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.
Breakfast cereals are generally the food produced from processed grains that is consumed as a first meal of the day either mixed with milk or yogurt or with fruit. Inclining trend to implement western dietary patterns especially in developing economies such as India, Malaysia and Indonesia is anticipated to bolster the growth of breakfast cereals market over the period 2016-2023. Different consumers available in urban areas are familiar to consuming cereals along with milk for breakfast which is convenient to prepare as well as provide different benefits related to health. Besides this, rising personal disposable income in emerging economies as well as added health benefits available in the content of breakfast cereals is likely to bolster the demand for breakfast cereals over the next few years. Apart from this, the significant awareness towards benefits related to breakfast cereals along with rising desire for high carbohydrate and low calorie food is expected to strengthen the market for breakfast cereals market over the forecast period.
Hectic lifestyle and significant adoption of modern lifestyle with almost no time to cook breakfast or related food early in the morning is anticipated to intensify the demand for breakfast cereals over the forecast period. Besides this, significant rate of women empowerment as well as extensive working hours has strengthened the demand for breakfast cereal products over the past few years. In the next few years, instant breakfast cereals are anticipated to create huge demand in all over the world.
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.
- New product development
- Educating consumers about breakfast cereals
- Rising trends of women on workforce
Browse the full Breakfast Cereals Market by Product Type, and Geography – Growth, Future Prospects, and Competitive Analysis 2016 – 2023 report at https://www.credenceresearch.com/report/breakfast-cereals-market