By Felicia Nwosu

The global sweet biscuits market is set to experience a significant expansion, with a predicted Compound Annual Growth Rate (CAGR) of 5.35%, over the forecast period.

This projection, according to Research and Market, is expected to remain relevant over the next five years, moving from 2024- 2029, globally.

This growth trajectory indicates an accelerating demand for sweet biscuits worldwide, with factors such as evolving consumer preferences, innovative product introductions, and expanding retail channels contributing to the positive market movement.

In Nigeria, the market dynamics are stimulated by certain trends and market drivers, amidst rising inflation as Nigerian biscuit manufacturers are grappling with higher prices of flour, wheat and sugar, major ingredients for biscuits production, alongside fierce competition.

Also, the biscuits industry still experiences a steady growth triggering a flurry of activity in the over $727million biscuit market.

According to WordPress.com, biscuit consumption in Nigeria is estimated to be 620 million tonnes per annum in alignment with  current economic dynamics affecting the market. The sector is said to be growing as a result of rising urbanization, along with growing popularity of biscuits as a convenient snack.

The report added that the market potential is high and with an increase in the birth rate and much younger generation one can expect significant growth. It maintained that with a sustained growth in population the demand for biscuits is surging, indicating that the growth prospect for the manufacturers is bright.