On the go Breakfast Packaging is Estimated to Witness High Growth Owing to Convenience
The on the go breakfast packaging market is gaining popularity due to busy lifestyle and lack of time for consumers to prepare breakfast at home. On the go breakfast items like cereal bars, granola bars, yogurt cups, breakfast sandwiches and smoothie packets are increasingly getting packed in single serve and easy to carry packages. These packaging solutions help consumers enjoy their breakfast anytime quickly without any mess.
The global on the go breakfast packaging market is estimated to be valued at US$ 685.51 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The convenience offered by the on the go breakfast packaging is a major market opportunity. Busy lifestyles and changing consumer preferences are leaving people with little time for sitting down and enjoying a proper home-cooked breakfast. On the go breakfast packaging provides a perfect solution by offering portion controlled, ready-to-consume breakfast items in easy to carry packages. These packages allow harried consumers to quickly grab and go without any mess or effort of preparing breakfast at home. The packaging enhances the portability and accessibility of breakfast foods. As consumers increasingly opt for convenient options, the demand for convenient on the go breakfast packaging is expected to grow significantly over the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirements and availability of raw materials make it easy for new players to enter the market. However, established brands have strong brand recognition and supply chain which makes entry difficult.
Bargaining power of suppliers: The suppliers of raw materials like cereals, flours have moderate bargaining power due to availability of substitutes. However, specialty ingredients suppliers enjoy high bargaining power.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and branded and private label products. Buyers can negotiate on price offering higher volumes.
Threat of substitutes: Substitutes like breakfast cereals, bread, egg sandwiches pose medium threat. However, on the go packaging acts as USP restricting impact of substitutes.
Competitive rivalry: The market is moderately concentrated with top players occupying major shares. Companies compete on brand, quality, variety, packaging and distribution network increasing competition.
SWOT Analysis
Strengths: Growing demand for convenience foods and need for healthy on-the-go options. Innovation in product varieties, composition and packaging.
Weaknesses: High capital requirement for manufacturing facilities and distribution network. Seasonal availability of raw materials affects smooth supply.
Opportunities: Scope to enter developing markets and expand regional presence. Potential for product innovation, customization and meal-replacement offerings.
Threats: Volatility in prices of agro commodities and currency fluctuations affect costs. Stringent regulations around food processing and packaging.
Key Takeaways
The On-The-Go Breakfast Packaging Market Size is expected to witness modest growth supported by rising health consciousness and busy lifestyles. Changing dietary habits are generating demand for convenience breakfast foods across regions. The global on the go breakfast packaging market is estimated to be valued at US$ 685.51 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030.
The Asia Pacific region dominates the market with major consumption in India, China and Japan. Rising disposable incomes are driving uptake of packaged foods in the region. North America follows Asia Pacific in terms of market share. Growth rates are forecast higher in Americas owing to growing preference for healthy breakfast options. Canada and the US are the prominent country markets in North America.
Key players operating in the on-the-go breakfast packaging market are Adani Wilmar Ltd., Ruchi Soya Industries Ltd, Associated British Foods plc, Archer Daniels Midland Company, Beidahuang Group, Bunge Limited, Borges Mediterranean Group, Cargill Incorporated, Fuji Vegetable Oil, Inc., Adams Group, American Vegetable Oils, Inc., and Olympic Oils Limited. Key players are focusing on product innovation, nutrition fortification and geographical expansion through mergers and acquisitions.
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https://www.zupyak.com/p/3963525/t/on-the-go-breakfast-packaging-market-growth-accelerated-by-increased-millennial-population
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