The on-the-go breakfast products market involves various products that can be conveniently consumed on the go. This includes breakfast biscuits, breakfast bars, cereals, and other portable variants. The growing trend of having healthy yet convenient breakfast options has boosted the demand for on-the-go breakfast products globally.
The On-the-go Breakfast Products market is estimated to be valued at US$ 25.7 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights
Market Dynamics:
Increasing preference for convenience food products is expected to drive the growth of the on-the-go breakfast products market over the forecast period. With changing lifestyles and increasing time constraints, consumers are opting for easy to prepare and portable breakfast items. Furthermore, rising awareness regarding health benefits of consuming breakfast regularly will also fuel the demand for on-the-go breakfast products. Additionally, increasing disposable income in developing countries is encouraging consumers to spend more on premium convenient food options, which is another key factor likely to propel the on-the-go breakfast products market growth between 2023 and 2030. Changing eating habits and preferences have prompted manufacturers to offer innovative breakfast products to cater to the increasing demand for convenience.
SWOT Analysis
Strength: The on-the-go breakfast products market is driven by changing lifestyles and consumers' preference for convenience. Manufacturers offer a wide variety of product such as cereals, dairy products and bakery products allowing consumers to choose from different tastes and flavors. Product innovation is a key strength with manufacturers regularly introducing new products to attract consumer interest.
Weakness: High sugar content of certain on-the-go breakfast products such as cereals is a concern from a health perspective. Premium pricing of certain gourmet and organic products may limit their demand among price conscious consumers.
Opportunity: Growth opportunities exist in developing regions as lifestyle changes drive the demand for convenience food options. Increased focus on healthy ingredients provides an opportunity for manufacturers to launch nutritious on-the-go breakfast products.
Threats: Strict regulatory norms regarding food labeling and ingredients may increase compliance cost for manufacturers. Introduction of taxes targeting food high in fat, sugar, or salt can impact product demand. Rising raw material cost is a macroeconomic threat for the industry.
Key Takeaways
The global on-the-go breakfast products market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing preference for convenient breakfast options among urban households with busy lifestyles. The Asia Pacific market is growing fastest, supported domestic demand in countries such as India and China.
Regional analysis: The Asia Pacific region dominates the on-the-go breakfast products market with over 30% value share in 2023 led by countries like India, China, and Japan. Rapid urbanization, rising income levels and evolving dietary habits have been driving the demand for convenience food products in the region. North America is expected to maintain its prominent position during the forecast period supported by demand from countries like the United States.
Key players: Key players operating in the on-the-go breakfast products market are Quaker Oats Company, Kellogg Co., General Mills Inc., MOMA, Uncle Toby’s, Bagrry’s India Ltd., Sanitarium, Anchor, Weetabix Ltd., and Nestle S.A. These companies focus on new product launches tailored to changing consumer preferences to strengthen their market position.
