April 22, 2024
Breakfast Cereals Market

Breakfast Cereals Market Poised to Grow at a Robust Pace Owing to Increasing Health Awareness

The breakfast cereals market has been gaining popularity over the past few years owing to the numerous health benefits offered by cereals. Breakfast cereals contain essential vitamins, minerals, and fiber that helps in weight management and maintaining heart health. They serve as an easy-to-make and on-the-go breakfast option. Changing eating patterns and preferences for healthy snacks are driving the demand for breakfast cereals.

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 Growth ¬†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 new product launches, mergers, acquisitions, and partnerships to expand their market share. For instance, in 2022 Kellogg’s launched a new line of cereal clusters made from whole grains to offer more nutritious breakfast options.

The breakfast cereals market offers significant opportunities such as product innovation with ingredients aimed at specific health benefits, convenient ready-to-eat packs for on-the-go consumption, and variety in taste, flavor and texture. Leading players are investing in research & development to introduce cereal varieties based on demand across regions.

The global breakfast cereals market is expanding rapidly led by growth in Asia Pacific and South American countries. Changing lifestyles, growing middle-class population and rising health awareness are fueling the demand in developing nations. Key players are focusing marketing and distribution efforts in these high potential markets for further business expansion.

Market drivers

Increasing health awareness: More consumers are opting for low sugar, whole grain and high fiber Breakfast Cereals Market due to rising awareness about health benefits. This is a key driver boosting the breakfast cereals market.

Changing lifestyles: Rapid urbanization coupled with busy schedules leaves little time for preparing elaborate breakfasts at home. This convinces people to opt for convenient, ready-to-eat breakfast cereals that can be easily consumed on-the-go.

PEST Analysis

Political: The breakfast cereals market is regulated by laws governing labeling requirements, ingredients, and marketing claims about health benefits. Changes in agricultural policies and international trade regulations could potentially impact supply and costs.

Economic: A fluctuating economy can impact consumer spending on non-essential packaged food products. Unemployment rates and income levels influence demand for different cereal price points. High commodity costs like grains may squeeze profit margins.

Social: Lifestyle changes see more people opting for “on the go” breakfast options. Health awareness trends drive demand for cereals seen as nutritious. Targeted marketing promotes cereals to different demographic groups based on tastes and preferences.

Technological: Advancements in processing and packaging help extend shelf life while reducing costs. New ingredients and product formats keep the market appealing. Online sales and e-commerce allow manufacturers to directly engage consumers.

The breakfast cereal market in terms of value is concentrated in North America and Europe. North America accounts for the largest share due to heavy consumption in the United States. Europe is another major regional market, led by countries such as Germany, United Kingdom and France. Asia Pacific is the fastest growing geographical region for the breakfast cereals market. Rising incomes and changing lifestyles are fueling demand growth particularly in emerging nations like China, India and other Southeast Asian countries. Greater health awareness is also boosting sales of cereal options seen as nutritious breakfast choices.

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