The global ready-to-eat (RTE) breakfast cereal market is expected to experience significant growth during the forecast period from 2022 to 2027. According to a report from Research and Markets, the market is estimated to grow by $5,697.8 million at a compound annual growth rate (CAGR) of 5.3%, contributing to a market size of $11,751.8 million by 2027.
The growing demand for convenience foods and increasing consumer preference for healthy breakfast cereal products are the major factors driving the growth of the market. Increasing urbanization is also contributing to the growth of the market as more people are opting for quick and easy breakfast options. Additionally, the rise in disposable income of consumers is allowing them to spend more on RTE cereal products as they offer a nutritious and convenient option.
The report examines the RTE cereal market from three segments — product type, distribution channel, and region. In terms of product type, the market is classified into oats, corn, rice, wheat, and others. Of these, oats are projected to be the most popular product type, due to their high-fiber content and health benefits. The distribution channel segment is further divided into supermarkets/hypermarkets, convenience stores, and online stores. Supermarkets/hypermarkets are expected to remain the largest distribution channel, due to their wide variety of products, competitive pricing, and convenient locations.
The market is also analyzed on a regional basis, with the largest markets being North America, Europe, the Asia-Pacific, and the Rest of the World. The Asia-Pacific region is expected to lead the market, due to the high population base, changing lifestyle, and growing economy.
The major manufacturers in the RTE breakfast cereal market are Kellogg’s, Post, General Mills, Quaker, Nestlé, and MOM Brands. The report provides an extensive analysis of the market strategies of these players and how they are attempting to gain a competitive edge in the market.
Overall, the global ready-to-eat breakfast cereal market is expected to experience significant growth over the forecast period, driven by increasing consumer demand for convenience foods and rising health consciousness. The Asia-Pacific region is expected to be the largest market, due to the high population base, changing lifestyle, and growing economy. The major players in the market are Kellogg’s, Post, General Mills, Quaker, Nestlé, and MOM Brands and they are all attempting to gain a competitive advantage by implementing various strategies.