The breakfast cereal market has been witnessing robust growth, with a projected worth of US$ 68.87 billion by 2033, driven by factors such as evolving consumer preferences and the demand for convenient, nutritious breakfast options. Clean labeling and health consciousness among consumers are reshaping the industry landscape, fueling the demand for cereals made with minimal, natural ingredients.
Consumer demand, especially from health-conscious households and urban dwellers with busy lifestyles, remains the primary driver of the breakfast cereal market. The market also caters to athletes, fitness enthusiasts, students, and families with children, offering a versatile range of products to meet diverse needs. Ready-to-eat cereals dominate the market share due to their convenience and nutritional benefits.
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Growing Factors:
- Health Consciousness: Growing awareness about the importance of a healthy breakfast and clean eating habits is propelling the demand for nutritious breakfast cereal options.
- Convenience: The fast-paced lifestyles of consumers, coupled with the need for quick and easy breakfast solutions, are driving the popularity of breakfast cereals.
- Innovation: Continuous innovation by market players in terms of flavors, packaging, and healthier alternatives is expanding the market reach and attracting new consumers.
“Surging demand for organic ingredients in packaged food products, along with the introduction of fortified cereals and health-benefit based cereals will create opportunities for growth in the market,” says an FMI analyst.
Key Takeaways:
- Based on nature, sales of conventional breakfast cereals are anticipated to account for around 86% of the total market share in 2022.
- The North American breakfast cereal market is anticipated to dominate the global market with a market share of around 27.9% in 2022, but East Asia is expected to witness a lucrative growth rate during the forecast period.
- On the basis of sales channels, modern trade is expected to hold a dominating share in 2022.
- Based on product type, ready-to-eat breakfast cereal is dominating the global market with a market share of more than 60% in 2022.
Competitive Landscape
The top breakfast cereal manufacturers are likely to expand their market presence attributed to the increasing demand for convenient and healthy food products. In recent years, most consumers have focused heavily on minimizing their calorie intake by adopting top cereal brands and replacing the traditional breakfast choices with better and healthier breakfast cereal brands.
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Recent Developments in the Breakfast Cereal Market
- In October 2022, Kellogg’s India launched Kellogg’s Pro Muesli, a high-protein, 100% plant-based muesli. In August 2021, Kellogg’s introduced Froot Loops, a multigrain cereal made from corn, wheat, and oats.
- Quaker, one of India’s leading brands in the oats segment, entered the Ready-to-eat (RTE) cereal segment with a new delicious, innovative, and modern breakfast offering – Quaker Oats Muesli.
- General Mills launched a series of instant oatmeal cereals, strategically targeting young children to create a healthy and appealing breakfast option. The company aims to establish healthy eating habits early in a child’s life by introducing fun and nutritious oatmeal options.
Key Companies in the Breakfast Cereal Market
- Kellogg Company
- Marico Ltd.
- B&G Foods Inc.
- Bagrrys India Ltd.
- General Mills Inc.
- Nestle S.A.
- Pepsico Inc.
- Bob’s Red Mill
- Weetabix Ltd
- Erewhon
- Post Holding Inc.
- MOM Brands Company
- Others
Key Takeaways for Investors:
- Sustainable Growth Potential: With a projected CAGR of 4.6% from 2023 to 2033, the breakfast cereal market offers investors a stable and sustainable growth opportunity.
- Market Diversification: Investing in diverse segments of the breakfast cereal market, such as organic, gluten-free, and high-protein options, can mitigate risks and capitalize on evolving consumer trends.
- Brand Innovation: Companies that focus on product innovation, clean labeling, and addressing consumer health concerns are likely to capture a larger market share and sustain long-term growth.
- Global Expansion: Exploring opportunities in emerging markets with rising disposable incomes, such as Australia, Germany, Japan, the United States, and China, can lead to significant returns on investment.
- Partnerships and Collaborations: Strategic partnerships with fitness chains, social media influencers, and local gyms can enhance brand visibility and attract new consumer segments.
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Breakfast cereal Market by Category
By Nature:
- Organic
- Conventional
By Product Type:
- Ready-to-Eat
- Hot Cereal
By Sales Channel:
- Modern Trade
- Traditional Grocery Stores
- Convenience Stores
- Specialty Stores
- Online Retail Stores
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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