A
quick look at the 2012 data provided by the NPD Group’s National
Eating Trends database reveals the high level of penetration of the
breakfast cereals market in developed countries, especially the U.S.
U.S. households are exposed to a large variety of breakfast cereals,
making innovation the need of the hour. Most cereal makers are
resorting to link whole grain products to either health organizations
or recognized wellness/fitness programs. Women show a much higher
inclination towards healthy breakfast cereals, while children till
the age of 12 lean heavily towards pre-sweetened breakfast cereal.
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Cereal
makers are also trying to battle rising concerns over the rate of
childhood obesity by promoting their sugary cereal products more as
snacks than daily breakfast foods. The massive link between children
and breakfast cereals has put the companies in a position to heed the
consumers’ appeals to incorporate healthier options into their
breakfast requirements. At the same time, many companies are
beginning to recognize the potency of a nostalgic connection that
adults may have with popular cereals, and are looking to capitalize
on it by reintroducing the foods in their vintage packaging.
The
consumer trends and manufacturer promotion tactics paint a colorful
picture of the global breakfast cereal market, and yet leave large
room for improvement. With the larger population around the world
attempting to focus on health more than taste, traditional sugary
cereal makers are scrambling to reinvent themselves to keep sales up.
Ready
to Eat Cereals Dominate Global Breakfast Cereals Market
The
global
breakfast cereals market is generally divided into two segments
according to their type: Ready to eat (RTE) cereals and hot cereals.
All hot cereals require some amount of preparation before they are
consumed. On the other hand, RTE cereals require no preparation time
and can be served for consumption directly out of the packaging. With
the changing lifestyle that makes it difficult to dedicate some time
to cook, consumers largely prefer ready-to-eat cereals. They are
majorly popular in developed countries from North America and Europe.
In fact, the RTE cereal segment currently holds almost 85% of the
market share.
The
other side of the coin shows the hot cereals segment of the global
breakfast cereals market and its preference in select markets. The
segment finds large numbers of consumers in the Asian countries where
people wish to eat a hot first meal of the day. Due to this, the hot
cereals segment in the global breakfast cereals market is expected to
gain an 18.0% market share by 2019.
The
contrasting nature of the global breakfast cereals market is further
clarified by the fact that the Asia Pacific region exhibits the
fastest growth rate till 2019, while the North America and Europe
breakfast cereal markets are expected to fall in the same time frame.
A
Market Driven as a Matter of Convenience
The
North American and European breakfast cereal markets being in a
rather saturated and relatively stagnant position, the world’s top
cereal makers are now looking towards the developing economies of the
world to create a sales base. The Asia Pacific region, for example,
is now at a stage that makes it comfortable to create a rapid rate of
growth for convenience stores. This in turn increases brand
visibility of multiple products, including breakfast cereals.
Combining this with the growing number of individuals and families
with a larger disposable income, key companies are looking at vast
expansion options.
A
large number of people in emerging nations are beginning to prefer
packaged food and cereals to contemporary heavy foods. This is a
direct result of the shift in lifestyles towards larger workforces
and busy schedules.
With
the middle class population in China and India expected to reach 1.2
billion each by 2030, cereal makers are looking at a potentially
booming market that is steadily shifting towards convenience for the
sake of time management.
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