April 23, 2024
Breakfast Cereals Market

The Global Breakfast Cereals Market is Trending by Changing Lifestyles

The global breakfast cereals market comprises various types of ready-to-eat cereals such as muesli, corn flakes, oats, wheat biscuits, among others. Breakfast cereals are considered convenient replacements for cooked breakfast as they are available in convenient and easy-to-eat forms. They are fortified with various vitamins and minerals to provide the necessary nutrition.

The global breakfast cereals market is estimated to be valued at US$ 59183.48 Bn in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Breakfast Cereals Market Demand  are Aetna Inc., AIA Group Limited, Allianz, Assicurazioni Generali S.P.A., AVIVA, AXA, CIGNA, Ping an Insurance, and UnitedHealth Group Inc., among others. Key players are focusing on developing innovative types of cereals to cater to changing consumer preferences. They are also adopting promotion and marketing strategies to increase product awareness and boost sales.

The demand for breakfast cereals is growing significantly owing to changing lifestyles and busy schedules that leave little time for homemade breakfasts. Consumers prefer ready-to-eat cereals for their convenience and nutrition. The rising health consciousness among people is also driving the demand for healthy cereals with low sugar and calorie content.

Major breakfast cereal companies are expanding their global footprint by entering emerging markets. Companies are focusing on developing cereals tailored to regional tastes to better cater to diverse global consumer demands. Technological advancements are also helping companies streamline their supply chains and distribution channels to efficiently meet the growing global demand.

Market key trends

One of the key trends in the global Breakfast Cereals Market is the increasing demand for organic and natural cereals without artificial ingredients. Consumers are more inclined to purchase cereals with simple and recognizable ingredients. As a result, many companies are introducing organic cereals made from ingredients like oats, wheat, nuts, and fruits. This is expected to be a major trend that gains traction worldwide in the forecast period.

Porter’s Analysis

Threat of new entrants: New entrants face high costs in the form of R&D, advertising and distribution channel costs. Bargaining power of buyers: Buyers have low bargaining power due to availability of substitutable products. Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated raw materials and inputs required. Threat of new substitutes: Substitutes exist in the form of other breakfast items but there is low threat due to consumer habits. Competitive rivalry: Market is dominated by few large players and competition is based on brand, taste, variety and marketing.

Geographical Regions

North America accounts for the largest share in the global breakfast cereals market in terms of value due to high consumption patterns. Changing lifestyles and busy schedules have compelled consumers to opt for quick, easy to prepare breakfast options like cereals.

The Asia Pacific region is expected to witness the fastest growth over the forecast period. Rapid urbanization, rising disposable incomes and growing awareness about healthy food habits is driving the demand for fortified and fiber rich breakfast cereals in countries like India and China. Penetration of global cereal brands and hectic schedules are boosting the sales of convenient breakfast options.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it