The
global breakfast cereals market appears to be consolidated in terms
of competition. An intense degree of rivalry exists between the key
market players because of low switching costs and lack of diverse
products. The top three companies, Cereal Partners, General Mills,
and Kellogg’s, held 50 of the total market in2012 in terms of
value, states a recent study by Transparency market Research (TMR).
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Several
market players have been focusing on launching attractive products
for widening their consumer pool. ConAgra Foods acquired Ralcorp in
January 2013, whereas Post Holdings, a part of Ralcorp Holdings,
became an independent company in 2011. After introducing products
such as Honey Bunches, Great Grains Protein Blends, and Good
Morenings that gained widespread popularity, Post Holdings rose to
prominence in the U.S. market, accounting for a share of about 9% in
2012.
As
the demand for breakfast cereals grows, the global market for
breakfast cereals is expected to achieve revenue worth US$ 43.1 mn by
the end of the forecast period, in terms of value. The market will
grow at a steady rate, with a CAGR of 4.1%.
RTE
Segment to Present Substantial Opportunities
Based
on type, the global breakfast cereals market has been categorized
into hot cereals and ready-to-eat (RTE) cereals. While the hot
cereals segment is constantly expanding because of growing demand in
Asia Pacific, the ready-to-eat cereals segment is expected to lead
the market on a global scale. According to the findings of TMR,
ready-to-eat products held about 85% of the total breakfast
cereals market in North America and Europe. The RTE segment is
projected to attain US$35.49 mn in these two regions by the end of
2019.
Based
on geography, the U.S. has been exhibiting increased demand,
accounting for the leading share in North America. Other geographical
segments studied in the report include Asia Pacific, Europe, and Rest
of the World. The large population base of Asia Pacific, changing
lifestyles, rising per capita income of the people, together with a
tendency to follow Western diets, is driving the market for breakfast
cereals in the Asia Pacific. The constant increase in the number of
convenience stores in countries such as India, Japan, and China is
another reason behind the expansion in this region. As an increasing
number of women do not find time to cook because of their
professional pursuits, the need for a healthy, instantaneous
breakfast has arisen. Breakfast cereals, being a viable option, have
therefore been increasingly adopted, aiding market expansion. Besides
the countries of Asia Pacific, Brazil and Russia will also emerge
with great potential, as breakfast cereals grow more popular.
Rising
Preference for Convenience Foods to Drive Growth
The
increasing rate of urbanization and the consequent emergence of
convenience stores, growing preference for convenience foods as the
number of working women increases, have been the key growth drivers
of the global breakfast cereals market.
Limited
access to palm oil, an ingredient used in the production of breakfast
cereals, has been one of the key factors restraining growth.
Moreover, the availability of a wide range of alternatives such as
eggs, toast, and other traditional breakfast dishes is likely to
obstruct the growth of the breakfast cereals market. However, the
market will witness significant opportunities on account on the
rising popularity of RTE products worldwide.
The
information presented in this review is based on a Transparency
Market Research report, titled, “Breakfast Cereals Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 -
2019”.
Key
Segments of Global Breakfast Cereals Market
Segmentation
of the global breakfast cereals market by product type:
- Hot Cereals
- Ready to Eat Cereals
Major
regions analyzed in this research report are:
- Europe
- North America
- Asia Pacific
- Rest of the World
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