March 28, 2020

Breakfast Cereals Market Is Expanding at a CAGR of 4.4% From 2016 to 2023

According to a new market report published by Credence Research “Breakfast Cereals Market – Growth, Future Prospects, and Competitive Analysis 2016 – 2023,” the Breakfast Cereals market has been estimated to be valued at US$ 37,753.2 Mn by the end of 2016, and is expected to reach US$ 51,080.9 Mn by 2023, expanding at a CAGR of 4.4% from 2016 to 2023.

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Market Insights:

Breakfast cereals are usually food produced from processed grains that are eaten as the first meal of the day, either combined with milk or yogurt or with fruit. The downward trend towards western dietary patterns, particularly in developing economies such as India, Malaysia and Indonesia, is expected to strengthen the growth of the breakfast cereals market over the period 2016-2023. Different customers available in urban areas are familiar with the use of cereals, together with breakfast milk, which is convenient for cooking as well as offering different health benefits.

Breakfast Cereals Market

In addition, increasing personal disposable income in emerging economies, as well as added health benefits for breakfast cereals, are likely to boost demand for breakfast cereals over the next few years. In addition, a strong understanding of the benefits of breakfast cereals, together with an increasing demand for high carbohydrate and low calorie food, is expected to boost the market for breakfast cereals over the forecast period.

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The demand for breakfast cereals over the forecast period is expected to increase the hectic lifestyle and the substantial acceptance of modern lifestyles with almost no time to cook breakfast or related food early in the morning. In addition, the market for breakfast cereal items has increased significantly in the last few years for women’s empowerment as well as extended working hours. In the next few years, immediate breakfast cereals are expected to generate high demand throughout the world.

Competitive Insights:

Breakfast cereals market is segmented on the basis of product type such as ready to eat cereals and hot cereals. In 2015, ready to eat cereals segment contributed the highest revenue share of the total breakfast cereals market. The segment is anticipated to expand at a robust CAGR till 2023. High adoption rate of western culture as well as adoption of breakfast cereals as day breakfast meal is expected to spur the growth of breakfast cereals market over the forecast period. Change in lifestyle along with busy working schedule is expected to create more demand for ready to eat breakfast cereals all across the globe over the forecast period. Though the ready to eat segment will grow at a significant pace in the next few years, the high percentage of nutritional value available in hot cereals is anticipated to expand the demand for hot cereals over the forecast period.

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Key Trends:

New product development
Educating consumers about breakfast cereals
Rising trends of women on workforce

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