PORTLAND, Ore., Nov. 30, 2021 /PRNewswire/ -- Allied Market
Research published a report, titled, "Breakfast Food Market by
Nature (Conventional and Organic), Product Type (Breakfast Cereals,
Bakery Products, Dairy Products, and Others), Sales Channel
(Supermarkets/Hypermarkets, Specialty Stores, Online Stores, and
Others): Global Opportunity Analysis and Industry Forecast,
2021–2030." According to the report, the global breakfast food
industry generated $398.1 billion in
2020, and is expected to reach $729.5
billion by 2030, witnessing a CAGR of 6.3% from 2021 to
2030.
Drivers, restraints, and opportunities
Surge in number of health-conscious consumers across the globe
and rise in demand for convenience food drive the growth of the
global breakfast food market. However, presence of counterfeit
products hinders the market growth. On the other hand, product
innovation, demand for organic products, and advent of online
retail platforms create opportunities in the coming years.
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Covid-19 Scenario
- The demand for breakfast food such as cereals and dairy
products increased as people needed to stay healthy and boost their
immunity during the pandemic.
- There were hindrances in distribution as supermarkets,
hypermarkets, and specialty stores were closed due to lockdown
measures implemented by governments to curb the spread of
coronavirus. However, the distribution activities increased
post-lockdown.
- Manufacturing facilities faced certain challenges such as lack
of workforce, supply chain disruptions, and shortage of raw
materials. These facilities began operating with full capacity
post-lockdown.
The bakery products segment to maintain its lead position
during the forecast period
Based on product type, the bakery products segment contributed
to the highest share in 2020, accounting for nearly one-third of
the global breakfast food market, and is expected to maintain its
lead position during the forecast period. This is due to increase
in demand for bakery items such as bread with busy lifestyle,
preference for fresh & ready-to-eat breakfast food, and surge
in consumption of bakery products, especially the packaged variety.
However, the breakfast cereals segment is expected to manifest the
highest CAGR of 7.2% from 2021 to 2030, owing to rise in consumer
awareness regarding health benefits associated with the consumption
of cereals and increase in preference for healthy meals.
The supermarket/hypermarket segment to maintain its
leadership status during the forecast period
Based on distribution channel, the supermarket/hypermarket
segment accounted for the highest share in 2020, contributing to
nearly two-fifths of the global breakfast food market, and is
expected to maintain its leadership status during the forecast
period. This is due to availability of a broad range of consumer
goods under a single roof, ample parking space, and convenient
operation timings. However, the online channels segment is
estimated to register the fastest CAGR of 8.4% from 2021 to 2030.
This is attributed to ease in availability of food products
including breakfast food and benefits provided by online portals
such as information about functional attributes of products and
directions to use. Moreover, other benefits such as time-saving and
home delivery facilities supplement the growth.
North America to continue
its dominance in terms of revenue by 2030
Based on region, North America
held the highest market share in 2020, accounting for more than
one-third of the global breakfast food market, and is projected to
continue its dominance in terms of revenue by 2030. This is
attributed to inclination toward convenience breakfast food
including nutrition bar, packaged soup, and others with hectic
lifestyle and preference for organic breakfast food including
organic oats, organic bread, and others. However, Asia-Pacific is expected to witness the
largest CAGR of 8.8% from 2021 to 2030. This is due to rapid
expansion of the food & beverages sector in the region with
presence of high-potential markets such as India and China and increase in urbanization.
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Leading market players
- PepsiCo, Inc.
- General Mills
- The Kraft Heinz Company
- Nestle
- The Hain Celestial Group
- The Happy Egg Co.
- Hormel Foods
- Kellogg Co.
- Trillium Farm Holdings, LLC
- Unilever
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