Newark, NJ, May 24, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global breakfast cereals market is expected to grow from USD 44.5 billion in 2020 and reach USD 63.3 billion by 2028, growing at a CAGR of 4.8% forecast period 2021-2028.
The growth of the breakfast cereals market is attributed to the rising awareness of the consumers regarding the healthy and balanced food requirement. Habits of the consumers are a vital influencing factor for the demand for ready-to-eat cereals worldwide. The major players in the global market, such as Kellogg's, General mills etc., face fierce competition from the private labels mainly because the key focus is on developing countries. The emerging economies possess an enormous market potential for breakfast cereals but are slightly restricted by the traditional practices and customs. Rapid urbanization in these developing economies has helped overcome these restrictions as more and more consumers are adapting to the fast-paced, hectic lifestyle, which positively impacts the growth of the market.
The breakfast cereals market is dominated by ready-to-eat cereals, which consist of wheat, corn and mixed grains and a few other supplements and come in the form of snacks, crunches and flakes etc. Breakfast cereals are considered healthy as they are fortified with vitamins, minerals and commonly used grains such as barley, oats, rice, corn and wheat. Breakfast cereals offer the perfect solution for the requirements of this generation for time-saving and convenient food rich with energy. Due to their ease of preparation and nutritional content, these products have gained prominence in the infant industry.
The factors driving the growth of the breakfast cereals market are the growing demand for ready-to-eat meals, the advancement and innovations in the technique of food production, the rising diet-consciousness of the consumers, which resulted in the high demand for multi-grain dietary fiber-rich breakfasts. Globalization, combined with the changing lifestyle of the people, has led to an increase in the consumption of convenience food all across the world. The factors restraining the market are the rising costs of the primary ingredients such as palm oil, the concern for the loss of nutrients during the process of food preparation, added sugar content; availability of alternatives such as yogurt, frozen waffles etc. Emerging markets that are abundant in raw materials and have a large availability of cheap labor provide an excellent opportunity to expand the market.
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Some of the major players in the global breakfast cereal market are Kellogg, Nestle, General mills, Attune Foods, PepsiCo, Coca-Cola Co., Bob's Red Mill Natural Foods and Sanitarium Health.
The ready-to-eat cereals segment dominated the market and held the largest market share of 72% in 2020
Based on type, the global breakfast cereals market is segmented into ready-to-eat cereals and hot cereals. The ready-to-eat cereals segment dominated the market and held the largest market share of 72% in 2020. This growth can be attributed to the hectic lifestyle of the consumers, due to which the demand for ready-to-eat food, which is nutritious and time-saving, has increased considerably. This segment includes cornflakes, bars, and biscuits for all age groups.
Mixed/blended breakfast cereals segment dominated the market and held the largest market share of 65% in 2020
Based on product, the global breakfast cereals market is segmented into mixed/blended breakfast cereals, corn-based breakfast cereals, and others. The mixed/blended breakfast cereals segment dominated the market and held the largest market share of 65% in 2020. This growth can be attributed to the consumers' preference for mixed and blended breakfast cereals, which offer a wide range of products for all age groups in different flavors.
Supermarkets/Hypermarkets segment dominated the market and held the largest market of 44% share in 2020
Based on the distribution channel, the global breakfast cereals market is segmented into supermarkets/hypermarkets, convenience stores, specialist stores, online retailers. The supermarkets/hypermarkets segment dominated the market and held the largest market of 44% share in 2020. This growth can be attributed to the high concentration of supermarkets, especially in emerging economies. Online retailers have emerged as one of the highest distributors due to the growing dependency of the consumers on the internet and e-commerce for better access.
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Regional Segment of Breakfast Cereals Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global breakfast cereals market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America dominated the market and held the largest market share of 38% in 2020. This growth can be mainly attributed to the high demand for processed foods in the developed markets such as U.S, Canada etc. Factors such as chronic disease, obesity, hectic lifestyle have influenced the demand for a healthy diet in these developed economies. Europe is also a leading market for breakfast cereals mainly due to product innovation and packaging. Asia-Pacific is the fastest-growing market due to an increase in population, rise in disposable income, the influence of western culture and the growing retail infrastructure.
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About the report:
The global breakfast cereals market is analyzed based on value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insights into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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