The global breakfast cereals market offers a variety of products that cater to the consumer demand for convenience and nutrition. Breakfast cereals are generally made from processed ingredients such as wheat, oats, corn or rice and provide energy, vitamins, minerals and fiber required to start the day. The hectic modern lifestyles have boosted the popularity of ready-to-eat breakfast options that can be quickly prepared and consumed within minutes. Moreover, growing awareness about the health benefits of consuming a balanced breakfast is further driving the demand for nutritious breakfast cereals. The global breakfast cereals market is estimated to be valued at US$ 59183.48 billion in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the Breakfast Cereals Market Demand are Aetna Inc., AIA Group Limited, Allianz, Assicurazioni Generali S.p.A., AVIVA, AXA, CIGNA, Ping an Insurance, and UnitedHealth Group Inc., among others. These leading companies are focusing on new product innovations, mergers and acquisitions to strengthen their market position. For instance, in 2022, Kellogg's launched a new range of breakfast cereals with extra protein and fiber to cater to the growing demand for healthy options.
The global breakfast cereals market offers numerous growth opportunities such as rising health-conscious consumer base, increasing adoption of organic and plant-based products. Consumer preference for convenient yet nutritious breakfast options on-the-go is driving innovations in portable cereal packs and breakfast bars segment.
Major breakfast cereals companies are expanding their global footprint by entering emerging markets of Asia Pacific, Africa and South America. Favorable demographic trends and improving living standards in developing nations are encouraging international players to target these high potential regions.
Market drivers:
Changing lifestyles and fast-paced urbanization have boosted the popularity of breakfast cereals as a healthy and convenient breakfast solution. Rapidly growing working women population particularly relies on ready-to-eat breakfast options that can save time. Furthermore, increasing awareness about the importance of a balanced diet is driving the demand for fortified cereal products with added vitamins, minerals, proteins and fibers.
Market restraints:
High sugar and calorie content of certain flavored breakfast cereals pose health risks like obesity and diabetes if consumed in excess quantities. Strict government regulations and taxation on sugar-sweetened food and beverage products in several countries may negatively impact the sales of high sugar varieties. Moreover, rising health consciousness is driving consumer shift towards more nutritious alternatives like oats, muesli and yoghurt.
Segment Analysis
Ready-to-eat cereals segment dominates the breakfast cereals market currently with highest sales. This is because ready-to-eat cereals are quick, convenient and can be consumed on-the-go which fits well into fast paced lifestyle of today. Within ready-to-eat cereals, cold cereals sub-segment has the highest demand as these cereals like corn flakes, bran flakes etc. can be eaten directly from packet without needing cooking or preparation.
Global Analysis
North America currently holds the largest share in breakfast cereals market majorly attributed to high cereal consumption trends in countries like United States. Asia Pacific is projected to be the fastest growing regional market during forecast period due to changing eating habits and rising disposable income in developing countries like China and India. Rapid urbanization coupled with increasing demand for convenience and healthy foods will continue to drive the breakfast cereals market in Asia Pacific region through the forecast period. Europe retains substantial market share and is expected to grow at a moderate growth rate owing to developed markets and stable demand.
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