Sweet Biscuit, Waffle and Wafer Market

The global market for sweet biscuits, waffles, and wafers is projected to see steady growth in both volume and value over the next decade. Consumption and production trends indicate a rise in demand, with key countries such as China, the United States, and India leading the way. Import and export patterns also show positive growth, with notable increases in certain products like waffles and wafers. Overall, the market for sweet biscuits, waffles, and wafers is expected to expand, driven by increasing consumer demand worldwide.

Market Forecast

Driven by increasing demand for sweet biscuits, waffles and wafers worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market volume to 32M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market value to $96B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Sweet Biscuits, Waffles and Wafers

In 2022, the amount of sweet biscuits, waffles and wafers consumed worldwide shrank slightly to 25M tons, remaining stable against the year before. The total consumption volume increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 7%. Global consumption peaked at 26M tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The revenue of the market for sweet biscuits, waffles and wafers worldwide fell to $62.9B in 2022, stabilizing at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 8.3%. Over the period under review, the global market hit record highs at $67.5B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (5.3M tons), the United States (4.3M tons) and India (2M tons), together comprising 46% of global consumption. Brazil, Indonesia, Pakistan, Bangladesh, Russia, Nigeria, Iran and Democratic Republic of the Congo lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the biggest increases were recorded for Democratic Republic of the Congo (with a CAGR of +8.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($15B), the United States ($13B) and India ($2.5B) appeared to be the countries with the highest levels of market value in 2022, together accounting for 49% of the global market. Indonesia, Brazil, Pakistan, Nigeria, Russia, Bangladesh, Democratic Republic of the Congo and Iran lagged somewhat behind, together comprising a further 16%.

Democratic Republic of the Congo, with a CAGR of +9.2%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of sweet biscuit, waffle and wafer per capita consumption was registered in the United States (13 kg per person), followed by Russia (5.4 kg per person), Iran (5.2 kg per person) and Bangladesh (4.8 kg per person), while the world average per capita consumption of sweet biscuit, waffle and wafer was estimated at 3.2 kg per person.

In the United States, sweet biscuit, waffle and wafer per capita consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Russia (+1.4% per year) and Iran (+3.5% per year).

Production

World Production of Sweet Biscuits, Waffles and Wafers

In 2022, approx. 25M tons of sweet biscuits, waffles and wafers were produced worldwide; remaining stable against 2021 figures. The total output volume increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when the production volume increased by 6.9%. As a result, production attained the peak volume of 26M tons. From 2020 to 2022, global production growth remained at a lower figure.

In value terms, sweet biscuit, waffle and wafer production fell slightly to $62.9B in 2022 estimated in export price. Overall, the total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.3% against 2020 indices. The pace of growth was the most pronounced in 2018 with an increase of 20%. Over the period under review, global production reached the peak level at $82B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (5.2M tons), the United States (3.6M tons) and India (2.2M tons), with a combined 44% share of global production. Indonesia, Brazil, Russia, Pakistan, Bangladesh, Mexico, Nigeria, Turkey, Iran and Italy lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Indonesia (with a CAGR of +7.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Sweet Biscuits, Waffles and Wafers

In 2022, the amount of sweet biscuits, waffles and wafers imported worldwide rose rapidly to 5.2M tons, surging by 6% against 2021. The total import volume increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 7% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, sweet biscuit, waffle and wafer imports rose rapidly to $16.4B in 2022. The total import value increased at an average annual rate of +5.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 13%. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, the United States (823K tons), distantly followed by the UK (253K tons), Germany (248K tons) and France (245K tons) represented the main importers of sweet biscuits, waffles and wafers, together comprising 30% of total imports. Iraq (220K tons), Belgium (138K tons), the Netherlands (129K tons), China (121K tons), Canada (106K tons), Yemen (94K tons), Italy (90K tons), Saudi Arabia (83K tons) and Spain (82K tons) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +8.0% from 2012 to 2022. At the same time, China (+12.5%), Yemen (+9.7%), Iraq (+9.4%), the UK (+7.0%), Spain (+4.2%), Germany (+4.0%), Saudi Arabia (+3.8%), Canada (+3.3%), Italy (+3.0%) and Belgium (+2.6%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in the world, with a CAGR of +12.5% from 2012-2022. France and the Netherlands experienced a relatively flat trend pattern. While the share of the United States (+4.4 p.p.) and Iraq (+1.6 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of France (-2.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($2.9B) constitutes the largest market for imported sweet biscuits, waffles and wafers worldwide, comprising 18% of global imports. The second position in the ranking was taken by the UK ($960M), with a 5.9% share of global imports. It was followed by Germany, with a 5.5% share.

