New York, United States, Mar 30, 2020, 04:48 /Comserve / -- In the statistics stated by Bureau of Labor Statistics, U.S. Department of Labor, full time employed persons averaged 9.5 hours of work time on weekdays and 5.4 hours during weekends for the year 2018.
Research Nester has released a report titled “On-The-Go Breakfast Cereals Market – Global Demand Analysis & Opportunity Outlook 2027”which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
In the statistics stated by Bureau of Labor Statistics, U.S. Department of Labor, full time employed persons averaged 9.5 hours of work time on weekdays and 5.4 hours during weekends for the year 2018.
Consumers are shifting their demand for readymade food products owing to lack of availability of time for cooking or for consumption of food. Earlier, on the presence of large amount of leisure time, people spent more time for activities such as cooking as well as consuming food products, but with decrease in leisure time and increasing hectic work schedules amongst the working class of people, preferences of food patterns amongst consumers are shifting. People tend to move towards utilization of cook processors so as to process their food faster or consume products such as liquid breakfast products[K-1] .
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Additionally, the change in lifestyle habits is also increasing the number of chronic diseases, which is raising the concern amongst the consumers to tend towards healthy food products. The World Health Organization (WHO) Member States have agreed to stop the rise in diabetes and obesity in adults, adolescents and children by 2025, and have also agreed to reduce the intake of salt by the global population by 30% by the year 2025, according to the statistics by the WHO. All of these factors are anticipated to support the growth of the on-the-go breakfast cereals market.
On-the-go breakfast cereals is referred to all those breakfast products which doesn’t require cooking and is available in pre-mix formulations. These meals are either diary based products that are usually in liquid form, or crunched and powdered mix products that are usually in solid form, and thereby require the addition of water or any liquid based add-on product to consume.
The on-the-go breakfast cereals market is anticipated to record a CAGR of around 4.56% over the forecast period, i.e. 2019-2027. The market is segmented by product type into ready-to-eat and ready-to-drink. Among these segments, the ready-to-drink segment is anticipated to hold largest market share, owing to rising demand for liquid breakfast products that can be consumed easily by consumers while they indulge themselves into other parallel activities, such as driving or travelling in a congested public transport among others.
Geographically, the on-the-go breakfast cereals market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, North America and Europe is expected to have largest market share on the back of rising food spends in the region and demand for healthy food products that require zero or barely minimum food processing time. $1.71 trillion USD was spent by U.S. consumers, businesses and government entities on food and beverages in grocery stores and other retailers and on away-from-home meals and snacks during the year 2018, according to the statistics by the United States Department of Agriculture Economic Research Service (USDA).
However, growing concerns for undernourishment and obesity amongst the human population around the globe have led to the formulation of strict norms by governmental regulatory bodies and curb the health issues. An estimated 821 million people were undernourished in 2017 according to the United Nations. Moreover, more than 1 in 8 adults was obese.
The resulting action can lead existing players to either withdrawal of their products from the market or re-launch the products, thereby affecting the sales of the products. Furthermore, the fear amongst consumers to decide and differentiate between healthy and unhealthy food products, owing to negative appeal of products, all of these factors are estimated to act as a barrier to the growth of the on-the-go breakfast cereals market during the forecast period.
This report also studies existing competitive scenario of some of the key players of the on-the-go breakfast cereals market, which includes profiling of Kellogg NA Co., MTR Foods Pvt. Ltd., Chobani, LLC, Müller Milk & Ireland, Weetabix, Nestle Health Science, Soupologie Limited, Tia Gazpacho, Sanitarium and ICONIC Protein.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “On-The-Go Breakfast Cereals Market – Global Demand Analysis & Opportunity Outlook 2027”, analyses the overall on-the-go breakfast cereals industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the on-the-go breakfast cereals market in the near future.\
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