The global On-the-go Breakfast Products market which includes breakfast cereals, breakfast sandwiches, burritos, waffles etc. is growing in popularity due to hectic lifestyles and increasing women workforce joining late. These products are affordable, readily available and easy to consume on-the-go.
The global On-the-go Breakfast Products Market is estimated to be valued at US$ 25.7 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising demand for convenient breakfast options is a major trend propelling the growth of the on-the-go breakfast products market. Today’s fast-paced world leaves little time for elaborate home-cooked breakfasts on busy weekdays. On-the-go breakfast products provide a quick and easy solution allowing consumers to eat a balanced meal even when their schedules are packed. The hectic lifestyle has made convenience and portability the prime preference of urban consumers. This has boosted the demand for individually-packaged food items that can be consumed anywhere and anytime like breakfast bars, cereals, sandwiches, etc. Manufacturers are launching a variety of products catering to this rising need for convenience and fueling the growth of the on-the-go breakfast products market.
Strength: On-the-go breakfast products offer convenience and portability for consumers with busy lifestyles. They can easily consume these products while travelling.
Weakness: These products tend to be highly processed and contain high amounts of sugar, calories, and preservatives. Excessive consumption can negatively impact health.
Opportunity: Rising health consciousness is prompting companies to launch healthier on-the-go breakfast options made with whole grains, fruits, nuts and less sugar. The market remains untapped in developing regions.
Threats: Strict regulations on food labelling and marketing of unhealthy foods in several countries can reduce sales. Growing consumer preference for homemade and artisanal breakfast items also poses a challenge.
The global on-the-go breakfast products market is expected to witness high growth. Rapid urbanization and changing consumer lifestyles are fueling the demand for convenient packaged food options. Product innovations catering to diverse dietary preferences also support market expansion. The global On-the-go Breakfast Products Market is estimated to be valued at US$ 25.7 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the market owing to hectic schedules and preference for nutritious breakfast. However, Asia Pacific is emerging as the fastest growing regional market with countries like India and China experiencing significant rise in single person households and dual income families.
Key players: Key players operating in the on-the-go breakfast products market are Quaker Oats Company, Kellogg Co., General Mills Inc., MOMA, Uncle Toby’s, Bagrry’s India Ltd., Sanitarium, Anchor, Weetabix Ltd., and Nestle S.A. These companies are focusing on new product introductions and investments in marketing and distribution network to strengthen their market position.