Global Breakfast Food Market - 2021-2028
|出版日期||內容資訊||英文 180 Pages
|全球早餐食品市場:2021∼2028年 Global Breakfast Food Market - 2021-2028|
|出版日期: 2021年07月30日||內容資訊: 英文 180 Pages||
Breakfast food refers to the first meal of the day and is often considered as the vital part of human nutrition. It provides the essential nutrition and glucose required to the body, required for breaking the overnight fating period. Most common breakfast foods include cereals, eggs, toasts, breads and pancakes among others. The list of breakfast foods widely vary across the world based on traditional eating habits, nutrition requirement, and several other socio-economic factors. For instance, noodles and momos are the major breakfast foods in South East Asian countries, whereas cereals are largely consumed in Americas and Europe regions. However, globalization has promoted processed foods such as bakery products and instant cereals, thus leading to considerable scope in the global breakfast foods market. The global breakfast food market valued USD XX million in 2020 and is estimated to reach USD XX million by 2028, growing at a CAGR of XX%
Increasing health awareness and pressure of maintaining a healthy diet among consumers globally is making them increasingly prefer highly nutritious quick breakfast foods and ready-to-eat food products. Because of this, there is an increase in the number of fitness enthusiasts who are attracted to healthy foods, such as cereals and snack bars, on a regular basis is driving the growth of the market during the forecast period. For instance, the growing breakfast cereals market in India, particularly in urban areas, has forced Nestle to enter into this segment in 2018. Nestle India launched breakfast cereals in India that year, a market that is dominated by Kellogg's, PepsiCo and homegrown Bagrry's in the country. The clean label and chemical and synthetic additive-free food movements are having a tremendous impact on new product offerings in the breakfast industry. For example, between 2012 and 2016, the breakfast cereal category has experienced an 81.2 percent average year-wise increase in ethical claims for global product launches. Additionally, due to time constraints and busy life, many employees all around the world depend on ready-to-eat products or restaurants for breakfast. According to Institute of Food Technologists (IFT), nearly 33% of the Americans aged between 18-34 consume their daily breakfast while travel. Lighter alternatives, from meal replacement shakes to nutrition bars, continue to be popular for home-prepared breakfasts eaten on the go, while sandwiches and burritos-typically comprise of eggs, cheese, bacon, sausage or ham-are preferred for "dashboard dining" meals purchased during the breakfast among many Western countries.
However, too much promotion without quality and nutritional value of products dampens the brand value of the company among consumers, which decreases the demand for such products, especially in the case of breakfast cereal such as corn flakes. Along with this factor, the high cost of some of the breakfast products restrains the market growth as well as market expansion to vast rural areas of Asia-Pacific developing countries.
In terms of type, the global breakfast food market is dominated by the breakfast cereals & bars segment with market share of XX% in 2020. Cereals are the main breakfast for many who have a busy lifestyle as it is easy and takes less time to prepare. But, research studies find out that cereal sales have been stagnant for years, with millennials shifting toward more portable breakfast selections and away from center store products which are overly processed. Still, cereal is a category boasting substantial household penetration and innovation, both in format, formulation and flavor. Ready to eat products are expected to witness the highest growth rate in the forecast period, due to increasing innovation in the product category by mainly focusing on local food habits. For instance, in India, local food vendors have introduced ready-to-eat common Indian food products such as Idli, Poha and Uthepam.
On the basis of distribution channels, the global breakfast food market is dominated by supermarkets with market share of XX% in 2020. Yet, the online retailers segment is expected to acquire the highest growth rate, due to changing consumer shopping habits.
North America is the largest market for breakfast food, with nearly XX% of the global sales revenue in 2020, due to the presence of leading market players, the long habit of consuming cereal as a breakfast food and consumption patterns. But, at present, in North America, the breakfast cereal industry stands at a crossroads. The introduction of Greek yogurt and protein bars is an indication of market flux and consumer preference. For instance, diet cereal brands such as Special K are extending their brands to breakfast bars. And Quaker promotes breakfast bars, rolled oats and steel-cut oats that now require 30 minutes to cook. In 2018, Kellogg, the second-largest producer of cold cereal followed by General Mills, reported breakfast cereal sales decreasing by 5%, continuing the downward trend, which shows the shift of consumer preference from cereals to other ready-to-eat foods. Now, even food service vendors such as McDonald's are also entering into the breakfast food market by promoting its campaign of "breakfast all day". Asia-Pacific is expected to have a high growth rate in the forecast period, due to increment in disposable income, growing urbanization and entering of leading international market players.
Key players of breakfast food market are investing in physical retail promotions as well as introducing new flavored and local ready to eat products. Additionally, key brands are focusing on mergers and acquisitions as their key strategy to achieve consolidation, coupled with optimization of their product offerings. Most of the leading Breakfast Food companies include The Kellogg Company, General Mills, Inc., The Kraft Heinz Company, Nestle S.A., Britannia Inc., Campbell Soup Company, Bob's Red Mill Natural Foods, Mondelez International, Inc., Quaker Oats Company, PepsiCo Inc. and others.
The COVID-19 pandemic has significantly disrupted the eating habits and preferences of population across the globe. Consumers turned towards nutritious foods that improve immune system. Also factors such as weight management, digestive health and cognitive health gained interest, resulting in traction for food products labelled towards these concerns. Breakfast foods is the most affected segment with this trend, in that healthy, affordable and easily digestible breakfast foods witnessed several new product launches in 2020. The market is likely to add large number of new consumers in near time owing to this rising awareness towards breakfast foods
However, the pandemic has had a negative impact on the market in 2020, which is evident from the lowered sales of most of the leading market players. The lockdowns imposed and closure of food service outlets is the major factor attributable to the lower sales volume. However, this decline is offset to some extent by increase from domestic demand and addition of new consumers to the market. Online retail is the latest trend in the global market with high double-digit growth rate in sales and is further boosted by the shift of consumer purchasing preferences during the pandemic