Breakfast cereal market soaring
The breakfast cereal market size is estimated to be worth $50.7 billion by 2030, as sales continue to rise post-pandemic, driven by a rising demand for convenient, ready-to-eat options.
The global breakfast cereal market is expected to reach $50.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.7 percent from 2022 to 2030, according to Grand View Research, Inc.
The market is expected to be driven by the rising demand for convenient, ready-to-eat breakfast cereal options and increasing demand from new regions – such as the Asia Pacific and Central and South America – brought about by the westernisation in consumer habits.
The report found that North America contributed a majority of the share in value in 2021, with a high demand for convenience and healthy breakfast options a major fueller for cereals in this region.
Supermarkets distribution channels reportedly held the largest value share in 2021, commanding nearly 50 percent of the market globally.
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“Breakfast is amongst the most important meals of the day since it refuels the body after a night of fasting,” the authors of the report stated. “A nutritious breakfast boosts both children’s and adults’ mental and physical performance. Breakfast mostly consists of foods that are low in fat, and cholesterol, and abundant in vitamins and minerals.”
The team go onto explain that the demand for ready-to-eat morning cereals highlights the opportunities to be had in this market, adding that the associated health risks with highly processed foods means that its consumption becomes “crucial”. As a result of changing lifestyles, demand for these kinds of products is on the rise.
The ready-to-eat (RTE) segment held the largest market share in 2021 and is expected to sustain its dominance during the forecast period due to the convenience offered by it. The report found that RTE cereals consumption is mostly driven by millennials, who they claim have fast-paced lifestyles and less time to cook breakfast.
In addition to this, as a result of the COVID-19 pandemic, health and well-being have become key trends in breakfast cereals. Consumers are increasingly looking for foods that will help enhance immunity and are rich in vitamins, minerals and antioxidants.
The report notes that the major players engaged in the market include PepsiCo, Nestlé, General Mills Inc., Kellogg Co. and B&G Foods, Inc., among others.