Surge in number of health-conscious consumers across the globe and rise in demand for convenience food drive the growth of the global breakfast food market.
PORTLAND, Ore., Nov. 30, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Breakfast Food Market by Nature (Conventional and Organic), Product Type (Breakfast Cereals, Bakery Products, Dairy Products, and Others), Sales Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global breakfast food industry generated $398.1 billion in 2020, and is expected to reach $729.5 billion by 2030, witnessing a CAGR of 6.3% from 2021 to 2030.
Drivers, restraints, and opportunities
Surge in number of health-conscious consumers across the globe and rise in demand for convenience food drive the growth of the global breakfast food market. However, presence of counterfeit products hinders the market growth. On the other hand, product innovation, demand for organic products, and advent of online retail platforms create opportunities in the coming years.
The demand for breakfast food such as cereals and dairy products increased as people needed to stay healthy and boost their immunity during the pandemic.
There were hindrances in distribution as supermarkets, hypermarkets, and specialty stores were closed due to lockdown measures implemented by governments to curb the spread of coronavirus. However, the distribution activities increased post-lockdown.
Manufacturing facilities faced certain challenges such as lack of workforce, supply chain disruptions, and shortage of raw materials. These facilities began operating with full capacity post-lockdown.
The bakery products segment to maintain its lead position during the forecast period
Based on product type, the bakery products segment contributed to the highest share in 2020, accounting for nearly one-third of the global breakfast food market, and is expected to maintain its lead position during the forecast period. This is due to increase in demand for bakery items such as bread with busy lifestyle, preference for fresh & ready-to-eat breakfast food, and surge in consumption of bakery products, especially the packaged variety. However, the breakfast cereals segment is expected to manifest the highest CAGR of 7.2% from 2021 to 2030, owing to rise in consumer awareness regarding health benefits associated with the consumption of cereals and increase in preference for healthy meals.
The supermarket/hypermarket segment to maintain its leadership status during the forecast period
Based on distribution channel, the supermarket/hypermarket segment accounted for the highest share in 2020, contributing to nearly two-fifths of the global breakfast food market, and is expected to maintain its leadership status during the forecast period. This is due to availability of a broad range of consumer goods under a single roof, ample parking space, and convenient operation timings. However, the online channels segment is estimated to register the fastest CAGR of 8.4% from 2021 to 2030. This is attributed to ease in availability of food products including breakfast food and benefits provided by online portals such as information about functional attributes of products and directions to use. Moreover, other benefits such as time-saving and home delivery facilities supplement the growth.
North America to continue its dominance in terms of revenue by 2030
Based on region, North America held the highest market share in 2020, accounting for more than one-third of the global breakfast food market, and is projected to continue its dominance in terms of revenue by 2030. This is attributed to inclination toward convenience breakfast food including nutrition bar, packaged soup, and others with hectic lifestyle and preference for organic breakfast food including organic oats, organic bread, and others. However, Asia-Pacific is expected to witness the largest CAGR of 8.8% from 2021 to 2030. This is due to rapid expansion of the food & beverages sector in the region with presence of high-potential markets such as India and China and increase in urbanization.
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