April 21, 2024

On-the-go Breakfast Products Market is Expected to be Flourished by Growing Demand for Convenient Food Options

On-the-go breakfast products include cereals, breakfast bars, snacks and other food items that can be easily consumed on the go. These products are mostly packed in single-serving formats or packaging that allows quick consumption without preparation. They include items like breakfast cereals, oats, protein bars, yogurt, fruit snacks and beef/chicken strips. The increasing preference for convenient, portable and healthy breakfast choices among busy consumers is a major factor driving the demand for on-the-go breakfast products. People prefer these products as they allow them to enjoy a nutritious breakfast without compromising on their tight schedules.

The global on-the-go breakfast products market is estimated to be valued at US$ 25.7 billion 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 Dynamics:

Growing Demand for Convenient Food Options: The growing demand for convenient food options due to changing lifestyles and busy schedules is expected to drive the growth of the on-the-go breakfast products market. People prefer food products that can be easily consumed while traveling to work or during busy mornings. On-the-go breakfast products fit well into fast-paced routines as they reduce preparation time. They allow consumers to carry breakfast in bags or pockets and eat wherever required, without the hassle of cooking or preparation.

Preference for Healthy and Nutritious Options: Another major driver for the market growth is the increasing consumer preference for healthy and nutritious breakfast and snacking options. On-the-go breakfast products are designed to provide essential nutrients like proteins, fibers, vitamins and minerals. They are promoted as being highly nutritious. Companies emphasizing the nutritional values of their products through branding and marketing strategies is translating into greater demand. Consumers opt for these products as they consider them a convenient source of balanced nutrition for busy mornings and on-the-go eating occasions.

Segment Analysis

The on-the-go breakfast products market is dominated by the cereal and bars sub-segment. Together they account for over 70% share of the global market. Cereals remain one of the most popular choices for on-the-go breakfast as it is easy to consume, provides a source of energy and is convenient. Within cereals, muesli, granola and instant cereal mixes are gaining popularity. Breakfast bars are experiencing rapid growth due to rising health awareness and busy lifestyles that leave little time for traditional breakfast meals. Protein and fiber-rich cereal and granola bars have become popular as they provide nutrition along with portability.

PEST Analysis

  • Political: No major political factors impact the market. Regional trade agreements ensure stable supply chains.
  • Economic: Growing urbanization and dual income households are driving demand for convenient packaged foods. Rising disposable incomes in developing economies will propel market growth.
  • Social: Busy lifestyles and time-crunched routines are making on-the-go breakfast popular. Emphasis on health, nutrition and wellness is pushing demand for natural, wholesome products.
  • Technological: New packaging formats like resealable packs, microwavable containers improve portability and convenience. Automation reduces production costs.

Key Takeaways:

The global on-the-go breakfast products market is expected to witness high growth in the forecast period of 2023 to 2030. The global on-the-go breakfast products market is estimated to be valued at US$ 25.7 billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.

Regionally, North America accounts for around 40% share led by U.S. and Canada. Changing demographics, urbanization and rise of nuclear families are fueling demand. The Asia Pacific region is projected to be the fastest growing market during the forecast period led by India, China, Japan and Australia. Rapid urbanization, rising incomes and westernization of diets are driving the uptake of convenience breakfast options. Significant opportunities exist as penetration levels in Asia remain lower than mature markets.

Key players related content comprises
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. Quaker Oats Company leads with its wide range of rice-based cereals, granolas and breakfast bars. Kellogg Co is a major player backed by iconic brands like Special K and Nutri-Grain. General Mills also enjoys a significant share through its cereals portfolio including Chex and Lucky Charms.