Which Factors Are Driving the Global Expansion of the Breakfast Cereals Market?
Breakfast Cereals Market Overview:
Market Research Future (MRFR) states that the global Breakfast Cereals Market size is projected to grow at a 6.62% CAGR from 2024 to 2032, reaching USD 187.3 Billion
Growth Drivers and Key Barriers:
Surging western influence on middle-class population with respect to food habits contributes substantially towards the Breakfast Cereals Market all over the world. Rising food retail infrastructure combined with mounting awareness with regard to health benefits of grain-based breakfasts, also benefits the market.
Developing economies are observing a paradigm shift when it comes to the purchasing behavior as well as eating habits of customers. Quickly rising urbanization along with expanding middle-class population in such economies has led to a change in lifestyle and has raised the demand for on-the-go options of meals. Cereals offer several health benefits and are easy to prepare, due to which they are noting high demand among consumers worldwide.
On a different note, demand for breakfast cereal could go down on account of the huge availability of alternatives like smoothies, eggs, yogurt, frozen waffles, puddings, and sausage. Having said that, rising popularity of on-the-go breakfasts combined with increasing demand for organic cereals could do wonders for the market during the evaluation period.
Esteemed Vendors:
The Breakfast Cereal Market Companies is extremely competitive where the esteemed are indulging in forward and backward integration within the value chain. Some of these companies are PepsiCo (US), the Jordans & Ryvita Company (UK), Nestlé (Switzerland), Post Holdings, Inc. (US), Kellogg Co. (US), TreeHouse Foods, Inc. (US), Nature's Path Foods (Canada), General Mills, Inc. (US), Weetabix Limited (UK), to name a few.
Regional Insight:
The key markets for breakfast cereals are Europe, Asia Pacific, North America, and the rest of the world.
North America stands as the most profitable market for breakfast cereals on account of high consumption of functional foods as well as meal replacers. More and more people in the region are aware of the several health benefits of breakfast cereals, which include improvement of immune system. This augments the product demand to a great extent in North America.
Europe breakfast cereals market is noting consistent growth, and it could remain the same even during the forecast period. Evolving lifestyle along with surging consumption of convenient breakfast cereals owing to busy schedules will work in favor of the regional market. Consumers in the region follow healthy and nutritive eating habits, which is touted to stimulate market growth in the near future.
Expanding at the fastest rate, Asia Pacific is expected to make a mark in the breakfast cereals market in the coming years. Rapidly developing nations lead the widening base of the population that have busy lifestyles. This stirs up the demand for convenience foods, which sets off the growth of the regional market. Soaring demand for natural nutritional products based on rising consumer awareness with regard to healthy lifestyles is expected to inspire the market growth.
The rest of the world could also note substantial growth as a result of the surging preference for healthy food. Food manufacturers are developing products that boast of new and innovative flavor blends. Apart from this, massive government investments in the food industry are bound to provide an opportunity for vendors in the regional market in the ensuing years.
Market Segmentation:
The worldwide breakfast cereals industry has been segmented depending on the source, packaging type, and distribution channel.
Source-wise, the global breakfast cereals market can be broken down into wheat, rice, oat, corn, barley, and others.
With respect to the packaging type, the global breakfast cereals market has been split into boxes, pouches, and others.
The global breakfast cereals market, on the basis of the distribution channel, include store-based and non-store-based. The store-based segment can be divided into convenience stores, supermarkets and hypermarkets, and others.