The breakfast cereal market itself remains a champion for steady growth and profitability. Estimated at USD 43.87 billion in 2023, the market is projected to reach a healthy USD 68.87 billion by 2033, boasting a promising CAGR of 4.6%. Fueled by convenience, health-consciousness, and a growing emphasis on whole grains, the breakfast cereal market presents a compelling investment opportunity for the years to come.
The global breakfast cereal market caters to the B2B industry, encompassing the production, processing, and distribution of breakfast cereals of all shapes, sizes, and flavors. From classic flakes to innovative protein-packed options, the market offers a diverse range of products to cater to a wide variety of consumer preferences and dietary needs. While traditionally dominated by brick-and-mortar retailers, the online segment is experiencing significant growth, driven by the rise of e-commerce platforms and changing consumer shopping habits.
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Demand on the Rise: Consumers Craving Convenience and Nutrition
- Convenience is King: Busy lifestyles often leave little time for elaborate breakfasts. Breakfast cereals cater to this need with their unmatched ease of preparation and versatility. From quick-cook options to overnight oats, cereals provide a healthy and satisfying breakfast solution for time-pressed mornings.
- Health Takes Center Stage: Consumers are increasingly prioritizing their health and well-being, leading to a surge in demand for nutritious breakfast options. Breakfast cereals, with their fortification of vitamins, minerals, and fiber, fit the bill perfectly for health-conscious individuals seeking a well-balanced start to their day.
- Dietary Diversity: The rise of dietary restrictions, such as gluten-free and vegan preferences, is creating a demand for specialized breakfast cereals. Manufacturers are responding with innovative offerings that cater to various dietary needs, ensuring inclusivity and attracting a wider consumer base.
“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.
The breakfast cereal market is experiencing significant growth due to several key factors:
- Product Innovation: Manufacturers are constantly innovating and developing new breakfast cereal products, with a focus on flavor variety, added functionalities, and catering to specific dietary needs. This keeps the market dynamic and attracts new consumers seeking exciting breakfast options.
- Premiumization Power: Consumers are increasingly willing to pay a premium for high-quality, convenient, and organic breakfast cereals. This trend presents a lucrative opportunity for B2B investors seeking to capitalize on the growing demand for premium breakfast options.
- Expanding Distribution Channels: The rise of online retail platforms is creating new avenues for breakfast cereal manufacturers to reach a wider audience. This online presence allows for easier product discovery and purchase, particularly for smaller retailers and consumers seeking niche breakfast cereal options.
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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