Research Nester has released a report titled “On-The-Go Breakfast Cereals Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the on-the-go breakfast cereals market in terms of market segmentation by product type, by product offering, by distribution channel, by packaging type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The on-the-go breakfast cereals market is segmented by product type into ready-to-eat and ready-to-drink, out of which, ready-to-drink segment is anticipated to hold largest market share on account of preferences of consumers for liquid breakfast products owing to its convenience of utilization, as the consumer can work on other activities in parallel, such as driving a car or travelling in a congested public transport, and having his meal on-the-go.
The on-the-go breakfast cereals market is anticipated to record a CAGR of around 4.56% during the forecast period, i.e. 2019-2027. Growing demand for changes in lifestyle of the consumers and their shifting preferences for on-the-go meals and food products that require no or zero preparation time, are some of the factors which is estimated to promote the demand for on-the-go breakfast cereals market throughout the forecast period.
Regionally, the on-the-go breakfast cereals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America and Europe is expected to have largest market share on the back of growing food spends and demand for healthy food products that require zero or minimum food processing time. In the statistics by the United States Department of Agriculture Economic Research Service (USDA), $1.71 trillion USD was spent by U.S. consumers, businesses and government entities on food and beverages in grocery stores and other retailers and on away-from-home meals and snacks during the year 2018.
Preferences for Quickly Prepared Food Products By Consumers
The Bureau of Labor Statistics, U.S. Department of Labor, stated in one of their statistics that full time employed persons averaged 9.5 hours of work time on weekdays, whereas, on weekends the recorded time was 5.4 hours, for the year 2018.
Unbalance of work-life schedules is resulting in changing preferences of consumers around the globe. People are shifting their focus towards cook processors to spend minimum cooking time and also for food products that can be consumed directly or require zero or very minimum cooking time owing to such unbalanced hectic schedules. Furthermore, growing concerns for chronic health diseases amongst the working class pertaining to bad lifestyle habits and lack of time to concentrate on the food they consume, is raising the demand for healthy food products which can be consumed on-the-go. In a report by the World Health Organization (WHO) the WHO Member States have agreed to stop the rise in diabetes and obesity in adults, adolescents and children by 2025. Furthermore, the Member States have also agreed to reduce the intake of salt by the global population by 30% by the year 2025. All of these factors is estimated to contribute significantly towards the growth of the market.
However, concern for growing undernourishment have led to the formulation of strict regulations by government of various economies so as to overcome the health issues, which can be a threat to existing players in the on-the-go breakfast cereals market. In the statistics by the United Nations, 821 million people were estimated to be undernourished in 2017 and more than 1 in 8 adults was obese. The fear amongst consumers to decide and differentiate between healthy and unhealthy food products along with strict norms by the government can induce the sales of the existing players, or might lead to re-launch of products or withdrawal of products from the market, which is expected to operate as key restraints to the growth of the on-the-go breakfast cereals market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the on-the-go breakfast cereals market, which includes company profiling of Kellogg NA Co., MTR Foods Pvt. Ltd., Chobani, LLC, Müller Milk & Ireland, Weetabix, Nestle Health Science, Soupologie Limited, Tia Gazpacho, Sanitarium and ICONIC Protein. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the on-the-go breakfast cereals market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.