PUBLISHER: DataM Intelligence | PRODUCT CODE: 1285074
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1285074
The global breakfast food market reached US$ 453,212.2 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 746,408.3 million by 2030. The market is growing at a CAGR of 5.7% during the forecast period (2023-2030).
As consumers become more health-conscious and busy lifestyles become more common, demand for breakfast foods that are convenient, healthy, and nutritious has been growing which fuels the breakfast food market growth. Companies in the breakfast food market have been introducing new products and innovations to meet changing consumer preferences. This includes the introduction of healthier ingredients, such as plant-based proteins, whole grains, and superfoods. The globalization of food culture has led to the introduction of new and diverse breakfast products from around the world, such as congee, shakshuka, and breakfast burritos. This has created opportunities for the breakfast food market growth.
Rising health awareness among consumers is a key driver for the growth of the breakfast food market. As people are becoming more health conscious, they are looking for convenient and nutritious breakfast options that can help them maintain a healthy lifestyle. Approximately 20% of daily energy intake is from breakfast. Consumers are becoming more aware of the importance of breakfast in overall health and wellness, and are therefore seeking out breakfast foods that are high in fiber, protein, and other nutrients. This has led to an increase in demand for products such as oatmeal, Greek yogurt, granola, and other healthy breakfast foods.
While consumers are increasingly interested in healthy and nutritious breakfast options, they may be deterred by the higher cost of some of these. For example, the price of oats, a common ingredient in breakfast foods such as oatmeal and granola, has increased in recent years due to a variety of factors, including weather-related crop damage and increased demand for oats in other industries. According to a study by The Hartman Group, 44% of consumers indicate that price is an important factor in their food choices. Hence, Cost considerations can be a significant restraint on the market growth of the breakfast food industry.
The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it to pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).
The global breakfast food market is segmented based on product type, source, distribution channel, and region.
In 2022, cereals segment had the highest share as it is a popular breakfast food. Cereals are a convenient breakfast option that requires little preparation time. Consumers can easily pour the cereal into a bowl, add milk or yogurt, and enjoy a quick and easy breakfast. Cereals come in a wide range of flavors and varieties, including whole-grain, gluten-free, and low-sugar options. For the bulk of Indians, cereals account for 70-80% of their daily energy consumption. , in 2020, 283.39 million Americans consumed breakfast cereals (cold) and this number is anticipated to rise to 290.32 million in 2024.
The Asia Pacific region is home to a large population, which provides a significant market for breakfast food products. This has led to increased demand for breakfast foods. For instance, according to Herbalife, in Asia Pacific, two in five (37%) Generation Z and Millennials started eating breakfast more frequently as a result of the epidemic, which is higher than the region's average of 30 percent for all age groups. There is a growing awareness of health and wellness in the Asia Pacific region, which has led to increased demand for healthier breakfast options such as whole grains, fruits, and low-fat dairy products.
The major global players include: The Kellogg Company, General Mills, Inc., The Kraft Heinz Company, Nestle S.A., Britannia Inc., Campbell Soup Company, Bob's Red Mill Natural Foods, Mondelez International, Inc., Quaker Oats Company, and PepsiCo Inc.
The global breakfast food market report would provide approximately 61 tables, 61 figures and 102 pages.
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