SEATTLE, Sept. 21, 2017 (GLOBE NEWSWIRE) -- According to new report published by Coherent Market Insights, the global on-the-go breakfast market was valued at US$ 1,404.0 Mn in 2016 and is projected to witness a CAGR of 5.17% over the forecast period (2017-2025). Increasing demand for processed food and rapid adoption of ready-to-eat food products due to busy lifestyle of working people worldwide is expected to be the prime factor for growth of global on-the-go breakfast market in the near future. Weak distribution network in emerging economies and inclination of the populace, especially in these regions towards just a handful of on-the-go breakfast products may hamper growth of this market.
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https://www.coherentmarketinsights.com/market-insight/on-the-go-breakfast-products-market-752
Key Trends and Analysis of the on the go market:
- According to Coherent Market Insights, breakfast cereal was the leading segment in the global on-the-go breakfast type market in 2016. The segment is also projected to be the fastest growing segment, witnessing a CAGR of 5.23% over the forecast period. According to FAO, world cereal utilization is projected to reach 2,591 million tons by 2017 end, which creates a large feedstock for breakfast cereal products production.
- Online distribution channel segment held the largest market share in 2016. Increasing internet penetration along with rapid adoption of e-commerce for purchasing domestic home products is projected to help the online segment retain its dominance during the forecast period.
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Key market takeaways:
- Europe was the largest revenue shareholder in the global on-the-go breakfast market in 2016. The market in the region was valued at US$ 537.5 Mn in 2016 and is expected to maintain its dominance by witnessing a CAGR of 5.03% over the forecast period.
- Asia Pacific is the fastest growing market for on-the-go breakfast products. Increasing spending power of the working populace coupled with increasing demand for processed food in emerging economies such as China and India is expected to boost demand for on-the-go breakfast products in Asia Pacific. The two countries accounted for around 62% (around 2 billion) of the workforce in the region in 2015.
- In 2017, The Kellogg Company added 50 new breakfast and snack products to their product portfolio for brands such as Special K and Frosted Flakes. This is expected to have a significant positive impact on the growth of the market.
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