Breakfast Cereals Market Size, Share Worth US$ 57,482.17Mn, Globally, by 2028 at 4.2% CAGR - Industry Trends, Demand, Price, Analysis & Forecast Report by The Insight Partners

According to a market research study published by The Insight Partners, the demand analysis of Breakfast Cereals Market size & share revenue was valued at US$ 44,831.48 million in 2022 to US$ 57,482.17 million by 2028; it is expected to grow at a CAGR of 4.2% from 2022 to 2028.

The Insight Partners published the latest research study on Breakfast Cereals Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type (Ready to Eat and Ready to Cook), Category (Organic and Conventional), Type (Low Sugar and Regular), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others). The report highlights key factors driving the market growth and prominent players along with their developments in the market. The demand for breakfast cereals is significantly rising due to the convenience they offer to consumers. The market is driven by the rising number of consumers with a busy lifestyle and no time to involve in long cooking processes. These products are mostly available in supermarkets, hypermarkets, and convenience stores, which constitute a significant market share in the distribution channel segment.

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Breakfast Cereals Market: Competitive Landscape and Key Developments

The Kellogg Company; WEETABIX; Bob's Red Mill Natural Foods; General Mills Inc.; Nestlé SA; Nature's Path Foods; The Quaker Oats Company; Carman's Fine Foods Pty Ltd.; Calbee, Inc.; and Guilin Seamild Foods Co Ltd. are the prominent players operating in the global breakfast cereals market.

Of late, the breakfast cereals market is expanding significantly. The main factor behind this growth is consumers' increasing preference for convenience foods. Hectic lifestyles and consumers' busy schedules have led them to opt for ready-to-eat and ready-to-cook foods. Moreover, the increasing westernization of diets in developing countries, especially in Asia Pacific, is also contributing to the demand for breakfast cereals substantially.

In 2021, North America accounted for the largest share of the global breakfast cereals market. The market in Asia Pacific is expected to grow at the highest rate during the forecast period. The US is one of the world's leading consumers of breakfast cereals. In the US, the rising consumer preference for healthy and nutritious food is likely to drive the market over the forecast period. In addition, changing food habits and the influence of western culture on dietary patterns, as it provides a suitable solution to readily accessible food that optimizes the ease of consumption without further preparation, is expected to further propel the market over the next few years.

Growing Consumption of RTE Products to Boost Market Growth

Increasing urbanization and a fast-paced lifestyle are some of the factors supporting the demand for ready-to-eat food products. The industry benefits from a large on-the-go customer base and an increase in purchasing power in emerging economies, such as India and China. The rising demand for ready-to-eat snacks due to changing lifestyles is predicted to stimulate expansion in the convenience food sector, as is rising per capita disposable income combined with a surge in the working capital population.

Breakfast Cereals Market: Segmental Overview

Based on product type, the global breakfast cereals market is segmented into ready-to-eat and ready-to-cook. In 2021, the ready-to-eat segment accounted for a larger market share. It is also expected to register a higher CAGR during the forecast period. Based on category, the market is segmented into organic and conventional. In 2021, the conventional segment accounted for a larger market share. However, the organic segment is expected to rise at a higher CAGR during the forecast period.

Based on type, the market is segmented into low sugar and regular. The regular segment accounted for a larger market share in 2021, and low sugar is expected to register a higher CAGR during the forecast period. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. In 2021, the supermarkets and hypermarkets segment accounted for the largest market share. It is expected to register the highest CAGR during the forecast period.

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Growth in retail chains and outlets is adding to the product awareness among consumers across the globe. Supermarkets, convenience stores and hypermarkets are emerging as the key points-of-sale offering a wide range of RTE food products, breakfast cereals manufactured by leading companies in Asia Pacific such as ITC, Kitchens of India, Kohinoor, Rajbhog Foods Inc., among others.

The retail chain sector is highly competitive in the developed economies and on the other hand developing economies of Asia-Pacific, Middle East and Africa have been witnessing significant growth. The expanding supermarkets and hypermarkets are also commanding the demand for breakfast cereals. As, many consumers believe that significant price differences for identical goods across countries are the result of retailer's actions and their different strengths in different locations.

