In order to outgun their competitors, keen players in the global market for breakfast cereals are coming up with an alternate assortments to take into account the various tastes and necessities of clients. Breakfast cereals, which started in the U.S., have now turned into a staple breakfast nourishment in pretty much all aspects of the world, on account of globalization. Their overall market has been supported by numerous variables. One of them is the way that they are sans bother to make – one can either have them straight from the parcel or add milk to them. The mushrooming supermarkets, hypermarkets, and accommodation stores worldwide is likewise observed to catalyzing development in the worldwide breakfast cereals market.
Representing a block to the market, then again, is the drop in the supply of palm oil, one of the essential fixings utilized in making breakfast cereals. Moreover, the rising pattern in created nations of the world to go for healthy and more beneficial breakfast is additionally managing a hit to the offers of breakfast cereals. In any case, adroit players’ steady spotlight on thinking of various kinds of breakfast cereals will probably help defeat the test.
A report by Transparency Market Research predicts the global breakfast cereals market to expand at a lackluster CAGR of 4.10% during the period between 2013 and 2019 to become worth US$43.2 bn by 2019 from US$38.3 bn in 2013.
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Depending upon the type, the global market for breakfast cereals can be broadly split into ready-to-eat and hot cereals. Of the two, the sales of ready-to-eat breakfast cereals is outstripping that of hot cereals because of the former’s minimal preparation time. Europe and North America generate most of the demand for ready-to-eat products. Asia Pacific, on the other hand, sees higher sales of hot breakfast cereals. Vis-à-vis value, by 2019, the hot breakfast cereals segment is predicted to hold 18% share in the global breakfast cereals market.
From a geographical standpoint, Asia Pacific is a key region in the global market for breakfast cereals. This is because of the rapid pace of industrialization and urbanization that has increased the spending capacity of the people and changed their lifestyles too. As a result, they have started having western food for their breakfast which is usually hassle-free to make. The increasing number of convenience stores in the region is also serving to propel the market for breakfast cereals by upping the brand visibility for manufacturers of breakfast cereals. The fast-expanding major economies of India and China with high population density are the primary drivers of growth in Asia Pacific. A release by the World Bank reveals that the middle class population of India and China will likely become 1.2 bn by 2030. This is slated to benefit the overall market.
Apart from Asia Pacific, North America and Europe are other key markets. Being developed regions, they have generated robust demand for breakfast cereals in the past decade. In the years ahead, the markets in the two regions will likely expand further because of product innovation. Manufacturers are increasingly focusing on coming up with cereals with different flavors and ingredients to attract more consumers and retain existing ones.