Some
of the prominent players operating in the global breakfast cereals
market are General Mills, the Kellogg Company, PepsiCo, Inc., Cereal
Partners Worldwide, and Post Holdings, finds Transparency Market
Research (TMR). Leading players are increasingly focused on
developing products with exotic flavor and nutritional benefits. They
are introducing new varieties to meet the dynamic taste and varied
requirements of consumers in emerging markets, in a move to
consolidate their shares, observes TMR.
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The
global breakfast cereals market is projected to rise at a moderate
CAGR of 4.10% during the forecast period of 2013–2019. The market
is anticipated to reach a valuation of US$43.2 bn by the end of 2019.
A burgeoning demand for ready-to-eat food products and the staggering
rise in number of convenience stores in various parts of the world
are factors creating abundant prospects for the evolution of the
market.
The
two major types of breakfast cereals in the market comprise
ready-to-eat and hot cereals. Of these, the ready-to-eat segment
clearly holds the sway driven by their extensive uptake, especially
in developed nations. The growth in the segment will be fueled by the
vastly rising demand for ready-to-eat food products. However, over
the forecast period, the other segment will witness a substantially
emerging demand in emerging economies.
Regionally,
Asia Pacific is an attractive market for breakfast cereals expected
to rise at a prominent pace over the forecasts period. The growth is
driven by a burgeoning middle class populations in key economies and
supported by the swift pace of industrialization in various parts of
the region. The constantly changing breakfast consumption patterns
toward the consumption of packaged cereals is largely fueling the
demand.
Ready-To-Eat
Food Products to Stoke Demand
The
notably increasing acceptance of ready-to-eat food products for
breakfast among various populations world over, especially in
developing nations, is a key factor stoking the demand for breakfast
cereals. The marked shift of people in several developing
economies toward western and Mediterranean dietary patterns, coupled
with substantial rise in disposal incomes, is a crucial factor
driving the overall market. The changing proclivity of millennials
toward the intake of convenience foods at breakfast is a notable
trend boosting the market. The growing preference of packaged cereals
having significant nutritional values is a key factor accentuating
the growth of the market.
The
vast strides made by the convenience food sector in a number of
developing economies in the last few years is a key factor
contributing to the growth of the market. A burgeoning number of
convenience retail stores in emerging economies such as in Asia
Pacific is providing a robust fillip to the market. This is expanding
the options for improving the shelf visibility of such products. A
rapidly rising middle-class populations in emerging economies such as
China and India is boosting the market.
Advent
of Innovative Products with Exotic Flavor Boosting Market
The
decline in the supply of palm oil used a raw material for
manufacturing breakfast cereals is a key factor expected to cripple
the growth of the market. Furthermore, a growing focus on healthier
food habits, especially in developing and developed nations, is
likely to restrain the demand for packaged breakfast cereals.
Nevertheless, the advent of breakfast cereals with exotic flavors and
innovative taste is likely to create lucrative prospects in the
market in the years to come. In addition, the rapidly changing
lifestyle in developing nations will sustain the demand for breakfast
cereals. A number of innovative products launches in several
developing and developed countries in recent years is also
accentuating the growth of the for breakfast cereals market.
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