Breakfast Cereal Ingredients Market
The Breakfast Cereal Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Breakfast Cereal Global Market Report 2024, The b reakfast cereal market size has grown strongly in recent years. It will grow from $64.11 billion in 2023 to $67.89 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to consumer shift to convenient breakfast options, advertising and branding campaigns, health and nutritional awareness, packaging and portability, cultural and regional breakfast habits.
The breakfast cereal market size is expected to see strong growth in the next few years. It will grow to $83.1 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to emphasis on health and wellness, sustainability practices, plant-based and functional ingredients, global culinary influences, targeting specific demographics. Major trends in the forecast period include innovation in shapes and textures, sustainable packaging practices, customization and personalization, digital engagement and marketing, protein-enriched options.
Many countries across the globe are experiencing falling prices of crops due to overcapacity. This is expected to result in low raw material costs for food and beverage companies. For instance, in November 2022, according to the report Frontline, an India-based national magazine on agriculture, the bailout package of $842 million (Rs 7000 core), announced by the Cabinet Committee on Economic Affairs, for farmers involved in the sugar production sectors to fix the minimum selling price of refined sugar of Rs 29 per kilogram (prices dropped to Rs 23-24 recently due to overproduction and to create a buffer stock of 3 million tonnes of sugar for one year. Thus, overproduction of certain crops is likely to result in higher profit margins for food and beverage companies, including breakfast and cereal manufacturing companies. Higher profit margins will enable food and beverage companies to increase their productivity and drive the market going forward.
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The breakfast cereal market covered in this report is segmented –
1) By Type: Oats Breakfast Cereal, Grains Breakfast Cereal, Other Breakfast Cereal
2) By Product: Ready-to-Eat (RTE), Hot Cereals
3) By Packaging: Boxes, Pouches, Other Packagings
4) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
Breakfast cereal manufacturing companies are adopting robotics and automation technology to maximize production efficiency. Robotic systems automate batching, conveying, processing, storage, and packaging of cereal products, thus decreasing production cycle time and increasing output. Automation enables cereal manufacturers to improve plant conditions, reduce contamination, and minimize human interaction, thus making processing safer for workers as well as consumers. Collaborative robots or semi-autonomous robots are used in various automation processes, including packaging. Plants with fixed automation systems increase yields by at least 2-3% over manual labor. Colborne Foodbotics, ABB Group, Emerson Electric Co., and Schneider Electric S.E. are some of the companies that provide automation equipment to cereal manufacturers.
The breakfast cereal market report table of contents includes:
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Top Major Players
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