Global Breakfast Food Market - Growth, Trends and Forecast (2018 – 2023)
The global breakfast food market is expected to grow at a CAGR of 4.6% during the forecast period (2018 - 2023). Kellogg's is raising its stake in the all-day breakfast segment and has opened a new cafe in New York City, with dishes made entirely from the company’s cereals.
New Product Innovations in Breakfast
Consumer preference for breakfast food is based on their nutrient levels, and health benefits. The primary factors considered are fat content, cholesterol level and other similar factors. Around 60% of the consumers prefer high-fiber products for breakfast, which is an important factor driving the market growth. Another important factor is the quality of packaged food, where organic pre-packaged food has high-preference. As the number of health-conscious consumers is growing globally, the preference for breakfast is increasing, which is a key driver for the breakfast food and services market, worldwide.
Breakfast Cereals Market Holds a Major Share in the Breakfast Food Market
The global breakfast food market is segmented into breakfast cereals, beverages, snack bars, ready meals and others. The largest share of breakfast food market is held by breakfast cereals, closely followed by the ready meals segment. The breakfast-food formulators use grains with high-fiber, dairy products, fruits and vegetables for making the healthier products. There has been a decline in the consumption of sugary cereals.
Asia-Pacific the Fastest Growing Region
The North America market holds the majority of 26% in the global breakfast food market demand, followed by Europe. Consumers are not spending more time to meet their health goal, in fact they are looking for more convenient food through value-added and enriched foods for breakfast. Asia-Pacific is predicted to grow at a faster rate during the forecast period 2018-2023. Consumers in Asian countries, such as China and India prefer hot cereals containing rice or wheat as major ingredients. These nations are anticipated to register a high growth rate owing to the rise in consumer preferences for ready-to-eat meals, coupled with busy lifestyles in this region.
The breakfast pattern of the US consumers has changed from the past. Ready-to-eat breakfast cereal is the largest breakfast category in the United States. The frozen breakfast food products market is on the rise, as sales of frozen waffles, pancakes and French toast have jumped by 4.5% (CAGR), as the preferred choice of working population.Major PLAYERS: KELLOGG'S, GENERAL MILLS, DEL-MONTE, NESTLE, MCVITIE'S, KRAFT HEINZ, HEALTHY CHOICE, UNILEVER, DR. OETKER, BRITANNIA INC., HERITAGE FOODS, ITC LIMITED and PREMIER FOODS, amongst others.
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