Global Breakfast Cereals Market to Expand at 4.10% CAGR from 2013 to 2019 owing to Growing Need for Convenience Foods
Transparency Market Research has published a new report on the global breakfast cereals market. According to the report, the global breakfast cereals market is predicted to progress from US$32.5 bn in 2012 to US$43.2 bn by 2019. The report, titled ‘Breakfast Cereals Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,’ states that the global breakfast cereals market is expected to expand at a 4.10% CAGR during the period from 2013 to 2019 owing to factors such as the rising demand for convenience foods and the growing number of convenience stores across the globe.
Globally, breakfast cereals are available in two types, namely ready-to-eat and hot cereals. The demand for ready-to-eat breakfast cereals is constantly increasing due to the minimal preparation time they require. As per recent research, 85% of the total demand for breakfast cereals from Europe and North America was for ready-to-eat products. On the contrary, the demand for hot breakfast cereals was higher in Asia Pacific. By 2019, in terms of value, the hot breakfast cereals segment is expected to account for 18% of the global breakfast cereals market. Thus, the growing demand for both ready-to-eat and hot breakfast cereals is expected to propel the global breakfast cereals market in the next few years.
Being initially popularized in the United States, breakfast cereals are now commonly consumed by people from across the globe. Since the past few decades, a wide variety of breakfast cereals have been introduced across all developed economies. Due to the increasing popularity of convenience foods, the number of convenience stores has gone up in the recent past. The rising preference for Western dietary patterns, especially in developing economies, has led to the growth of the global breakfast cereals market in the recent few years. Going forward, the global breakfast cereals market is expected to register considerable growth due to the constant increase in the number of convenience stores.
Request a Brochure of this Report :http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1802
The global breakfast cereals market is segmented on the basis of region and product type. By region, the global breakfast cereals market is divided into Asia Pacific, Europe, North America, and Rest of the World. Since 2006, there have been many changes in the eating habits of people in Asia Pacific due to growing urbanization and the growing middle-class population. As per the World Bank, the middle-class population in India and China was 430 million in 2010 and is expected to reach 1.2 billion by 2030. People in these nations are shifting their breakfast preferences from heavy foods to packaged cereals. This is expected to propel the Asia Pacific breakfast cereals market in the next few years. Furthermore, the growing number of convenience stores in this region is considerably improving the brand visibility for manufacturers of breakfast cereals.
The increasing acceptance of convenience foods is expected to boost the global breakfast cereals market in the near future. With a busy lifestyle, the preference of people is shifting towards canned food, ready-to-eat food, and preserved food. Leading players are concentrating on introducing more varieties of breakfast cereals in the global market to match the changing tastes of people. Some of the leading players in the global breakfast cereals market are Post Holdings, Cereal Partners Worldwide, PepsiCo, Kellogg Co., and General Mills.