The Breakfast Cereals Market is estimated to be valued at US$ 51374.54 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Breakfast cereals are ready-to-eat cereal products usually served with milk or yogurt at breakfast. Popular breakfast cereals include corn flakes, oats, wheat, rice, and bran. They provide essential nutrients like vitamins, minerals, dietary fiber, protein and carbohydrates required to start the day. Breakfast cereals are usually fortified with nutrients including vitamin D, iron, folate, vitamin B12, phosphorus, and magnesium. They help energize the body and improve overall digestive and heart health.

Market key trends:

One of the major trends in the breakfast cereals market is the growing demand for organic and natural cereals. Consumers are increasingly interested in healthier and nutritional food options made with all-natural ingredients and low in sugar. To capitalize on this demand, major cereal brands are launching new organic varieties made with whole grains, nuts and fruits instead of synthetic ingredients, preservatives, colors and flavors. For instance, in 2021, Kellogg's introduced new organic rice crisps and organic fruit crisps varieties made with whole grains and real fruits. Similarly, Nature's Path launched various organic cereals like Superfood Clusters and Organic Protein Granola. The rising trend towards clean label and organic products is expected to fuel the growth of natural and organic breakfast cereals in the forecast period.

Porter’s Analysis
Threat of new entrants: The breakfast cereals market has moderate barriers to entry as it requires significant investments in product development, marketing and brand building. However, the availability of raw materials and supply chains keep the threat moderate.

Bargaining power of buyers: Buyers have high bargaining power as there are numerous established brands in the market providing substitutable products. Switching costs are low for buyers.

Bargaining power of suppliers: Suppliers of raw materials like grains have moderate bargaining power since raw materials are commodities and substitutable among suppliers.

Threat of new substitutes: New substitute products pose moderate threat as consumer preferences are shifting towards healthy packaged snacks and on-the-go breakfast options.

Competitive rivalry: Intense as the market is dominated by few multinational companies with strong brands and economies of scale.

SWOT Analysis
Strength: Wide product portfolio and strong brand recognition of Kellogg Co., General Mills and other major players. Innovation in product offerings catering to changing tastes.
Weakness: High promotional and marketing costs to drive demand. Vulnerability to fluctuations in prices of agricultural commodities.
Opportunity: Growth in demand for healthy, natural and organic breakfast options. Expanding into emerging markets.
Threats: Rising health consciousness and preference for home-cooked meals. Stringent regulations on food labelling and product nutrition.

Key Takeaways

The Global Breakfast Cereals Market Size is expected to reach US$ 75,734.66 million by 2030, exhibiting a CAGR of 4.8% during the forecast period due to increasing health awareness and demand for convenient food items. North America currently dominates the market, accounting for 41% of global sales in 2023 due to high cereal consumption breakfast culture. However, Asia Pacific is expected to witness fastest growth over the next seven years with expanding middle class population and changing lifestyles in countries like China and India.

Key players operating in the breakfast cereals market are Kellogg Co., General Mills, PepsiCo., Cereal Partners Worldwide (CPW), Post Holdings, and The Weetabix Food Company. Kellogg Co. leads the market with its iconic brands like Corn Flakes, Frosties and All-Bran generating sales of over US$ 1.4 billion in 2023. General Mills operates popular brands like Cheerios, Lucky Charms, Chex and Cocoa Puffs globally. PepsiCo acquired Quaker Oats in 2001 making it a major player with brands like Quaker and Life in North America.

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