With the presence of a large pool of participants, the global breakfast cereals market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Nestle SA, Cereal Partners Worldwide, Ricebran Technologies, and The Weetabix Food Company are some of the key vendors of breakfast cereals across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the breakfast cereals market study.
Citing an instance, on September 13, 2018, Doves Farm Foods Limited—a UK-based firm offering organic & free from flours and foods—inaugurated a £4.5 million gluten-free factory in UK unleashing its plans to recommence manufacturing of breakfast cereals in UK from Italy.
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As estimated in this report, the global breakfast cereals market stood at US$ 42.52 billion in 2017. Witnessing a tremendous rise during the period from 2017 to 2024, the revenue in this breakfast cereals market is expected to reach US$ 57.86 billion by the end of the forecast period. The main ingredient types available in this breakfast cereals market are wheat, rice, oat, corn, and barley. Among them, the demand for wheat is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report. The key product types available in this breakfast cereals market are hot cereals and ready-to-eat cereals. Among them, the demand for ready-to-eat cereals is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Growing Health Consciousness Among Consumers To Benefit Market
“Escalating demand for on-the-go breakfasts along with mounting demand for organic cereals as well as rising awareness about health benefits among the consumers is anticipated to propel breakfast cereals market trends,” says the author of this study. Apart from this, changing food habits of middle-income population groups in Asia Pacific will further contribute towards the expansion of breakfast cereals market. In addition, thriving food retail sector along with need for consuming nutritious diet during breakfasts is anticipated to further enhance the scope of breakfast cereals market in the years to come.
Large availability of substitutes such as smoothies, sausage, eggs, and puddings, however, is likely to adversely impact the progression of breakfast cereals market in the near future.
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Massive Popularity Of Ready-To-Eat Diet To Aid APAC’s Regional Dominance
Regionally, Asia Pacific has been leading the worldwide breakfast cereals market and is anticipated to continue on the dominant position in the years to come, states the breakfast cereals market study. Exponential rise in the population base, urbanization, and industrialization has resulted in enhanced demand for ready-to-eat & hassle-free diets. This is the key factor behind the dominance of the Asia Pacific breakfast cereals market. High visibility of reputed breakfast cereal brands in countries such as India and China is another significant factor that is supporting the expansion of this regional breakfast cereals market.
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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