by On-the-go breakfast products include cereal bars, breakfast biscuits, breakfast cookies, breakfast sandwiches, pancakes, waffles, bacon & egg croissants, breakfast burritos & wraps. Their accessibility on-the-go is boosting their demand as substitutes for traditional cooked breakfast foods. The nutritional content, varying flavors and formats of on-the-go breakfast products appeal to different consumer demographics and dietary preferences. They provide convenience for urban populations with busy lifestyles who have little time in the morning for cooking elaborate meals yet want a nutritious breakfast.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The key drivers fueling growth of the on-the-go breakfast products market include rising demand for convenience foods and changing lifestyles. Urban populations now have less time to prepare meals due to longer working hours and commute times. As a result, there has been increased reliance on easy to consume packaged foods that can be picked up quickly. Additionally, evolving dietary patterns have prompted greater awareness about nutrition, health and wellness. On-the-go breakfast options address these requirements with offerings designed for portability as well as nutritional value. Rising disposable incomes also contribute to increased spending on premium ready-to-eat foods. Product innovation catering to new flavors, demographic-specific preferences and fiber/protein fortification further expands the appeal of on-the-go breakfast items.
Segment Analysis
On-the-go breakfast products market can be segmented into cereal bars, breakfast sandwiches & burritos, cereal, frozen waffles, and yogurt. The breakfast cereal segment is dominating the market with a share of over 30%. This is because cereals offer a wide variety of product choices to consumers with varying flavors, textures and nutritious ingredients. Cereal companies like Kellogg and General Mills have established strong brand recognition over the years making cereal the preferred on-the-go breakfast option.
PEST Analysis
- Political: The on-the-go breakfast market is impacted by regulations on food labeling and product ingredients set by regulatory bodies. Stringent norms help ensure product quality and safety.
- Economic: The rising number of working professionals and dual-income households is driving the growth of convenient breakfast
- products. High disposable incomes allow consumers to pay premium prices for nutrition and convenience.
- Social: Changing lifestyles and busy schedules have increased the demand for portable breakfasts that can be easily consumed on-the-go. Health consciousness is another factor with consumers preferring natural and wholesome ingredients.
- Technological: Product innovation plays a crucial role in this market. Companies focus on developing convenient packaging solutions, customized nutrition, and environment-friendly processing techniques to appeal to modern consumers.
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 demand for convenience foods. The market size for 2023 is estimated to be US$ 25.7 Bn.North America dominates the on-the-go breakfast products market holding over 35% share aided by urbanization and hectic lifestyles. The US accounts for the major revenue share in the region owing to consumption of breakfast biscuits, sandwiches and waffles. Europe holds the second position led by UK, Germany, and France while Asia Pacific is expected to exhibit fastest growth during the forecast period with China, India, and Japan emerging as lucrative markets.
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. Most companies are investing in new product launches tailored to regional tastes along with upgraded packaging and marketing strategies to expand consumer outreach.
