Due to the intensive rivalry between the leading players, the degree of competition within this market is significantly high and the scenario is likely to remain so over the forthcoming years, thanks to innovations, cookie vendors are making in terms of flavor, ingredients, and packaging, notes the research study.
The presence of established players, such as Barilla G. e R. Fratelli S.p.A, Campbell Soup Co., Arcor U.S.A. Inc., Mondelez International Inc., United Biscuits Ltd., Nestle SA, PepsiCo Inc., Britannia Industries Ltd., M. Dias Branco SA, and Kellogg Co., points towards a highly fragmented and competitive business landscape in the global cookies market, states a new research report by Persistence Market Research (PMR).
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According to the research report, the global market for cookies is projected to expand at a CAGR of 5.80% over the period from 2017 to 2022 and increase to US$38 bn by the end of the period of the forecast. Currently, chocolate cookies are witnessing the most prominent demand among consumers, especially the younger ones.
Researchers at PMR predict this trend to continue in the years to come, thanks to the augmenting popularity of chocolates across the world, and result into the rise of the chocolate cookies segment at a CAGR of more than 6% between 2017 and 2022. North America and APEJ have surfaced as the prime regional markets for cookies.
With the extensively widening consumer base, both the regional markets are likely to retain their spots over the next few years, reports the research study.
Innovation in Products to Drive Market’s Growth
Primarily, the worldwide market for cookies is driven by the continual introduction of novel and innovative products in the global marketplace. The taste, flavor, shape, nutrients, and packaging are the main areas of innovation among cookie vendors across the world.
The increasing urbanization and the rise in disposable income of consumers across the world are also important factors behind the growth of this market.
Over the forthcoming years, the market is expected to benefit from the advent of healthy cookies, which means cooking made up with oatmeal. The augmenting concerns over the adverse effect of cookies, which is high in carbohydrate, on health and fitness and the rising awareness about the advantages of oatmeal are projected to stimulate this market in the years to come, states the research report.
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Demand for Bar Cookies to Remain High
Among the type of cookies, bar cookies acquire the leading position. Analysts expect the bar cookie segment to maintain its dominance over the next few years thanks to the high demand for bar cookies in North America and Asia Pacific excluding Japan.
The APEJ and North America bar cookie markets, collectively, are likely to surpass US$2 bn in revenues by the end of the forecast period.
Among other types of cookies, drop cookies, which currently have a relatively smaller market presence, is gaining considerable impetus across the world, converting into one of the most promising cookie type segment with potential that cannot be overlooked. Companies, which are looking to enter the drop cookies segment are advised to formulate unique strategies, which can help them gain a competitive edge over their rivals in this market, states the research report.
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