On-the-go Breakfast Products Market: Western Europe Anticipated to be the Most Attractive Market Followed by North America: Global Industry Analysis and Opportunity Assessment, 2016--2026
NEW YORK, March 2, 2017 /PRNewswire/ --
Global on-the-go breakfast products market is expected to witness a significant CAGR; supported by increasing consumer demand for safer, convenient and healthy food
Having a breakfast at leisure is a thing of the past, especially in rapidly developing and developed countries due to the pace of life that has accelerated to mind boggling levels. More and more people are preferring convenient breakfast substitutes that can be consumed on the go or in the office, as per extensive research done by Future Market Insights in the year 2016. Fast paced lifestyles and increasing participation of women in the workforce and longer commute times are all fuelling the demand for on-the-go breakfast products all over the world, especially in the fast growing Asia Pacific region and the developed regions of North America and the European Union. In addition, increasing urbanisation and the concept of nuclear families make working women juggle domestic and work responsibilities and consequently there is no time for making or having a leisurely breakfast, as the urban populace battles increasing work commutes and a dearth of time. All these factors contribute heavily to the popularity of on-the-go breakfast products that are convenient, easy to consume and healthy as compared to sugary cereals.
In 2015, the global on-the-go breakfast products market was valued at nearly US$ 1,200 Mn, which is expected to reach US$ 1,500 Mn by 2021 end, registering a CAGR of 4.2% over the forecast period (2016 – 2026). The global on-the-go breakfast products market is expected to be valued at nearly US$ 1,900 Mn by the end of 2026. The market is estimated to represent incremental opportunity of more than US$ 600 Mn between 2016 and 2026.
Increasing consumer demand for convenience products with additional benefits is expected to drive market growth in the North America region
- In 2015, the North America on-the-go breakfast products market was valued at nearly US$ 270 Mn, which is expected to reach nearly US$ 330 Mn by 2021 end
- The North America on-the-go breakfast products market is expected to be valued at nearly US$ 415 Mn by the end of 2026, registering a CAGR of 4.4% over the forecast period
- The market is estimated to represent incremental opportunity of nearly US$ 150 Mn between 2016 and 2026
In terms of value, the U.S. on-the-go breakfast products market is expected to witness higher growth in comparison to the market in Canada over the assessment period
- In 2015, the on-the-go breakfast products market in the U.S. was valued at nearly US$ 200 Mn and is expected to register a CAGR of 4.7% over the forecast period to reach nearly US$ 320 Mn by the end of 2026
- The market in the U.S. is estimated to record incremental opportunity of nearly US$ 120 Mn between 2016 and 2026
- In 2015, the on-the-go breakfast products market in Canada was valued at nearly US$ 70 Mn and is expected to witness a CAGR of 3.3% over the forecast period to reach nearly US$ 100 Mn by the end of 2026
- The market in Canada is estimated to create incremental opportunity of US$ 27 Mn between 2016 and 2026
Trend of consumers' increasingly choosing healthy, convenient and low-calorie breakfast foods has elevated the demand for dairy based breakfast foods in the North America on-the-go breakfast products market
Breakfast Cereals
- In 2015, the breakfast cereals segment was valued at nearly US$ 180 Mn and is expected to witness a CAGR of 4.1% over the forecast period to reach US$ 275 Mn by the end of 2026
- This segment is estimated to record incremental opportunity of more than US$ 90 Mn between 2016 and 2026
Dairy based Breakfast Drinks - In 2015, the dairy based breakfast drinks segment was valued at nearly US$ 90 Mn and is expected to exhibit a CAGR of 4.8% over the forecast period to reach a market valuation in excess of US$ 140 Mn by the end of 2026 - This segment is estimated to create incremental opportunity of more than US$ 50 Mn between 2016 and 2026
Analyst Viewpoint
"Consumers are looking for more convenience and added nutrition in their breakfast"
Owing to a hectic lifestyle, increasing number of single person households and rise in the number of working women globally, consumers have a limited amount of time to prepare meals. This has led to a shift in consumer preference for foods that are healthy and offer convenience in terms of preparation. Increasing consumer preference for convenient products has led manufacturers to offer on-the go breakfast food packed in pots. Demand for products with high fibre and protein content is increasing significantly in countries like the U.S., U.K., and Japan. Increasing demand for value-added products in various countries is prompting manufacturers to offer healthy breakfast products with additional nutrients.
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