(MENAFN- GlobeNewsWire - Nasdaq) The growing social media presence of food bloggers, gym enthusiasts, and other influencers who encourage the consumption of cereals with their innovative, tasty, and authentic cereal recipes contributes to the breakfast cereals market's growth.Newark, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The global breakfast cereals market is projected to reach USD 56.54 billion by 2033, growing at a CAGR of 3.70% from 2024 to 2033. This growth is largely fueled by the rising health consciousness among consumers and the increasing preference for ready-to-eat (RTE) cereals.
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Recent Developments:
Major players like Kellogg's and General Mills continue to dominate the market with new product launches aimed at health-conscious consumers. For instance, in 2022, Kellogg's India launched "Kellogg's Pro Muesli," a high-protein, plant-based cereal. Similarly, General Mills expanded its instant oatmeal cereals range, targeting younger demographics to instill healthy eating habits early on.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 3.70% |
| 2023 Value Projection | USD 39.31 billion |
| Market Size in 2033 | USD 56.54 billion |
| Historical Data | 2020-2022 |
| No. of Pages | 225 |
| Segments Covered | by Product, Distribution Channel |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East Africa. Furthermore, the regions are further analyzed at the country level. |
Browse Detailed Summary of Research Report with TOC:
The product type segment is divided into hot cereals and ready-to-eat cereals. The ready-to-eat cereals segment dominated the market with a market share of around 73.44% in 2023. The ingredient type segment is divided into rice, oats, wheat, corn, and barley. Over the forecast period, the oats segment is expected to grow at the fastest CAGR of 5.43%. The distribution channel segment is divided into supermarkets/hypermarkets, online, specialty stores, convenience stores, and others. In 2023, the supermarkets/hypermarkets segment dominated the market, accounting for around 68.43% of global revenue. Supermarkets/hypermarkets are convenient for shopping for everyday essentials. They are large and offer every high-quality brand at their stores. They are widely distributed given their extensive retail chains, expanding into tier 1 and tier 2 cities, making them more accessible for consumers. The convenience, choice, affordability, and accessibility offered by supermarkets/hypermarkets are responsible for the segment's dominance in the breakfast cereals market.
Key Players:
. Attune Foods LLC
. B&G Foods Inc.
. Bagrrys India Ltd.
. Bob's Red Mill Natural Foods Inc.
. Generals Mills Inc.
. Kellogg Co.
. Marico Ltd.
. Nature's Path Foods
. Nestle SA
. PepsiCo Inc.
Drivers:
The primary drivers of the breakfast cereals market include the increasing demand for convenient and nutritious food options, especially among the working population. The growing popularity of Western diets in regions like Asia-Pacific also contributes to market growth. Additionally, the launch of innovative products tailored to health-conscious consumers has significantly boosted the market.
Restraints:
Despite its growth potential, the breakfast cereals market faces challenges such as fluctuating raw material prices and growing consumer concerns over the sugar content in cereals. The market is also impacted by the rise of alternative breakfast options, which could limit growth in certain regions.
Opportunities:
There are significant opportunities in developing markets where breakfast cereals are still gaining popularity. Companies are increasingly focusing on launching products that cater to regional tastes and preferences, such as introducing organic and health-focused cereals in North America and Europe.
Regional Segmentation Analysis:
. North America: The largest market, driven by high consumption rates and a strong preference for both RTE and hot cereals. The market is further supported by the rising trend of organic and health-oriented cereals.
. Europe: Also a mature market, with a strong demand for organic and conventional cereals.
. Asia-Pacific: A rapidly growing market due to increasing urbanization, rising disposable incomes, and a shift towards Western dietary patterns.
. Latin America, Middle East, and Africa: These regions are showing slower growth, but there is potential for expansion as Western eating habits gradually take hold.
The market is competitive, with major players like Kellogg's, General Mills, and Nestlé holding significant shares, while new entrants find it challenging to establish themselves in a market dominated by established brands.
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