New York, Feb. 13, 2024 (GLOBE NEWSWIRE) -- According to a Market.us report, the Breakfast Cereals Market size is projected to surpass USD 78.6 Billion in 2023 and is likely to attain a valuation of USD 140.8 Billion by 2033, expected to rise at an astounding CAGR of 6.0% from 2024 to 2033.
The breakfast cereals market refers to the industry involved in the production, distribution, and sale of breakfast cereals. Breakfast cereals are ready-to-eat food products typically made from grains such as wheat, oats, rice, corn, or barley. These cereals are commonly consumed in the morning and are often served with milk or yogurt.
The market encompasses a wide range of cereal products, including flakes, puffs, granola, muesli, and other cereal-based snacks. Breakfast cereals are popular for their convenience, nutritional value, and diverse flavors. They are often fortified with vitamins and minerals to enhance their nutritional profile.
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Various factors, including consumer preferences, lifestyle changes, health consciousness, and marketing strategies influence the breakfast cereals market. Companies in this industry often compete to innovate and introduce new flavors, nutritional enhancements, and packaging to attract consumers.
Important Revelation:
- Market Growth: The global breakfast cereals market is projected to reach USD 132.7 billion by 2033, growing at a steady CAGR of 6.0% from USD 78.6 billion in 2023.
- Product Dominance: Ready-to-eat (RTE) cereals hold 84.6% of the market share in 2023, driven by millennials' preference for quick and convenient breakfast options.
- Distribution Channels: Supermarkets/Hypermarkets lead with a 58.8% market share, while online retail is set to grow at a CAGR of 5.8% from 2022-2030.
- Drivers: Increasing health consciousness propels demand, with consumers valuing breakfast cereals not only for taste but also for potential health benefits.
- Regional Presence: North America dominates with a 42.3% market share in 2023, while the Asia Pacific is anticipated to be the fastest-growing region from 2021 to 2032.
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Key Influencers in the Breakfast Cereals Market Growth
- Health Consciousness: Increasing awareness of health and wellness drives consumer preferences towards breakfast cereals perceived as nutritious and offering health benefits.
- Convenience: Busy lifestyles and the need for quick and convenient breakfast options, especially among millennials, fuel the demand for ready-to-eat (RTE) cereals.
- Innovation by Major Players: Ongoing efforts by major companies like Nestlé, Kellogg, and General Mills to introduce innovative and healthier cereal options contribute to market growth.
- Distribution Channels: The strategic presence of breakfast cereals in supermarkets/hypermarkets, offering a wide range of options, significantly influences consumer purchasing patterns.
- Economic Growth in Emerging Markets: Growing economies, particularly in regions like Asia Pacific, provide a fertile ground for market expansion as consumer purchasing power increases.
- Evolving Consumer Preferences: Changes in breakfast habits, including a shift towards protein-rich alternatives and exploration of regional specialties, impact the market landscape.
Report Segmentation
Product Type Analysis
Ready-to-eat (RTE) cereals, commanding 84.6% of the market in 2023, remain dominant and are expected to retain their position due to their convenience and health benefits, particularly favored in the United States for breakfast. The surge in popularity of these products is attributed to the fast-paced lifestyles of young workers, catering to busy millennials who seek quick and easy options.
The market's growth is propelled by the evolving retail landscape in developing nations, including the rise of hypermarkets and supermarkets, alongside the increasing prevalence of online shopping. Additionally, hot cereals, foreseeing a 4.9% CAGR from 2022-2030, are gaining traction, especially in Asia's emerging economies like India, where oats and muesli are becoming increasingly popular, and producers are expanding their offerings to include savory and healthy options to attract a broader customer base.
Distribution Channel Analysis
In 2023, Supermarkets/Hypermarkets claimed the majority share of the breakfast cereals market, exceeding 58.8%, serving as the primary destination for consumers seeking cereal options. Renowned for their expansive selections and convenient one-stop shopping experience, these large-scale retail stores dominated the market by providing accessibility and a diverse range of brands and flavors under one roof.
