Market Overview:
The global breakfast cereal market size was valued at USD 36.38 billion in 2023. The market is expected to expand from USD 38.12 billion in 2024 to USD 58.35 billion by 2032, exhibiting a CAGR of 5.47% over the study period.
Breakfast cereals refer to processed food products that usually feature grains, including oats, wheat, barley, and others. Western diets are growingly being adopted and consumers are exploring new products and processed foods in various flavors. The surging popularity of processed foods in emerging economies is proliferating the market’s growth.
List of Key Players Mentioned in the Report:
- Kellogg’s Company (U.S.)
- Nestle S.A. (Switzerland)
- Post Holdings (U.S.)
- General Mills, Inc. (U.S.)
- Ltd. (U.S.)
- Marico Limited (India)
- Bagrrys India Limited (India)
- B & G foods (U.S.)
- Sanitarium Health Food Company (Australia)
- Bob’s Red Mill Natural Foods (U.S.)
Segmentation:
On-the-go Consumption of Ready-to-eat Cereals to Impel Segment Growth
On the basis of type, the market is segmented into ready-to-eat cereals and hot cereals. The ready-to-eat cereals segment occupies the largest share, driven by the quick consumption of ready-to-eat cereals.
High Availability of Conventional Products to Boost Segment Expansion
In terms of category, the market is categorized into conventional and organic. The conventional segment witnesses the largest breakfast cereal market share owing to the huge availability of conventional products.
Ready Availability of Broad Collection of Products to Accelerate Supermarkets/Hypermarkets Segment Growth
Based on distribution channel, the market is divided into supermarkets/hypermarkets, convenience stores, online retail, and others. The supermarkets/hypermarkets segment holds the largest market share owing to the diverse collection of products being readily available in one place.
Regionally, the market for breakfast cereal is categorized into South America, Asia Pacific, Europe, North America, and the Middle East & Africa.
Source: https://www.fortunebusinessinsights.com/industry-reports/breakfast-cereals-market-100535
Report Coverage
The competitive strategies deployed by top companies to attain the largest share have been mentioned in the research report. Besides this, it provides a comprehensive coverage of the top trends, notable industry developments, and the impact of the COVID-19 pandemic on market growth. It further highlights the key factors propelling the market growth.
Drivers and Restraints:
Increasing Demand for Convenience Food to Expedite Market Growth
The market has witnessed a surge in the popularity and demand for portable cereals, including ready-to-eat products among consumers, driven by the rising popularity of the on-the-go lifestyle. Owing to their convenient nature and longer shelf life, processed foods such as breakfast cereals are increasingly becoming popular among consumers.
Despite such growth opportunities, the presence of sugars and carbohydrates, which are related to many diseases, discourages product adoption further stifling the breakfast cereal market growth.
Regional Insights:
North America Led Owing to Encouragement by Health Associations to Purchase Products with Lower Sugar Content
North America occupied the largest market share in 2023 as health associations are encouraging consumers to buy products with lower sugar content, which creates awareness and reduces their sugar consumption.
Asia Pacific’s market growth is fueled by the rising popularity of Western diets. Rise in disposable incomes, shift in consumer behavior, and escalating demand for processed food boasts substantial growth.
Competitive Landscape:
Key Players Leverage Partnerships to Release Innovative Products
The breakfast cereal market is witnessing the popularity of budget-friendly and portion-controlled individual cereal packs among consumers. Different competitive strategies, such as mergers, acquisitions, joint ventures, and capacity expansions, are being leveraged by top companies to keep ahead of their competition. Many companies are focusing on partnership deals to launch innovative products.
Key Industry Development:
April 2023: Kellogg’s announced a partnership with the ICEE Company, a J&J Snack Foods Corp. subsidiary, to launch NEW Kellogg’s ICEE Cereal. The new cereal uses an innovative ingredient and has been developed by taking inspiration from ICEE’s best-selling Cherry and Blue Raspberry flavors.