The highly concentrated global breakfast cereals market is currently driven by changing food habits and influence of western culture on dietary patterns of consumers in many developing economies. The market leaders are innovating their product offerings to cater to the diversified customer interests throughout the world. The global breakfast cereals market was estimated at USD 47.10 billion in 2016 and is poised to grow at a CAGR of 4.5% during the forecast period, to reach USD 58.73 billion by 2022.
The breakfast cereals market has experienced a slight slowdown in growth in the recent years due to the increase in consumption of snack bars. The inclusion of gluten free cereals have fuelled the growth in the demand for breakfast cereals owing to rise in the trend for gluten intolerance consumers across the globe. Rise in consumer demand for “snackification” has been a crucial factor for the growth of breakfast cereals market.
General Mills has launched two cereals themed around Girl Scout cookies. One of the flavor is Thin Mints, a cereal that is sure to taste like chocolate wafers with a zing of spearmint. The other one is a Caramel Crunch, which tastes like the Caramel deLites cookies.
Changing breakfast habits and demographics across the emerging economies have been acting as the major growth drivers for global demand of breakfast cereals. The increasing preference of western dietary patterns has further led to the growth of global breakfast cereals market in the recent past. The wide assortment of alternative breakfast items specific to every region and inexpensive breakfast options may create obstacles for the growth of the market. The breakfast cereals market has an opportunity to grow tremendously due to the ongoing product innovation in the flavors and inclusion organic ingredients in breakfast cereals.
The global breakfast cereals market is broadly classified by product type, ingredient type, distribution channels and geography. By product type, ready to eat cereals accounted for the majority share primarily in the North American and European regions. The hot cereal segment is anticipated to register a high growth in the Asia-Pacific region. Rice, wheat, corn, barley, and oats are the major ingredients found in breakfast cereals, wherein wheat based products account for a considerable share of the market demand. The number of convenience stores has increased, in the last decade, as a major distribution channel for cereal products.
The North America market, led by the United States, holds the majority of the global breakfast cereal market demand, followed by Europe. Asia- Pacific is predicted to grow at an accelerating rate over the forecast period 2017-2022. Consumers in Asian countries like China and India prefer hot cereals containing rice or wheat as major ingredients. These nations are anticipated to register a high growth owing to rise in consumer preferences for ready to eat meals coupled with busy lifestyles in this region.
Global breakfast cereals market possesses a brand specific market value, wherein companies like Kellogg’s and General Mills account for a majority market share. Market players are currently focusing on catering to region specific breakfast habits to promote their products and increase their brand value. Hence, brand loyalty and customer orientation are significant parameters for the market value. Frequent mergers and acquisitions have been observed across the industry.
Some of the leading players in market include-
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