Worldwide Cookie Market to Expand at 5.8% CAGR, Hitting $75.3 Billion by 2034
Long shelf life, portability, and ease of packing and storage of rolled cookies contributing to the expansion of the global market amid busy lifestyles.
ROCKVILLE, MD, UNITED STATES, June 3, 2024 /EINPresswire.com/ -- According to a recently released research report by skilled analysts at Fact.MR, global sales of cookies1 are projected to reach US$ 42.8 billion in 2024 and thereafter increase at a CAGR of 5.8% from 2024 to 2034. The market is flooded with many types of cookies such as oats, chocolates, raisins, and nuts, which gives consumers a wide range to choose from.Cookies are among the most popular foods worldwide. Consistent value offerings in response to changing market conditions and consumer demands have led to an increase in demand for cookies. Cookies made with safe ingredients and their low-sugar and low-carb compositions are attracting health-conscious consumers.
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Some types of cookies contain essential nutrients such as lipids, vitamins, minerals, and other ingredients. People love them as a snack food and the development of a wide range of styles and designs, along with the attractive packaging of cookies by different industry players, is set lead to the steady expansion of the global market.
North America and East Asia, together, account for the bulk of the global market share, which is close to 50% cumulatively. Among all the types, sales of molded cookies are projected to increase faster than others at a CAGR of 7.8% through 2034.
Key Takeaways from Market Study
The global cookie market is on a robust growth trajectory, projected to reach an impressive US$ 75.3 billion by 2034. This market expansion is underpinned by a compound annual growth rate (CAGR) of 5.8% from 2024 to 2034, reflecting the increasing global demand for cookies. Regionally, significant markets are emerging, with the United States expected to reach US$ 4.6 billion by 2024. Meanwhile, Japan's cookie market is also growing steadily, projected to be worth US$ 2.8 billion by 2034. These figures highlight the widespread appeal and rising consumption of cookies across different geographies.
In East Asia, China is set to dominate with a commanding 48.9% market share in 2024, showcasing its critical role in the regional cookie industry. Furthermore, the segment of fried cookies is gaining popularity, with sales anticipated to hit US$ 5 billion in 2024. This growth in the fried cookie segment indicates evolving consumer preferences and the diversification of product offerings in the market. Overall, these projections underscore the dynamic nature of the global cookie market, driven by both traditional and innovative cookie varieties, catering to a broad spectrum of tastes and preferences worldwide.
“Consumption of cookies increasing as key market players are taking initiatives to make them with flour, which is rich in protein, such as finger millets and healthy ingredients, including peanuts, almonds, cashews, many others,” says a Fact.MR analyst.
Increasing Demand for Gluten-Free Cookies amid Rising Adoption of Veganism
Oats are a common ingredient in many cookie varieties, including oatmeal and oatmeal raisin cookies. It is common to see digestive cookies marketed as a healthier option. As more people adopt vegan diets due to dietary sensitivity or health concerns, demand for gluten-free cookies is projected to increase at a steady pace over the forecast period.
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Competition Analysis
Key players in the cookie industry are making significant investments in research and development to expand their product lines and enhance their market presence. To achieve global expansion, these companies are employing various strategic measures such as launching new products, signing contracts, merging with other firms, increasing investments, and fostering collaborations. Providing reasonably priced goods is essential for companies to grow and thrive in the highly competitive market.
In August 2022, Mondelez International's subsidiary launched eight HFSS-free products under the BelVita, Cadbury Drinking Chocolate, Maynards Bassetts, and Natural Confectionery Company brands. These new offerings span the biscuit, dessert, and chocolate drink categories. Similarly, in July 2022, Britannia Company introduced the new Good Day Harmony cookie, available in four flavors: almond, cashew, pistachio, and hazelnut. These product launches highlight the industry's focus on innovation and meeting diverse consumer preferences.
Explore More Related Studies Published by Fact.MR Research:
Vegan Cookies Market2: The global vegan cookies market is expected to reach US$ 391.5 million in 2023 and surge ahead at a CAGR of 8.5% to end up at US$ 885.3 million by 2033. Vegan cookie sales accounted for roughly 15% share of global vegan bakery product spending in 2022. The popularity of both vegan products and baked products is giving a thrust to the demand growth for vegan cookies.
Sweet Biscuits Market3: The global sweet biscuits market is valued at US$ 109 billion in 2023 and is projected to expand at a CAGR of 5.8% from 2023 to 2033. As such, global demand for sweet biscuits is estimated to reach a market valuation of US$ 192 billion by the end of 2033.
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1 https://www.factmr.com/report/cookie-market
2 https://www.factmr.com/report/vegan-cookies-market
3 https://www.factmr.com/report/sweet-biscuits-market