In the United States, sweet biscuit, waffle and wafer imports increased at an average annual rate of +8.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the UK (+6.5% per year) and Germany (+3.6% per year).

Imports By Type

Sweet biscuits represented the largest imported product with an import of around 3.4M tons, which finished at 72% of total imports. It was distantly followed by waffles and wafers (1.3M tons), making up a 28% share of total imports.

Imports of sweet biscuits increased at an average annual rate of +3.4% from 2012 to 2022. At the same time, waffles and wafers (+6.2%) displayed positive paces of growth. Moreover, waffles and wafers emerged as the fastest-growing type imported in the world, with a CAGR of +6.2% from 2012-2022. Waffles and wafers (+4.9 p.p.) significantly strengthened its position in terms of the global imports, while sweet biscuits saw its share reduced by -4.9% from 2012 to 2022, respectively.

In value terms, the largest types of imported sweet biscuits, waffles and wafers were sweet biscuits ($10B) and waffles and wafers ($5.6B).

In terms of the main imported products, waffles and wafers, with a CAGR of +6.9%, saw the highest growth rate of the value of imports, over the period under review.

Import Prices By Type

The average import price for sweet biscuits, waffles and wafers stood at $3,159 per ton in 2022, with an increase of 4.3% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by 7.3%. As a result, import price attained the peak level of $3,182 per ton; afterwards, it flattened through to 2022.

Average prices varied somewhat amongst the major imported products. In 2022, the product with the highest price was waffles and wafers ($4,146 per ton), while the price for sweet biscuits totaled $2,893 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by waffle and wafer (+0.7%).

Import Prices By Country

In 2022, the average import price for sweet biscuits, waffles and wafers amounted to $3,159 per ton, picking up by 4.3% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average import price increased by 7.3% against the previous year. As a result, import price reached the peak level of $3,182 per ton; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Saudi Arabia ($4,312 per ton), while Yemen ($1,380 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sweet Biscuits, Waffles and Wafers

For the seventh year in a row, the global market recorded growth in overseas shipments of sweet biscuits, waffles and wafers, which increased by 3.5% to 4.9M tons in 2022. The total export volume increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 12% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, sweet biscuit, waffle and wafer exports stood at $16B in 2022. The total export value increased at an average annual rate of +4.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 15%. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports By Country

In 2022, Mexico (446K tons), Turkey (341K tons), Germany (338K tons), the Netherlands (322K tons), Indonesia (313K tons), Poland (275K tons), Belgium (272K tons), India (225K tons), Italy (218K tons), Canada (189K tons), Spain (156K tons) and Russia (153K tons) was the largest exporter of sweet biscuits, waffles and wafers in the world, making up 66% of total export. The Czech Republic (129K tons) held a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +14.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($1.4B), Poland ($1.3B) and Mexico ($1.2B) constituted the countries with the highest levels of exports in 2022, with a combined 24% share of global exports. Italy, Canada, the Netherlands, Belgium, Turkey, Indonesia, Spain, the Czech Republic, India and Russia lagged somewhat behind, together comprising a further 45%.

Among the main exporting countries, Indonesia, with a CAGR of +13.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Sweet biscuits was the key exported product with an export of around 3.5M tons, which finished at 71% of total exports. It was distantly followed by waffles and wafers (1.4M tons), generating a 29% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to sweet biscuits exports of stood at +3.6%. At the same time, waffles and wafers (+6.0%) displayed positive paces of growth. Moreover, waffles and wafers emerged as the fastest-growing type exported in the world, with a CAGR of +6.0% from 2012-2022. From 2012 to 2022, the share of waffles and wafers increased by +4.5 percentage points.

In value terms, sweet biscuits ($10.2B) and waffles and wafers ($5.8B) appeared to be the products with the highest levels of exports in 2022.

In terms of the main exported products, waffles and wafers, with a CAGR of +7.0%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices By Type

The average export price for sweet biscuits, waffles and wafers stood at $3,247 per ton in 2022, growing by 4.4% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by 5.3%. The global export price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat amongst the major exported products. In 2022, the product with the highest price was waffles and wafers ($4,116 per ton), while the average price for exports of sweet biscuits stood at $2,909 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by waffle and wafer (+0.9%).

Export Prices By Country

The average export price for sweet biscuits, waffles and wafers stood at $3,247 per ton in 2022, rising by 4.4% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average export price increased by 5.3%. The global export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Canada ($5,814 per ton), while India ($1,302 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+3.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform