The cookies market will register a CAGR of over 6% by 2023

NEW YORK, June 10, 2019 /PRNewswire/ -- About this market

The growing emphasis on product premiumization is one of the critical factors that will trigger the growth of the global cookies market during the forecast period. The millennial population is increasing, and disposable incomes are on the rise globally. These factors have increased the demand for premium cookies. Vendors offer a diverse range of cookies that include an element of premiumization in terms of branding, packaging, and positioning. Also, the rising awareness about the benefits of following a healthy diet worldwide has been a critical aid in driving consumer willingness to pay higher prices for premium product offerings. Manufacturers are incorporating ingredients such as dry fruits, seeds, traditional grains, and nuts to differentiate their cookies. Therefore, the rising demand for premium products is expected to drive the growth of the market. Our analysts have predicted that the cookies market will register a CAGR of over 6% by 2023.

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Market Overview

Increasing on-trade sales

The popularity of ambiance-based hangouts, such as cafes and coffee shops, are growing. Cookies are finding increased adoption as add-on offerings and premium delicacies. Cafes and coffee shop chains have evolved from simple purchase points for coffee for consumers, to eateries, to casual and work hangout destinations. Subsequently, leading coffee shop outlets such as Starbucks are placing increased emphasis on developing in-house cookie brands, which are designed for convenient consumption. The increasing penetration of coffee shop chains and cafe outlets in developing countries such as India is expected to encourage diversification in cookie offerings. Therefore, the increase in on-trade cookie sale is expected to continue to boost the growth of the global cookies market during the forecast period.

Competition from substitute products

The global cookies market has been facing a significant challenge from other baked goods such as cakes, rolls, buns, and pies. Although manufacturers are increasingly incorporating healthy ingredients such as nuts and fruits in these baked goods, many of these products include refined flour and sugar in their formulations. Baked goods are primarily devoid of proteins, vitamins, and other nutrients. As a result, they continue to be perceived by consumers primarily as occasional and indulgent snacks.

Moreover, baked goods such as cakes offer potentially similar health benefits as cookies. Therefore, consumers are switching their preferences easily between these products. Healthier alternatives to cookies, such as organic marshmallows, granola bars, whole-grain popcorn, and trail mixes, have recorded increased popularity among consumers in the past few years. Overall, the competition from other baked goods and healthier alternatives is expected to hamper the growth of the global cookies market during the forecast period.

For the detailed list of factors that will drive and challenge the growth of the cookies market during 2019-2023, view our report.

Competitive Landscape

The market appears to be highly fragmented. The presence of several companies, including Campbell Soup Co. Brands LP and ITC Ltd. makes the competitive environment quite intense. Factors such as the improvements in production technology of cookies and the growing demand for renewable energy and sustainable products will provide significant growth opportunities to the cookie's manufacturers. Mondel?z International Inc., Parle Products Pvt. Ltd., and PepsiCo Inc. are some of the major companies covered in this report.

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The cookies market will register a CAGR of over 6% by 2023
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