The breakfast cereals market has witnessed significant growth over the past few years owing to the increased preference for nutritional breakfast options. Breakfast cereals offer various health advantages like high fiber, vitamins & minerals content, which help maintain overall well-being. Rising health consciousness among people has encouraged consumption of cereals as they aid in weight management and reducing risks of obesity, heart diseases, diabetes, etc.
The Global breakfast cereals market is estimated to be valued at US$ 59183.48 Bn in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the breakfast cereals market are Aetna Inc., AIA Group Limited, Allianz, Assicurazioni Generali S.P.A., AVIVA, AXA, CIGNA, Ping an Insurance, and UnitedHealth Group Inc., among others. Major players are focusing on new product launches, mergers, acquisitions, and geographical expansions to cater to the growing demand for healthy and convenient breakfast options. The Breakfast Cereals Market Demand industry provides significant opportunities for market players in terms of introducing cereal-based snacks, ready-to-eat cereals, expanding distribution channels via online platforms and tie-ups with large retailers. The growing health awareness in developing nations of Asia Pacific and Latin America provides lucrative opportunities for global players to expand their footprint.
Market Drivers
Growth in disposable income: The rise in disposable incomes allows people to spend more on healthy, nutrient-rich breakfast cereal options which supports the market growth. Furthermore, economic development has encouraged youth population’s inclination towards convenient packaged and ready-to-eat foods.
Market Restrain
Preference for traditional homemade breakfast: In certain countries like India, traditional homemade breakfast items like paratha, upma, idli, dosa are still preferred over cereal-based breakfast. This acts as a major challenge for cereal manufacturers to change consumer behavior and increase penetration in such regions.
Segment Analysis
The breakfast cereals market can be segmented based on type into ready-to-eat and hot cereals. Ready-to-eat cereals constitute the major segment and account for over 80% of the total market share. This is because ready-to-eat cereals are highly convenient to consume, easy to prepare, and have a longer shelf-life compared to hot cereals. The ready-to-eat cereal segment is further divided into sweetened cereals and savory unsweetened cereals. Sweetened cereals dominate the ready-to-eat cereal sub-segment owing to strong flavor profiles and innovative marketing strategies by major players towards sweetened cereal products.
Global Analysis
North America is the largest regional market for breakfast cereals and is estimated to maintain its dominance over the forecast period. This is attributed to factors such as busy consumer lifestyles, high demand for healthy and convenient breakfast options, and strong marketing initiatives by cereal manufacturers in the region. Asia Pacific is projected to exhibit the highest CAGR during the analysis period. Increasing per capita expenditure on food products, growing health consciousness among consumers regarding breakfast nutrition, and expanding popularity of western food habits in emerging countries are fueling the demand for breakfast cereals in Asia Pacific. Besides regional demand patterns, the global breakfast cereals market is being influenced by new product launches, growing demand for organic and gluten-free cereals, and increasing health related research and development activities by major players.
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