Breakfast cereals are fortified foods that include a variety of nutritional benefits such as minerals, vitamins, iron, zinc, and so on. Breakfast cereals are made from a variety of grains, including barley, wheat, rice, oats, corn, and others. These breakfast cereals are floured, blended with other ingredients, baked, dried, and shaped into various sizes. They come in a variety of forms, including flaked, puffed, and shredded, and are a good source of fiber and minerals. Breakfast cereals are widely accessible in supermarkets and hypermarkets, as well as department stores, pharmacies, and convenience stores.
The worldwide breakfast cereals market is predicted to be worth US$ 46,811.17 million in 2021, with a CAGR of 4.1 percent during the forecast period (2021-2028).
The growing number of convenience stores has boosted brand exposure, which has resulted in greater sales of such products, which is predicted to boost the market growth of breakfast cereals. According to Forbes, the convenience store business in the United States generated $616.3 billion in sales in 2017. Rapid urbanization throughout the world and changing consumer breakfast habits are also projected to boost breakfast cereal market growth.
Consumers' changing lifestyles and purchasing patterns in the Asia Pacific region, along with an expanding population, are likely to fuel market expansion. The rise in the region's middle-class population and economic development are also contributing to the growth of the morning cereal sector. According to the World Economic Forum, by 2030, 80 percent of Indian households would be middle-income, up from approximately 50 percent today. In 2030, the middle class will account for 75% of consumer expenditure.
Rising demand for cereal bars among health-conscious customers is likely to give prospects for growth in the morning cereals industry. Nestlé, for example, increased its snack line in September 2018 with the launch of a new fruit and nut-based nibbles brand. Yes! There is no added sugar or artificial ingredients in the brand's five cereal bar varieties. As a result, rising demand for cereal bars is likely to propel market expansion.