PRODUCT CLASSIFICATION
Sweet biscuits, waffles and wafers are popular baked goods enjoyed worldwide for their taste, convenience and variety. They’re available in multiple formats, from individually wrapped portions to whole packaging, and are for all age groups.
Their market is shaped by the continuous changes in dietary habits, the rising demand for ready-to-eat meals or snacks, and their innovative flavors, textures and packaging, which make them suitable for both everyday consumption and special occasions.
Sweet biscuits, waffles and wafers are a part of Preparations of cereals, flour, starch or milk and Baked Goods, categories of the Foodstuffs section that include a wide variety of related by-products like cookies, cream-filled biscuits, crisp wafers, and flavored waffles, often consumed as snacks or desserts
They also have a Product Complexity Index of -0.69, ranking 2174th out of 2913 products in 2023.
This post will not consider a specific country’s market, but it will be focused on the Sweet biscuits, Waffles and Wafers trade in general.
OVERVIEW
In 2023, global trade of Sweet biscuits, waffles and wafers reached an amount of $18.1B, reflecting an increased percentage of 11.8 from 2022, when it totaled $16.2B and, over the past five years, it has grown at an annualized rate of 7.47%.
In addition, during the same year, Sweet biscuits, waffles and wafers ranked 181 out of 4644 products, accounting for 0.08% of world trade.
EXPORT
In 2023 it was estimated that the main characters in the exportation scenario of Sweet biscuits, waffles and wafers were
- Germany - $1.61B;
- Poland - $1.54B;
- Italy - $1.3B.
Also, during the same year, the countries that registered the highest share of these categories in their export portfolios were
- Barbados - 3.24%;
- Fiji - 0.9%;
- Syria - 0.53%.
IMPORT
In 2023 it was revealed that the leading importers of the Sweet biscuits, waffles and wafers category in global trade were
- United States - $3.15B;
- United Kingdom - $1.18B;
- Germany - $1.1B.
CONCLUSIONS
In 2023 the Sweet biscuits, waffles and wafers trade experienced a general growth, fueled by urbanization, higher disposable incomes, and the popularity of convenient snacks. However, challenges such as stricter food regulations affected production costs.
Despite these challenges, the market is still dynamic and resilient and, with ongoing innovation and health-conscious product development, these categories can still have success in global markets.
Source: https://oec.world/en
