by Breakfast cereals are grain-based food items like oats, wheat and corn which are fortified with vitamins and minerals. They are often eaten after mixing them with milk or yogurt in the morning as a ready-to-eat breakfast meal solution. With increasing number of working professionals who have a busy daily schedule, demand for breakfast cereals is rising as they provide a convenient way to have a healthy breakfast without much preparation time.
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, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising prevalence of working professionals: As mentioned earlier, growing number of nuclear families and dual working households has increased the demand for convenient food items like breakfast cereals that can be easily prepared in lesser time. Working individuals have a busy lifestyle which leaves them with very little time in the morning for cooking breakfast. This drives them to opt for ready-to-eat breakfast solutions like cereal.
Flourished by rising prevalence of working professionals: The trend mentioned above significantly contributes to the growth of this market. As busy lifestyles have less time for elaborate morning meals, breakfast cereals with their convenience and nutritional value fulfill the demand for quick yet healthy breakfast options. This acts as a major driver propelling the breakfast cereals market.
Segment Analysis
The breakfast cereals market is segmented into hot cereals and ready-to-eat cereals. Ready-to-eat cereals dominate the market, accounting for over 60% share. This is because ready-to-eat cereals are more convenient to consume and also come in various taste and flavor options. The ready-to-eat cereals segment is further segmented into sweetened cereals and savory unsweetened cereals. Sweetened cereals command a higher market share due to increasing health consciousness and preference for low-sugar options among consumers.
PEST Analysis
Political: The breakfast cereals market is regulated by food safety and labeling laws. Any changes in these regulations could impact the production, distribution and sales of breakfast cereals.
Economic: As incomes rise globally, consumers are willing to spend more on packaged and convenient breakfast options. The economic growth in developing nations presents new market opportunities.
Social: People are increasingly preferring light, healthy breakfast options that aid weight management and fitness goals. Cereals are viewed as a nutritious way to start the day. Eating healthy has become an important lifestyle choice.
Technological: Companies utilize new technologies to enhance product formulation, enrich nutrients and introduce innovative packaging formats. Digital marketing helps create brand awareness and engage customers.
Key Takeaways
The global Breakfast Cereals Market Growth is expected to reach US$ 59183.48 Bn by 2024, growing at a CAGR of 9.7% during the forecast period.
North America remains the dominant regional market for breakfast cereals owing to frequent new product launches and availability of innovative packaging formats.
Key players operating in the breakfast cereals market are Aetna Inc., AIA Group Limited, Allianz, Assicurazioni Generali S.P.A., AVIVA, AXA, CIGNA, Ping an Insurance, and UnitedHealth Group Inc. Key players are focusing on offering healthy cereal options with nutrients and vitamins through fortification to cater to changing consumer preferences. Marketing strategies include celebrity endorsements and digital campaigns on social media platforms to raise brand awareness.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
