The global cookie market is expected to witness significant growth during the forecasted period of 2024-2029.
Cookies, also known as biscuits, are baked food products or desserts that are produced in small and flat structures with a sweet flavour to the taste. The ingredients for the production of cookies commonly contain flour, egg, sugar, and some types of oil, fat, or butter. Other ingredients such as raisins, oats, nuts, and chocolate chips are also known to be added to add flavour to the cookies.
The market is expected to witness significant growth due to various factors, such as the growth of the e-commerce sector, which is influenced by the increasing global urbanization rate. The increase in the global e-commerce sector leads to an increase in the online retail penetration of cookies and other baked goods in the market, leading to an increase in the demand and production of baked food products.
Another factor that contributes to the e-commerce sector's growth is urbanization, since the increase in the urban population means an increase in people with higher disposable incomes and busier lifestyles, leading to a change in consumption patterns. The people in urban areas will have a change in preference for consumption towards higher-cost products and snacks, which usually involve ready-to-eat food products like cookies and other baked goods. As per ecommercetips.org, the global e-commerce revenue is expected to reach an estimated US$8.1 trillion by 2026. It has also been stated that global retail e-commerce sales accounted for US$6.310 trillion in 2023, which is a growth of 9.6% and 20.8% of the total retail sales.
The top reasons that contribute to the increase in online retailing include lower prices, convenience, and free shipping, with around 2.4 billion people preferring online shopping over regular shopping. This can be linked to the increasing global urban population, which can further provide the necessary boost to the demand for snack products such as cookies and various other food products. Therefore, the increase in the growth of the e-commerce sector is expected to provide the necessary boost for the global cookie market growth during the forecasted period of 2024-2029.
The North American region is expected to witness significant growth in the global cookie market during the forecasted period. The United States bakery industry accounts for a great influence on the country’s economy. Cookies are known to be small, sweet, baked food products that are commonly consumed as a snack. The increase in the growth of the baking industry will provide a boost in the production of all kinds of baked goods, which include cookies, cakes, and many others.
The US economy is partially influenced by the banking industry, contributing to 2.01% of the GDP in 2023. The American Bakers Association states that baking contributed US$533.18 billion to the economy of the United States in 2023, impacting over 524 sectors of the US economy through its production and linkages. This impact on the US economy can significantly help in increasing the production of cookies in the market, boosting the growth and production of the regional cookie market.
Another factor that boosts the market growth in the region is the increase in e-commerce sales during the forecasted period. The trend of e-commerce displays a positive upward trend, depicting an increase in the growth of the e-commerce industry. The US Census Bureau states that the total retail e-commerce sales in the United States during the third quarter of 2023 accounted for an estimated US$284.1 billion, which is an increase of 2.3% from the second quarter of 2023. This increase in overall e-commerce sales can contribute to the growth of the consumption of snack food products, which include baked goods such as cookies. Therefore, the increase in the growth of e-commerce and the baking industry in the North American region will provide the necessary fuel for the regional cookie market growth during the forecasted period of 2024-2029.
Cookie Market Segmentation: