by On-the-go breakfast products include cereals (hot and cold), breakfast biscuits, shelf stable bakery items, dairy-based breakfast foods like flavored milks and yogurt, and breakfast sandwiches/wraps that can be consumed on the go without any significant preparation. These products offer easy and convenient options for consumers whose busy schedules leave little or no time for a traditional breakfast at home. They provide an on-the-move breakfast solution with balanced nutrition from protein, vitamins, minerals and other micronutrients. Many product offerings are designed with distinct flavors and formats to suit varying taste preferences and dietary lifestyles.
The global On-the-go Breakfast Products Market is estimated to be valued at US$ 25.7 Bn 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 key trends:
One of the major trends driving the market growth is the increasing health and wellness consciousness among consumers. They are becoming more aware of the importance of a balanced breakfast for overall wellbeing. This is fueling demand for on-the-go products that are nutritious, low in sugar and calories. Product manufacturers are responding by introducing new lines fortified with protein, fiber and other essential nutrients. Additionally, busy urban lifestyles and ‘time poverty’ have boosted demand for easy, time-saving breakfast options. Products with long shelf-life and no requirement for refrigeration are gaining popularity for their extra convenience. Furthermore, the market is witnessing increased innovation in terms of product formats like nutritious fruit-and-yogurt parfaits as well as premiumization through addition of superfood ingredients and artisanal appeals in packaging and branding. These trends are expected to open up new growth avenues for on-the-go breakfast products over the forecast period.”
Porter’s Analysis
- Threat of new entrants: The threat of new entrants is moderate as the on-the-go breakfast products market requires high capital investments and established distribution channels. However, private label products pose a threat with increasing demand for affordable products.
- Bargaining power of buyers: The bargaining power of buyers is high since products are easily substitutable. Buyers can switch to alternatives basis better offers and promotions.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have bargaining power over popular raw materials like wheat, oats, rice, etc. However, buyers can source from alternative suppliers in case of price rises.
- Threat of new substitutes: The threat of new substitutes is high as packaged breakfast cereals, fast-food breakfast sandwiches, chocolate
- breakfast bars are substituting conventional breakfast items. Moreover, convenience trends support evolving substitutes.
- Competitive rivalry: The competitive rivalry is intense with global as well as regional players offering differentiated portfolios and promotional activities.
Key Takeaways
The global on-the-go breakfast products market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand for convenient breakfast options. The market size for 2023 is estimated at US$ 25.7 Bn.Regional analysis: North America dominated the global market in 2022 and is expected to maintain its dominance over the forecast period. The region witnesses high consumption of on-the-go breakfast products owing to hectic schedules. However, Asia Pacific is anticipated to be the fastest growing market, driven by increasing urbanization and adoption of Western breakfast habits in countries like India, China, and Japan.
Key players: 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. These players compete based on new product launches, expansion in emerging markets, and promotional activities
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.
