On The Go Breakfast Products Market– Insights
The concept of on the go breakfast has been growing with increase in availability of packaged food and beverages. Fast paced lifestyle of the consumers have shifted their inclination towards readymade food products over traditional counterparts. Easy availability of such products across all channels and less time for food processing are some of the major factors driving the demand for on the go breakfast products at present. Moreover, increasing health awareness and changing eating habits of the consumers has augmented the demand for on the go breakfast products. Low awareness among the consumers in most of the emerging economies and under developed economies is currently restraining the growth of the market. However, impact of restraints is expected to reduce by the end of the forecast period.
North America and Europe are the dominant regions for on the go breakfast products and are anticipated to show the same trend in the forecast period, although the market in Europe is expected to strengthen further in the future. Increase in demand for high nutrient content in products from consumers residing in Europe and North America has compelled the manufacturers to enhance the quality of on the go breakfast products, which in turn is expected to fuel the demand for on the go breakfast products.
Asia Pacific is expected to be the fastest growing market with India, China, and Japan being the major contributors for the growth of market. Increasing working population, changing lifestyle of the consumers in terms of food habits, rapid urbanization, and rising purchasing power of the consumers are expected to fuel the demand for on the go breakfast products in Asia Pacific.
Further, owing to the lucrative nature of Asia Pacific in terms of investment opportunities, several manufacturers are looking to penetrate this region in order to address a broader consumer base. The global on the go breakfast product market was valued at US$ 1404.0 million in 2016 and is expected to expand at a CAGR of 5.17% during the forecast period from 2017 – 2025.
Figure 1. Global on the Go Breakfast Market Share, By Product type
Source: Coherent Market insights (2017)
Breakfast cereals are expected to lead the market throughout the forecast period
The breakfast cereals segment dominated the on the go breakfast products market in 2016 and is anticipated to retain market dominance throughout the forecast period. The breakfast cereals segment was valued at more than US$ 900 million in 2016 with a market share of more than 60% in the same year.
Europe and North America are the largest markets for on the go breakfast products. However, Asia Pacific is expected to show the fastest growth during the forecast period.
Asia pacific is anticipated to be the fastest growing market for on the go breakfast products during the forecast period. The growth in the economy of the developing countries has increased the per capita income of the population which has altered their lifestyles in terms of feeding habits, which in turn has fuelled the market for on the go breakfast products.Moreover, due to the increasing working population in countries such as India, China and Japan, the need for convenience breakfast has surged significantly in these countries, thereby pushing the growth of this market.
Due to the rapid advancements in the field of internet services which has paved the way for 4G and 5G internet services, coupled with rapid smartphone penetration, the manufacturers operating in the field of on the go breakfast product have expanded their distribution channel by operating online. This has allowed to them to cater to a broader consumer base.
Europe is the largest market of on the go breakfast products and is expected to show the same trend in the forecast period with a market share of more than 35% in 2016. Due to the high working population, fast paced lifestyle and high demand for packaged food, The demand for on the go breakfast products are expected to grow substantially.According to the European Union, the economically active population in EU-28 was valued at 245million in 2016.
North America is a lucrative market for on the go breakfast products due to high adoption rate of such product in the region, especially in the U.S. Canada is expected to show a steady growth for this market during the forecast period as well
Sanitarium Health and Wellbeing Company, General Mills, Alara Wholefoods Ltd., Amy’s Kitchen, Baggry’s India Ltd., Country Choice, Kelloggs, Nature’s Path, Nestle, Raisio, Uncle Tobys, MOMA, Weetabix, Quaker Oats Company are some of the major players operating in the field of on the go breakfast products.