According to a new report published by Allied Market Research, titled, “Breakfast Cereals Market by Product Type, Nature, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global breakfast cereals market size was valued at $90.9 billion in 2020, and is projected to reach $180.3 billion by 2030, registering a CAGR of 7.1% from 2021 to 2030. Breakfast cereals are the type of breakfast food, which includes porridge, cornflakes, and oats. Expansion of distribution channels such as online stores, supermarkets, hypermarkets, and foodservice has made breakfast food easily available to customers, which, in turn, contributes toward the market growth. Moreover, ready-to-eat breakfast cereals is one of the new trends gaining high traction in the global breakfast cereals market.
In the past few years, many countries have recognized lifestyle-related diseases to be a key concern, which has led to rise in health consciousness among consumers. In addition, increase in consumer awareness regarding health benefits associated with the consumption of breakfast cereals such as oats, muesli, cornflakes, and bran cereals in their breakfast meals has fueled the breakfast market demand across the globe. For instance, oats and muesli help in lowering the cholesterol level, maintain blood sugar level, and aid in weight loss. This, in turn, has driven the growth of the breakfast cereals market.
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Moreover, increase in consumption of breakfast cereals with added vegetables or any other ingredients or added flavors is expected to propel the breakfast cereals market growth during the forecast period. This is attributed to the fact many consumers are following an entirely healthy diet, owing to their awareness of health consequences related to consumption of unhealthy diet.
Moreover, online store has time-saving feature and the facility of home delivery, which has increased consumer inclination toward online stores. In addition, owing to the COVID-19 pandemic, consumers are restraining themselves to go outside their homes and in crowded places such as supermarkets and hypermarket, which, in turn, has increased distribution of breakfast cereals through online stores.
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The global breakfast cereals industry is segmented into product type, nature, sales channel, and region. By product type, the market is classified into ready-to-eat and hot cereals. Depending on nature, the breakfast cereals market divided into conventional and organic. As per sales channel, it is segregated into supermarket/hypermarket, specialty stores, online store, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia & New Zealand, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa and others).
Key findings of the study
By product type, the ready-to-eat segment garnered the highest share in 2020, and is expected to grow at a steady CAGR from 2021 to 2030.
Depending on nature, the conventional segment accounted for the highest breakfast cereals market share in 2020, and is estimated to exhibit a CAGR of 6.9%.
As per distribution channel, the supermarket/hypermarket segment led the market, in terms of share, in 2020, and is projected to register a CAGR of 6.6%.
Region wise, North America garnered the maximum share in 2020, and is expected to dominate the market during the forecast period.
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Companies can operate their business in highly competitive market by launching new products or updated versions of existing products. In the recent past, many leading players opted for product launch as a business strategy to strengthen their foothold in the breakfast cereals market. To understand the key breakfast cereals market trends of the market, strategies of leading players are analyzed in the report. Some of the key players in the breakfast cereals market analysis includes include PepsiCo, Inc., General Mills, Kellogg Co, Bagrrys India Ltd., Post holding Inc., Hamlyn’s of Scotland, Bobs Red Mill Natural Foods Inc., B&G Foods Inc., Marico Limited, and Nature’s Path Foods.
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