The scope of "The Insight Partners" recent study, titled "The global Breakfast Cereals Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Ready to Eat and Ready to Cook), Category (Organic and Conventional), Type (Low Sugar and Regular), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)" consists of the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments. The breakfast cereals market is projected to reach US$ 57,482.17 million by 2028 from US$ 44,831.48 million in 2022; it is expected to grow at a CAGR of 4.2% during 2022–2028.
The retail chain sector is highly competitive in the developed economies and on the other hand developing economies of Asia-Pacific, Middle East and Africa have been witnessing significant growth. The expanding supermarkets and hypermarkets are also commanding the demand for breakfast cereals. As, many consumers believe that significant price differences for identical goods across countries are the result of retailer’s actions and their different strengths in different locations.
The market for breakfast cereals is witnessing high demand for niche products, including organic products or products perceived as healthy by consumers, such as granola or muesli, which are expected to rise in the forecast period. In addition, manufacturers are constructing various industrial units and storage systems to provide proper cold storage and transport facilities. The addition of high-quality ingredients is anticipated to uplift the overall market growth in the years to come.
The retailers have power to change the wastage of food products. Furthermore, collective effort of financial houses and banks with retailers are enabling consumers to go for durable products with easy credits.
Some of the top key players operating in the global breakfast cereals market includes The Kellogg Company; WEETABIX; Bob's Red Mill Natural Foods; General Mills Inc.; Nestlé SA; Nature's Path Foods; The Quaker Oats Company; Carman's Fine Foods Pty Ltd.; Calbee, Inc.; and Guilin Seamild Foods Co Ltd. The major players in the breakfast cereals market are focusing on strategies such as research and development and new product development to increase the geographical presence and consumer base globally.
Based on category, the global breakfast cereals market is segmented into organic and conventional. In 2021, the conventional segment accounted for the largest market share, whereas the organic segment is expected to register the highest CAGR during the forecast period. The demand for organic food products increased rapidly after the COVID-19 outbreak. This is due to the change in consumer purchasing patterns as consumers have become more aware of the importance of a strong immune system and healthy lifestyle, resulting in a preference for organic and natural foods.
The global breakfast cereals market is segmented into five main regions— North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. In 2021, North America accounted for the largest share of the market. The market in Asia Pacific is expected to grow at the highest CAGR over the forecast period. Some APAC countries, such as China and India, have the world's fastest-growing populations. The food & beverages industry is one of the rapidly growing industries in the region. Moreover, the region's rapidly growing ready-to-eat market is bolstering the demand for breakfast cereals.
The COVID-19 outbreak across the world, most countries declared a health emergency and stopped nonessential movements. The shutdown of manufacturing units and the distribution facilities, such as supermarkets and hypermarkets, convenience, and specialty stores, declined the demand for packaging solutions, which, in turn, restrained the breakfast cereals market. During the initial stages of the COVID-19 pandemic, breakfast cereals manufacturers were forced to scale back or halt the production temporarily, which impacted the market negatively.
However, businesses have gained ground as the governments of various countries eased out the previously imposed restrictions. Moreover, the food & beverages industry has collaterally grown worldwide post-recovery of production disruptions. As the production of breakfast cereals regained pre-pandemic figures and is growing continuously, the breakfast cereals market is expected to expand significantly during the forecast period.
Read More:https://www.theinsightpartners.com/reports/breakfast-cereals-market
