Breakfast cereals market is expected to exceed USD 43.0 billion by 2022.The market is expected to exhibit a growth rate exceeding 4% CAGR from 2015 to 2022. Increasing consumer awareness towards healthy eating habits is anticipated to drive demand over the forecast period.
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Increasing trend to adopt western dietary patterns in emerging economies such as Indonesia, India and Malaysia is driving the growth in breakfast cereals market. Several urban consumers are getting accustomed to eating cereals with milk for breakfast which is easy to prepare and also offers many health benefits. Increasing consumer disposable income in emerging economies of Asia Pacific and Latin America has led to high demand for breakfast cereals.
Busy lifestyle and hectic pace of modern life with no time to prepare food are anticipated to play a major role in market growth. High rate of women empowerment in tedious tasks and longer working hours has led to increased product demand. Various companies manufacture instant breakfast cereals which just require hot water to be added and can consumed at home or workplace. These products are gaining significant share in daily consumption among students and busy service class on account of time and cost saving.
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Increasing consumer awareness towards benefits associated with these breakfast cereals along with growing desire for low calorie and high carbohydrate/fiber content products for weight loss is expected to drastically impact product sales. These products are also gaining significant prominence in infant food industry owing to enhanced nutritional value and ease of preparation. Increasing demand for more value-added cereals containing whole wheat, high fiber content and other healthy ingredients is expected to steer healthy breakfast cereals market growth.
High raw material procurement cost along with decentralized supply scenario is expected to remain a key challenge for the industry participants. Increasing commodity and energy prices adversely effects the production of the cereals. For example, procurement cost of palm oil, a major ingredient in making cereals is very high, making it difficult to produce commercial quantities of finished products.
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