Breakfast Cereals Is Estimated To Witness High Growth Owing To Growing Demand For Convenient Food Options
The Breakfast Cereals market is estimated to be valued at US$ 51374.54 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Breakfast cereals are ready-to-eat cereal foods that are commonly eaten as the first meal of the day. The major types of breakfast cereals available in the market are cold cereals, hot cereals and others. Cold cereals like cornflakes and wheat flakes needs to be eaten with milk and they do not require cooking. Hot cereals like oatmeal require cooking before consumption. Breakfast cereals are convenient, highly nutritious and provide a good start to the day for both kids and adults alike.
Market Dynamics:
Growing demand for convenient food options is expected to drive the growth of the breakfast cereals market over the forecast period. Breakfast cereals are easy to prepare, highly nutritious and save cooking time in the morning. This is attracting more consumers towards breakfast cereals. Furthermore, rising health consciousness among people is also expected to fuel the market growth. Many breakfast cereals are fortified with essential vitamins and minerals to provide better nutrition. Moreover, launch of new flavored varieties of cereals catering to changing taste preferences of consumers will create new opportunities in the market. However, availability of alternative breakfast options like eggs, bread, yogurt etc. may hamper the market growth to some extent over the forecast period.
SWOT Analysis
Strength:
- Breakfast cereals are convenient and easy to prepare food options that save time in the mornings. The ready-to-eat nature of breakfast cereals makes them appealing to busy consumers.
- Many breakfast cereals are fortified with essential vitamins and minerals that provide nutritional value. Cereals with nuts and dried fruits add protein and fiber to complement a balanced diet.
- Popular brands have built strong brand recognition and loyalty over decades through consistent marketing and product innovation. Consumer trust the quality, taste, and health benefits of leading cereal brands.
Weakness:
- High sugar content of some varieties is unhealthy if consumed in large quantities daily. Excess sugar can increase risks of obesity, diabetes and heart disease.
- Cereals are cheaper alternatives to prepared meals but still more expensive than basic grains and produce on a per-serving cost comparison. Price sensitivity can impact sales.
Opportunity:
- Growing health and wellness trend is increasing demand for cereals with whole grains, protein, fiber and less sugar. Cereal companies can leverage formulation innovations to provide healthier options.
- Rising breakfast consumption away from home presents opportunities for cereal companies to partner with cafes, restaurants and foodservice outlets for ready-to-eat portions and breakfast combinations.
Threats:
- Changing lifestyles and time pressures mean consumers are opting for even faster breakfast solutions like smoothies, breakfast bars or breakfast sandwiches instead of cereal.
- Intense competition from private label brands offering good quality at lower prices can erode store loyalty and market share for leading brands.
Key Takeaways
The Global Breakfast Cereals Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand for convenient and nutritious breakfast options. Consumers associate cereal with balanced nutrition, convenience and indulgence at breakfast.
Regional analysis:
North America represents the largest market for breakfast cereals globally, accounting for a share of over 35% in 2023. Growing cereal consumption as part of regular diets, wide availability through all retail channels and marketing domination of leading US brands cements the region's leadership. The Asia Pacific region is expected to witness the fastest growth over the forecast period due to changing lifestyles, westernization of diets and rising incomes in developing countries.
Key players:
Key players operating in the Breakfast Cereals are Kellogg Co., General Mills, PepsiCo., Cereal Partners Worldwide (CPW), Post Holdings, and The Weetabix Food Company. Kellogg Co. and General Mills are the largest players globally, driven by their iconic cereal brands like Corn Flakes, Frosted Flakes, Cheerios among others.
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