In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
February 2018: A range of new on-the-go breakfast options have been launched by Fuel10K which has new innovative carton packaging and are fully recyclable. The variants are available in 200ml size and doesn’t promote refrigerating.
On-the-go breakfast cereals is referred to those breakfast food products which doesn’t require cooking. These food products comes in pre-mix formulations and are at times contain controlled quantities of calories and nutrients. On-the-go breakfast cereals can be either in solid or liquid form. Solid form on-the-go breakfast cereals are usually ready-to-eat, whereas liquid form on-the-go breakfast cereals are usually ready-to-drink. The ready-to-drink on-the-go breakfast cereals are also known as liquid breakfast product, the market of which is anticipated to record a CAGR of around 6.10% during the forecast period 2019-2027.
On-the-go breakfast cereals comprises of various cereal ingredients, such as wheat, oats, and others. They serve as a meal replacement option towards saving of food preparation time for the consumer.
The on-the-go breakfast cereals market is observing vibrant growth on account of rapid consumer lifestyle changes owing to increasing working hours, which is also changing their meal preferences from traditional ones to on-the-go meals. Furthermore, demand for food products which takes less preparation or at all no preparation time, are portable, and as well as those food products which offer greater nutritional value, are some of the notable factors that are expected to boost the growth of the on-the-go breakfast cereals market.
The market is anticipated to record a CAGR of around 4.56% throughout the forecast period, i.e. 2019-2027. 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 the back of growing demand for liquid breakfast products which can be easily consumed by consumers while doing other activities in parallel, such as driving a car, or travelling in a congested public transport. Moreover, ready-to-drink product ranges usually are available in plastic bottle formats, which provide an extra edge to marketers for better packaging concepts, along with easy to recycle processes that also promotes sustainable packaging methods. All of these factors are anticipated to fuel the growth of the segment.
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Growing hectic schedules of people around the globe owing to increasing work time is raising the demand for changing preferences of food patterns. People earlier used to have leisure time which they spent for cooking. With complexities in time management and work-life balance, consumers are looking for options which either takes less cooking time, or can be readily prepared by adding a minimum of one or two ingredients. Also, many people are also shifting their focus towards cook processors, so as to reduce their time spent for cooking. According to Bureau of Labor Statistics, U.S. Department of Labor, an average of 9.5 hours of work time was recorded by full time employed persons on weekdays and 5.4 hours in weekends during the year 2018.
Furthermore, preferences for food products which are easily portable and doesn’t require much time for consumption are also promoting the demand for food products which can be consumed on-the-go.
The newer generation people are having a different outlook for the food they eat. Growing concerns for chronic health diseases owing to bad lifestyle habits and lack of time spent for consuming food, is raising the demand amongst consumers for shifting preferences towards healthy food products, such as healthy snacks, which not only are readily consumable but also reduce their time and efforts that was scheduled for cooking.
Furthermore, growing awareness amongst consumers for health is also adding to the demand for healthy food products, such as on-the go breakfast cereals. The World Health Organization (WHO) states that WHO Member States have agreed to stop the rise in diabetes and obesity in adults, adolescents and children by 2025. Moreover, it also agreed to reduce the intake of salt by the global population by 30% by the year 2025.
According to the United Nations, an estimated 821 million people were undernourished in 2017 and more than 1 in 8 adults was obese.
Growing unbalance of nutrition in food products and concerns for health related issues have induced governmental organizations to impose strict regulations on the nutrient content in foods, so as to have the tag of ‘healthy products. The change in norms and the resulting action might hamper the existing players of the on-the-go breakfast market, or also might lead to re-launch of products or withdrawal of products from the market that doesn’t meet necessary criteria. All of these factors are anticipated to act as a barrier to the growth of the on-the-go breakfast cereals market during the forecast period.
Our in-depth analysis of the on-the-go breakfast cereals market includes the following segments:
On the basis of regional analysis, 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.
North America and Europe are expected to hold largest market share on the back of growing demand amongst consumers for healthy food products that requires no cooking time. Furthermore, increasing food spending by the people in the region is also contributing significantly to the growth of the market in the region. According to the United States Department of Agriculture Economic Research Service (USDA), U.S. consumers, businesses and government entities spent $1.71 trillion USD on food and beverages in grocery stores and other retailers and on away-from-home meals and snacks during the year 2018.
The on-the-go breakfast cereals market is further classified on the basis of region as follows: