Published on : May 10, 2016
Breakfast cereals have become an essential part of breakfast in almost all corners of the globe. What were traditionally served as products of principal grains and rice that needed to be heated or cooked before being served, technological advances in the field of breakfast cereal have led to the development of a variety of ready-to-eat products that need no or minimal cooking.
The global market for such ready-to-eat cereals is headed along a steady and positive growth path and is driven by a host of factors. One of the chief factors that has led to the immense popularity that breakfast cereals enjoy presently across the globe is the huge demand for Western-style breakfast, of which breakfast cereals are an important part. The huge popularity of these products in countries such as Brazil, India and China, where processed cereal products have not traditionally been the most preferred breakfast choice, have led to significant growth of the global breakfast cereals market in the past few years.
The changing lifestyle of the population in developing countries, owing to longer working hours and demanding jobs, do not leave enough time for preparing fresh meals on a persistent basis, especially on weekdays. Thus the consumption of food products that do not require longer durations for preparation and can be consumed on-the-go is witnessing huge rise.
The expanding middle class in developing countries is said to be the major consumer of Western foods, including breakfast cereals. In India and China, the middle class population is slated to rise to 1.2 billion by 2030, rising from 430 million in 2010, according to the World Bank. The high disposable incomes of this group of population has led to strengthened purchasing powers and easy shift to expensive packaged foods, which were once considered affordable only for the upper class population.
As life pace traction in these emerging countries, and the population becomes more and more receptive towards innovative and relatively expensive food products, the market for breakfast cereals will gain more traction in the developing parts of the world.