While representing approximately half of the total ready-to-eats value, the influence of supermarkets and hypermarkets extends beyond high-income countries, as the growth of retail infrastructure continues in urban areas across Asia, Africa, and the Middle East.
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By Product Type
- Hot Cereals
- Ready-to-Eat Cereals (RTE)
By Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
- Online Retail
- E-commerce
- Others
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Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 78.6 Billion |
| Forecast Revenue 2033 | USD 140.8 billion |
| CAGR (2024 to 2033) | 6.0% |
| North America Revenue Share | 42.3% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2024 to 2033 |
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- nestlé S.A.
- Kellogg Co.
- General Mills
- PepsiCo Inc.
- Cereal Partners Worldwide (CPW)
- Post Holdings
- Abbott Nutrition
- Carmans Fine Foods
- Food for Life Baking Co. Inc.
- Migros
- Alara Whole Foods Ltd.
- Attune Foods LLC.
- B&G Foods Inc.
- Bagrrys India Ltd.
- Bobs Red Mill Natural Foods Inc.
Drivers
Breakfast cereals are gaining popularity in developing regions, as people increasingly opt for healthier packaged choices. These cereals, known for their lower calorie and nutritional content, are becoming a preferred breakfast solution. Market trends indicate a surge in innovative and flavored cereal products, driven by a growing awareness of their potential health benefits.
Beyond serving as a morning meal, breakfast cereals are now acknowledged for their positive impacts on skin health, digestion, immune system support, blood pressure regulation, and cholesterol reduction. The rising awareness of these benefits contributes to the growing demand, with consumers attracted not only by the delicious flavors but also by the potential health advantages, making them an enticing choice for a healthier start to the day.
Restraints
Modern breakfast choices have expanded beyond traditional cereals, reflecting diverse preferences. Health-conscious individuals now lean towards protein-rich options like smoothies, yogurt bowls, or avocado toasts. Cultural influences drive others towards savory or regional specialties, challenging cereal-focused routines. This evolving landscape poses a potential limitation to market growth, with brands needing to adapt strategies accordingly. The presence of alternatives like smoothies and traditional breakfast foods further complicates the breakfast cereals market.
For detailed insights, the provided breakfast cereals market report covers recent developments, trade regulations, production analysis, and market share. It delves into emerging revenue areas, technological innovations, and market size, offering comprehensive guidance for informed decisions through Data Bridge Market Research's Analyst Brief.
Opportunities
In today's health-conscious society, there's a significant opportunity for the global breakfast cereal market to align with the growing demand for healthier breakfast options. Consumers now prioritize choices that positively contribute to individual well-being and overall wellness, recognizing the impact of their daily decisions.
The search for cereals rich in essential vitamins, minerals, and nutrients reflects a heightened awareness of nutritional values, driving a surge in demand for breakfast cereals with health benefits and propelling market growth in the foreseeable future.
Challenges
The breakfast cereal market encounters challenges as consumers prefer alternatives like yogurt, sausage, smoothies, and frozen waffles, alongside a persistent fondness for traditional breakfast foods. This preference poses a hurdle to market expansion. Additionally, the production of fortified cereals can be costly, further limiting their potential growth. In developing areas, inconsistent supply chains and fluctuating material prices for packaging contribute to difficulties in meeting demand, potentially hindering the growth of the fortified breakfast cereals market.
For in-depth insights, the fortified breakfast cereals market report from Data Bridge Market Research covers recent developments, trade regulations, production analysis, and market size, offering valuable information for informed decision-making in pursuit of market growth.
Regional Analysis:
In 2023, North America led the Breakfast Cereals Market, holding 42.3% of the share, driven by its high population and notable per capita consumption of hot and ready-to-eat cereals. However, the region experienced a decline in ready-to-eat cereals, while Europe and Asia displayed promising growth.
Over 2021-2032, Asia Pacific is anticipated to be the fastest-growing region, fueled by the increasing popularity of processed foods in countries like India, China, and Japan. Globally, a rising awareness of health issues is driving consumers towards nutritious food choices, contributing to the growing consumption of breakfast cereals.
By Geography
- North America
- US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
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