited, Ravi Foods Private Limited, Unibic Foods India Private Limited, Anmol Industries Limited, Mrs. Bectors Food Specialities Limited and United Biscuits Private Limited.
Report: India Biscuit Market Outlook, 2023
Base Year: 2016-17, Estimated Year: 2017-18, Forecast Year: 2022-23
Pages: 165, Figures: 68, Tables: 29