According to a recent study, Future Market Insights projects that the global for on-the-go breakfast products market will rise at 4.2% CAGR from 2019 to 2026, reaching US$ 1,853.2 million by the end of 2026. In the report, titled “On-the-go Breakfast Products Market: Global Industry Analysis & Opportunity Assessment, 2019-2026,” Future Market Insights estimates that moderate consumption of on-the-go breakfast products in the world is factored by low consumer awareness. While the convenience in consuming & manufacturing packaged food products favours the growth in popularity of on-the-go breakfast products, a majority of consumers are likely to be less aware of the benefits of replacing regular breakfasts with such products
Rising Demand for Quickly-made and Healthy Breakfast Stokes Growth Prospects
Growing demand for packaged foods creates need for increasing presence of on-the-go breakfast products in food & beverage retail stores. Manufacturing ready-to-eat edibles has become profitable for leading F&B companies as innovative technologies continue to deliver cost-effectiveness in production, preservation and packaging processes. Globally, the demand for on-the-go breakfast products is increasing at an unprecedented pace, indicating that consumers from around the globe are preferring quickly-made yet healthy breakfasts such as oatmeal or yogurt cereals. The biggest challenge, however, is that global distribution for on-the-go breakfast products has been riddled with several shortcomings that abridge the supply chain and lower the presence of such products in consumer retail outlets.
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Absence of Strong Distribution Network Curtails Growth
Distribution of on-the-go breakfast products in several regions is projected to be inconsistent, which is hampering the overall growth of the global market. Consumers in developed countries are more aware about on-the-go breakfast products compared to developing regions. Manufacturers in developing countries such as Brazil, China and India, among others, are known to opt for selective distribution channels such as sociality outlets and e-tailing platforms. As a result, the on-the-go breakfast products distribution in these regions is weakened due to less prevalence in other distribution channels. Furthermore, expensive costs of on-the-go breakfast products, compared to other ready-to-eat products, is also sidetracking consumer preferences with respect to packaged breakfast products.
Western Europe Exhibits High Demand for On-The-Go Breakfast Products
In 2016, over one-fourth of the global on-the-go breakfast products revenues are estimated to be amassed from Western European countries. The on-the-go breakfast products market in Western Europe is expected to remain dominant through 2026, reaching US$ 566.4 million in market value. On the other hand, Eastern Europe’s on-the-go breakfast products revenues will incur a sluggish growth, expanding at merely 2.2% CAGR over the forecast period. The on-the-go breakfast products market in Asia-Pacific excluding Japan (APEJ) region will account for over 18% share of global market, while Japan’s on-the-go breakfast products revenues will surpass US$ 200 million by 2026-end. Over the forecast period, sales of on-the-go breakfast products in Middle East & Africa (MEA) will grow at the slowest pace, Latin America’s global market share will remain less than 10%. Meanwhile, growing demand for healthy & convenient breakfasts in the US is expected to instrument a favourable growth in demand for on-the-go breakfast products in North America.
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Key Insights into Market
- Quaker Oats Company is expected to continue being recognised as one of the largest manufacturers of on-the-go breakfast products in the world.
- Throughout the forecast period, the demand for breakfast cereals will continue remain high, accounting for more than 65% of the global market revenues.
- Supermarkets will continue accounting for more than 50% of global distribution of on-the-go breakfast products.
- Expanding market presence through launch of new on-the-go breakfast products such as cereals, drinks or dairy-based items, will be a key strategy for Kellogg’s Co.
- Other companies partaking in the growth of global on-the-go breakfast products market includes, MOMA, Uncle Toby’s, Sanitarium, General Mills, Inc., Anchor, Bagrry’s India Ltd., Weetabix Ltd., and Nestlé S.A.
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