The market's growth is attributed to consumers' rapidly growing preference for convenience foods. These days, people have different lifestyles and social values, which is fueling the demand for convenience food. The digital technology enabling them to do faster shopping has increased their dependence on ready-to-eat meals. These products are available in various varieties and forms, such as microwave meals, takeaway meals, instant pot noodles, and other types of meals, which has increased food availability in the UK. The rise in consumption of ready-to-eat food has led consumers to purchase more ready-to-eat meals in the region. However, owing to the lockdowns caused by the COVID-19 outbreak, consumers have resorted to cooking at home, which hampered the market to some extent.
In 2021, North America held the key share of the global breakfast cereals market. However, Asia Pacific is estimated to register the highest CAGR in the market during the forecast period. The market in Asia Pacific is segmented into China, India, Japan, South Korea, and Australia. APAC countries, such as South Korea, China, and Japan, are among the major food and beverage markets. The region is also home to numerous breakfast cereals manufacturers, which are growing due to increased domestic demand for packaged beverages. The rising production of beverages in Asia Pacific and increasing preference for ready to eat foods would contribute to the market growth in the region during the forecast period.
The COVID-19 pandemic significantly disrupted the manufacturing sector in terms of operational efficiency, owing to extended lockdowns across different regions, manufacturing unit shutdowns, restrictions on travel, international trades, and supply chain, and shortages in the raw materials supply, which eventually hampered the breakfast cereals market. The disruption of the food & beverages industry due to the economic slowdown caused by the outbreak also hindered the market's growth. However, businesses have recovered thus as previously imposed limitations are being eased across various countries.
Moreover, the introduction of COVID-19 vaccines by governments of different countries has further eased the situation, leading to a rise in business activities worldwide. Furthermore, governments of different countries are planning to develop modern and technologically advanced infrastructure to mitigate the economic impacts of the pandemic. During the lockdown, consumers purchased many packaged foods and beverages at once instead of food service items. Thus, despite the negative impacts of the COVID-19 pandemic, the breakfast cereals market is expected to grow significantly in the coming years.
Ready-to-eat food products turned into one of the few industries that have witnessed a surge in immense demand during the COVID-19 pandemic. With countries on lockdown and most people working from home, the consumption of ready-to-eat food products has surged. Young consumers spend most of their income on convenient ready-to-eat food products, making them the prime target of these products. Thus, the increased demand and consumption of ready to eat food is driving the breakfast cereals market.
Based on category, the global breakfast cereals market size 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. Consumers have become more aware of the importance of a strong immune system and healthy lifestyle, resulting in a preference for organic and natural foods. The shift in mindset is expected to continue to boost the organic food market during the forecast period. Organic food products are prepared with zero preservatives and contain no synthetic chemicals. Therefore, people are accepting organic food products into their diet, which will help the market grow in the forecast period.
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 players operating in the breakfast cereals market. These companies provide a wide range of product portfolios for the market. The companies have their presence in the developing regions, which provides lucrative opportunities for the market. Market players are developing high-quality, innovative products to meet customer requirements.
The regional trends and factors influencing the Breakfast Cereals Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Breakfast Cereals Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 44.83 Billion |
| Market Size by 2028 | US$ 57.48 Billion |
| Global CAGR (2022 - 2028) | 4.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Breakfast Cereals Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Breakfast Cereals Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Global Breakfast Cereals Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry with a special focus on the global breakfast cereals market trend analysis. The report aims to provide an overview of the market with detailed market segmentation.
The breakfast cereals market is analyzed on the basis of material, application, and geography. Based on product type, the market is segmented into ready to eat and ready to cook. Based on category, the market is segmented into organic and conventional. Based on type, the market is segmented into low sugar and regular. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America.
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.
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.
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.
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.
The major players operating in the global breakfast cereals market are The Kellogg’s 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.
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.