The retailers have power to change the wastage of food products. Furthermore, collective effort of financial houses and banks with retailers are enabling consumers to go for durable products with easy credits.

Of late, the breakfast cereals market is expanding significantly. The main factor behind this growth is consumers' increasing preference for convenience foods. Hectic lifestyles and consumers' busy schedules have led them to opt for ready-to-eat and ready-to-cook foods. Moreover, the increasing westernization of diets in developing countries, especially in Asia Pacific, is also contributing to the demand for breakfast cereals substantially.

Growing Consumption of RTE Products to Boost Market Growth

Increasing urbanization and a fast-paced lifestyle are some of the factors supporting the demand for ready-to-eat food products. The industry benefits from a large on-the-go customer base and an increase in purchasing power in emerging economies, such as India and China. The rising demand for ready-to-eat snacks due to changing lifestyles is predicted to stimulate expansion in the convenience food sector, as is rising per capita disposable income combined with a surge in the working capital population.

In 2021, North America accounted for the largest share in the global breakfast cereals market. North America consists of US, which has one the highest consumption for breakfast cereals in the world. The consumers in the region are habitual to eating convenience products which has led to high consumption rates for RTE products, including RTE breakfast cereal.

Based on type, the global breakfast cereals market is segmented into low sugar and regular. In 2021, the regular segment accounted for the largest revenue share and low sugar is expected to account for the highest growth rate over forecast period. The health risks associated with sugar intake have led to higher demand for low sugar breakfast cereals as it is a product that is consumed on a daily basis; therefore, consumers are increasingly seeking out low sugar alternatives in breakfast cereals.

Based on distribution channel, the global breakfast cereals market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. In 2021, the supermarkets and hypermarkets segment accounted for the largest revenue share and is expected to account for the highest growth rate over forecast period. The growing penetration of supermarkets and hypermarkets, especially in the developing countries of Asia Pacific, is expected to drive the market for breakfast cereals over forecast period.

Impact of COVID-19 Pandemic on Breakfast Cereals Market

The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food and beverage industry suffered serious disruptions in supply chains and shutdowns of production plants in the initial phases of the pandemic. The pandemic hindered the supply chains, manufacturing, delivery schedules, and goods sales. Further, various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the bans imposed by various countries on international travel compelled enterprises to temporarily suspend their collaboration and partnership plans. All these factors hampered the food and beverage industry growth. The global marketplace is recovering from the losses as governments of different countries have announced relaxation in the restrictions. Manufacturers are permitted to operate at a full capacity, which is helping them to overcome the supply gap. Moreover, the rising vaccination rate is also boosting the overall growth of the industry. The pandemic led to a change in consumer habits of purchase. The COVID-19 pandemic created a massive demand for online food and beverage delivery. This factor is projected to open lucrative growth opportunities for the breakfast cereals market during the forecast period.

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Based on category, the global breakfast cereals market is segmented into organic and conventional. In 2021, the conventional segment accounted for the largest revenue share and organic is expected to account for the highest growth rate over forecast period. As many consumers have concerns regarding conventional breakfast cereals which may contain GMO based ingredients as well as chemically synthesized preservatives, flavors, and colors; there is an increasing preference for organic breakfast cereals which are deemed healthy.

Increasing penetration of supermarkets and hypermarkets is expected to drive the demand for breakfast cereals market. Growth in retail chains and outlets is also adding to the product awareness among consumers across the globe. Supermarkets, convenience stores and hypermarkets are emerging as the key points-of-sale offering a wide range of breakfast cereals manufactured by leading companies in Asia Pacific.

Many international corporations working in overall food and beverages manufacturing have a substantial presence in breakfast cereals manufacturing. Kellogg's and Nestle are among the key players in the market. Breakfast cereals manufacturers are investing heavily in new product development, which is projected to drive the breakfast cereals market during the forecast period.

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