The demand for breakfast food is expected to increase during the forecast period, owing to rise in consumer demand for convenience food providing several health benefits to consumers.
“Breakfast food Market by Product Type, Nature, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global breakfast food market size was valued at $398.1 billion in 2020, and is projected to reach $729.5 billion by 2030, registering a CAGR of 6.3% from 2021 to 2030.
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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.
Breakfast food is a type of meal that is consumed in the morning. Expansion of distribution channels such as online stores, supermarkets, hypermarkets, and foodservice has made breakfast food easily available to customers, which, in turn, contributes toward the breakfast food -market growth. Moreover, grab to go breakfast food is one of the new trends gaining high traction in the global market.
In the past few years, many countries have recognized lifestyle-related diseases to be a key concern, which has led to rise in health consciousness among consumers. In addition, increase in consumer awareness regarding health benefits associated with the consumption of breakfast foods like oats, muesli, cornflakes, multigrain bread, egg, tofu in their breakfast meals has fuel its demand across the globe. For instance, oats and muesli helps in lowering the cholesterol level, maintains blood sugar level, aids in weight loss and others.
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Moreover, vegan breakfast food such as vegan butter, vegan packaged soup, vegan yogurt and other is expected to be the new and extremely popular trends during the breakfast food market forecast period. This is because many consumers are following an entirely plant-based diet owing to their awareness of the health consequences related to consumption of animal products and also due to the ethical and environmental impact of animal agriculture.
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.
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The global breakfast food industry is segmented into product type, nature, sales channel, and region. By product type, the breakfast food market is classified into breakfast cereals, bakery product, dairy product and others. Depending on nature, it is divided into conventional and organic. As per sales channel, it is segregated into supermarket/hypermarket, specialty stores, online store, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia & New Zealand, ASEAN and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa and others).
Companies can operate their business in highly competitive market by launching new products or updated versions of existing products. In the recent past, many leading players opted for product launch as a business strategy to strengthen their foothold in the breakfast food market. To understand the key breakfast food market trends of the market, strategies of leading players are analyzed in the report. Some of the key players in the breakfast food market analysis includes include 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, and Unilever.
Key findings of the study
By product type, the bakery product segment garnered the highest breakfast food market share in 2020, and is expected to grow at a steady CAGR from 2021 to 20.30
Depending on nature, the conventional segment accounted for the highest market share in 2020, and is estimated to exhibit a CAGR of 6.1%.
As per sales channel, the supermarket/hypermarket segment led the market, in terms of share, in 2020, and is projected to register a CAGR of 5.8%.
Region wise, North America garnered the maximum share in 2020, and is expected to dominate the market during the forecast period.
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