San Francisco, CA (PRWEB) June 01, 2013
The Biscuit Production industry in China experienced rapid growth in the past five years with industry revenue increasing at an estimated annualized rate of 21.4% to $24.3 billion in 2013, says IBISWorld. Industry growth was stimulated by greater domestic demand, increasing private investment, the entry of foreign capital into China's food manufacturing sector, and increased industry output.
Consumer preferences for higher quality products and more variety in product types have stimulated the development of the medium- and high-end biscuit segments. Although China's total biscuit demand is large due to its large population, the per capita consumption level is still quite low at only one kilogram per year compared to 25 to 35 kilograms per year in developed countries. This shows that the market has strong and significant potential for substantial future growth, says IBISWorld.
Consumption levels have been rising in recent years along with per capita income increases and changes in consumer behavior. The consumer spectrum has enlarged since 2000 and an increasing number of young people in China prefer biscuits and other bakery products as snacks. The relative proportion of children in the market, previously the main consumer group, has decreased slightly, however, as parents become more aware of the health issues associated with excess biscuit and sugar consumption, says IBISWorld.
The top four firms in the Biscuit Production industry in China– Want Want China, Kraft, Fujian Dali, and Liwayway – are expected to account for just 15.8% of total revenue in 2013, according to IBISWorld. Most of the biscuit pro
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