In order to outgun their competitors, keen players in the global market for breakfast cereals are coming up with a different varieties to cater to the different tastes and requirements of customers. Breakfast cereals, which originated in the U.S., have now become a staple breakfast food in almost every part of the world, thanks to globalization. Their worldwide market has been boosted by many factors. One of them is the fact that they are hassle free to make – one can either have them straight from the packet or add milk to them. The mushrooming supermarkets, hypermarkets, and convenience stores worldwide is also seen to catalyzing growth in the global breakfast cereals market.
Rising Awareness of Consuming Healthy Food to Propel Market
Because of their lower calorific values, these cereals are thought to be a perfect breakfast alternative around the world. With rising awareness about the significance of a solid breakfast, the interest for breakfast cereals is expected to pick up a noteworthy lift. Nourishing breakfast is as a rule progressively suggested for physical health, bring down danger of perpetual maladies, adjusted levels of insulin and cholesterol, enhanced memory, and numerous more medical advantages. Breakfast cereals shape a vital part of the packaged food industry, and will keep on propelling as the industry flourishes.
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Exotic Flavors, Gluten Free Products to Emerge as Key Trends
Without gluten cereals are inclining high in the market, particularly in North America and Europe. A substantial number of imaginative and enhanced alternatives in breakfast cereals are probably going to hasten the market growth, particularly in developing markets.
A report by Transparency Market Research predicts the global breakfast cereals market to expand at a lackluster CAGR of 4.10% during the period between 2013 and 2019 to become worth US$43.2 bn by 2019 from US$38.3 bn in 2013.
Minimal Preparation Time Drives up Sales of Ready-to-eat Breakfast Cereals
Depending upon the type, the global market for breakfast cereals can be broadly split into ready-to-eat and hot cereals. Of the two, the sales of ready-to-eat breakfast cereals is outstripping that of hot cereals because of the former’s minimal preparation time. Europe and North America generate most of the demand for ready-to-eat products. Asia Pacific, on the other hand, sees higher sales of hot breakfast cereals. Vis-à-vis value, by 2019, the hot breakfast cereals segment is predicted to hold 18% share in the global breakfast cereals market.
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Changing Lifestyles make Asia Pacific Attractive Market
From a geographical standpoint, Asia Pacific is a key region in the global market for breakfast cereals. This is because of the rapid pace of industrialization and urbanization that has increased the spending capacity of the people and changed their lifestyles too. As a result, they have started having western food for their breakfast which is usually hassle-free to make. The increasing number of convenience stores in the region is also serving to propel the market for breakfast cereals by upping the brand visibility for manufacturers of breakfast cereals. The fast-expanding major economies of India and China with high population density are the primary drivers of growth in Asia Pacific. A release by the World Bank reveals that the middle class population of India and China will likely become 1.2 bn by 2030. This is slated to benefit the overall market.