by The Breakfast Cereals Market comprises cereals made from ingredients like oats, wheat, corn or rice. These convenience breakfast foods are easy to prepare, highly nutritious and help maintain daily dietary requirements. Surging demand for healthy on-the-go breakfast options coupled with rising health awareness has propelled the growth of this market globally.
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 are Aetna Inc., AIA Group Limited, Allianz, Assicurazioni Generali S.P.A., AVIVA, AXA, CIGNA, Ping an Insurance, and UnitedHealth Group Inc., among others. These leading companies are focusing on developing healthy cereal variants with low sugar and whole grains to cater to consumer demand.
The growing health consciousness among consumers has increased the demand for nutritious breakfast cereals in recent years. These products are considered ideal for weight management and provide essential vitamins, minerals, fibers and nutrients required by the body. Rising obese and diabetic population base especially in developed countries is a key factor driving market growth.
The Global Breakfast Cereals Market Demand has observed steady expansion over the past decade. Leading players are focusing on geographical expansion and product innovation to strengthen their market presence. North America represents the largest regional market however emerging countries of Asia Pacific offer lucrative opportunities for future growth.
Market Key Trends
One of the key trends witnessed in the global Breakfast Cereals Market is increasing consumption of organic and natural cereal variants. Today’s health-conscious consumers prefer foods containing no artificial colors, flavors or preservatives. Leading brands have launched organic oat cereals, gluten-free corn flakes and whole-grain varieties to capitalize on this growing demand. Moreover, changing lifestyles and busy schedules have boosted the consumption of convenient, healthy breakfast foods especially among millennial population and working professionals. The breakfast cereals market is well-positioned to gain from this ongoing trend.
Porter’s Analysis
Threat of new entrants: Cereal is a well established market with major players occupying considerable market share making difficult for new players to enter.
Bargaining power of buyers: Buyers have moderate power as they can switch between brands easily based on offer and discounts. However, branded cereals attract consumer loyalty.
Bargaining power of suppliers: Major suppliers include grain producers and packaging material providers. Suppliers have moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Other breakfast items like bread, fruits, dairy pose threat. However, cereals are major part of breakfast diet worldwide.
Competitive rivalry: Major players compete on branding, marketing, product innovation while private label players focus on pricing. Competition is high in ready-to-eat segment while muesli faces lower rivalry.
Geographical Regions
North America region accounts for the largest share in terms of value due to high cereal consumption especially in US. Changing dietary habits and demand for healthy, nutritious breakfast drives market.
Asia Pacific region is expected to witness fastest growth during forecast period led by countries like China and India. Rising disposable income, growing awareness about nutrition and changing breakfast preferences augment demand. Urbanization andwesternization fuel cereal product adoption.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
