May 18, 2024
Granola Market

The Surging Popularity Of On-The-Go Breakfast Options Drives The Global Granola Market

Granola is a breakfast cereal made from oats, nuts, honey or other sweeteners and spices that is easy to carry and consume on the go. Granola can be eaten plain or with milk and fruit and provides a source of nutrients, fiber, and energy to start the day. Consumer demand for healthy yet convenient breakfast choices has risen in recent years, fueling greater consumption of granola. The global granola market features numerous products offering various flavor profiles and ingredient blends to suit diverse tastes. Granola bars fortified with vitamins, minerals, and plant-based proteins have also expanded the market reach. The surging interest in organic, non-GMO and natural foods has benefited granola producers catering to these trends.

The global Granola Market is estimated to be valued at US$ 4,323.92 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Customization remains a key trend in the Global Granola Market Size with companies offering varied ingredient mixes, flavors, textures and packaging types. Many brands emphasize unique flavor profiles inspired by global cuisines or tailored to regional tastes. The focus on new flavors also aims to attract different demographic groups beyond traditional granola consumers. Furthermore, the incorporation of superfood ingredients like chia seeds, coconut, acai berries etc. enhances the perceived health quotient and market appeal. The emergence of small private label brands specializing in artisanal, clean label granola products has intensified competition faced by major players.

Porter’s Analysis

Threat of new entrants: Low capital requirements and lack of proprietary products limit barriers to entry in the granola market. However, established brands have strong customer loyalty and distribution networks.

Bargaining power of buyers: Individual consumers have high bargaining power due to availability of substitutes. However, large retailers and distributors have lower power due to their dependence on leading granola brands.

Bargaining power of suppliers: Suppliers of raw materials such as oats, nuts and dried fruits have moderate bargaining power due to lack of product differentiation. Granola makers can easily switch to alternative suppliers.

Threat of new substitutes: Products such as muesli, breakfast bars and cereals pose a strong threat as substitutes. Innovation is important to attract consumers.

Competitive rivalry: The global granola market is highly fragmented with many national and private label brands. Companies compete based on innovation, quality, nutrition, taste and marketing.

Key Takeaways

The global granola market is expected to witness high growth. Rising health consciousness and demand for convenient snacks are driving growth of the granola market. From 2024-2031, the market is forecast to grow at a CAGR of 7.7% and reach a value of US$ 4323.92 Bn by 2031.

Regional analysis: North America currently dominates the granola market accounting for over 40% share. Growing popularity of healthy lifestyles and granola parfaits is fueling the North American market. However, Europe and Asia Pacific are fast emerging markets with countries like India and China expected to witness strong double digit growth in the forecast period.

Key players: Key players operating in the granola market are Piezo.com, Microchip Technology Inc., Cypress Semiconductor Corporation, EPeas SA, Texas Instruments Incorporated, EnoCean GmbH, STMicroelectronics NV, ABB Limited, Analog Devices Inc., Powercast Corporation, and Advanced Linear Devices Inc. Companies are focusing on product innovations and marketing campaigns featuring popular celebrities and nutritionists to increase brand awareness and drive sales.

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