Market Overview
The emerging market opportunities for breakfast cereals appear to be conducive for the acceptance of convenience food in Europe and North America region. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on global Breakfast Cereals Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR % while achieving million-dollar growth readily in the forecast period.
With changing lifestyle and evolving dietary pattern, convenience food plays an important role in defining the consumers’ food choices in the modern world. The trend of consumption of convenience food began in western world and spread to other regions rapidly. Looking at the development of Asian countries, the increasing purchasing power of consumers, convenience trends are likely to remain significant. The increasing consumption of convenience food is driven by this desire to create more leisure time which means that consumers like to maximize their free time along with their disposable income and spend more time doing the things they value more.
Consumers look for convenience food which is easy to use and possess nutritional value. So, breakfast cereals are becoming one of the popular foods among the consumers. Apart from that, growing working women population in developing economies is considered to be significant factor for the rising growth of breakfast cereal. Rising consumer awareness towards the health benefits of breakfast cereals is expected to fuel the sales of breakfast cereal during the forecast period of 2017-2023. Breakfast cereals are gaining huge popularity in the baby food due to the nutritional value and ease of preparation. Premiumization is one of the important trends which is gaining its momentum in the developed countries in the breakfast cereal market because consumers are inclined to adopt high quality product instead of the normal product due to its nutritional value.
Key Players
The key players profiled in breakfast cereals are Kellogg Co. (U.S.), General Mills (U.S.), Post Holdings Inc. (U.S.), PepsiCo. (U.S.), Cereal Partners Worldwide (CPW) (Switzerland), Weetabix Ltd. (U.K.), The Jordans & Ryvita Company (UK), TreeHouse Foods (U.S.), and Nature’s Path (Canada) among many others.
Market Segments
Global Breakfast Cereals market has been divided into type, source, form and Region
On the Basis of Type: Ready-to-eat, and hot cereals
On the Basis of Source: Wheat, rice, oat, corn, barley, and others
On the Basis of Form: Hot breakfast cereals, and cold breakfast cereals
On the Basis of Region: North America, Europe, Asia Pacific, and Rest of the World
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Regional Analysis
The global Breakfast Cereals market is segmented into North America, Europe, Asia Pacific and Rest of the World. Among all the region, North America region is estimated to retain its dominance throughout the forecast period of 2017-2023. The U.S. is the major country in North American region. It holds 30% market proportion in the global Breakfast Cereals market in the year of 2017. The growth of the Breakfast Cereals market in North America is expected to be driven by various factors. One of the significant factors for the rising growth of breakfast cereal market in North America is busy lifestyles of the consumers coupled with introduction of new product launch by the key players of breakfast cereal.
However, Asia Pacific region is projected to expand at a high pace in the upcoming decade. The growth of the Asia Pacific region is attributed to the new product launch by the key manufacturers and consumers are seeking to the ready to food products instead of the traditional breakfast. Also, consumers in Asia Pacific are increasingly accepting western culture which in turn accelerates the sales if breakfast cereals during the forecast period of 2017-2023. Among the Asia Pacific countries, China and India are the major countries among the breakfast cereals manufacturers.
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