Market Research Report
Breakfast Food Market Growth, Trends and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||907067|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Breakfast Food Market Growth, Trends and Forecasts (2020 - 2025)|
|Published: January 1, 2020||Content info: 100 Pages||
Breakfast Food market is growing at a CAGR of 4.6% during the forecast period (2019-2024).
Breakfast food market offers different product types such as cereals, beverages, snack bars, ready meals, others through distribution channels such as hypermarkets and supermarkets, specialist retailers, convenience stores, online channels and other sales channels.
Surge in business benefits of on-demand breakfast
The prevalence of hectic lifestyle across developed, as well as developing nation, has led to a trend of skipping breakfast meals, propelled mostly by the millennial segment. This, on the other hand, has leveraged the businesses of foodservice operators since they have wised up in understanding the perception among consumers in devouring traditional breakfast meals throughout the day. This comes along with the inclusion of creative items across offerings to induce cravings. In many instances, the online delivery option has paved a strong foothold for foodservice operators since accessibility to numerous restaurants has been seamless. The shift in consumer preferences has led to an alteration in offerings, as, consumers expect more within the traditional breakfast meals which are inclusive of products such as pizza, burritos or sandwiches that have breakfast ingredients added to the recipe. The market is likely to be driven by the concept of breakfast blending along with the growth of foodservice outlets that can cater to the changing demands among consumers over the coming years.
North America Witnessed Largest Revenue
The North America market holds the majority of share in the global breakfast food market demand, followed by Europe. The breakfast food market in the United States continues to face mounting pressure from growth in raw material prices, especially meat and milk. Moreover, excess production capacity, changing consumer preferences across the spectrum of shopping habits, purchase behavior, and consumption patterns are driving the market growth in the region. However, an opportunity exists for a brand to take over the breakfast market through consumer engagement, as demonstrated in recent years by PepsiCo, with Frito-Lay engagement programs in snacks and creative food service partnerships.
The breakfast food market is entirely focused on business to consumer where major players in the market include: Kellogg's, General Mills, Dr. Oetker, Nestle S.A. Kraft Heinz, and Del-monte among others. Leading manufacturers in the breakfast food market are focusing on to leverage opportunities posed by emerging markets of Asia-Pacific, in order to expand their revenue base. Key players investing in physical retail promotions are experiencing diminishing returns from merchandised products since competitive retailers accept more promotions and dilute the effectiveness of any single promotion. Omnichannel strategies are expected to yield the highest return on investment. However, key brands are embarking on mergers and acquisitions as their key strategy to achieve consolidation, along with optimization of their product offerings.