Seattle, WA -- (SBWIRE) -- 02/24/2020 -- The concept of on-the-go breakfast products has been growing due to increase in availability of packaged food and beverages. Fast paced lifestyle has led consumers to shift their preference towards ready-made food products from traditional counterparts. Easy availability of such products across all channels is one of the major factors driving demand for on-the-go-breakfast products at present. Moreover, increasing health awareness and changing eating habits of consumers have augmented demand for on-the-go breakfast products. Low awareness about these products in emerging economies is hampering growth of the market.
North America and Europe account for majority of the revenue in the on-the-go breakfast products market, and the trend is expected to continue over the forecast period. Moreover, the market growth in Europe is expected to accelerate further in the future. The increase in demand for high nutrient products from consumers residing in Europe and North America has compelled manufacturers to enhance the quality of on-the-go breakfast products, which is expected to fuel growth of the on-the-go breakfast products market.
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Asia Pacific is expected to be the fastest growing market with India, China, and Japan being the major contributors to the growth of the market. Increasing working population, changing lifestyle of consumers in terms of food habits, rapid urbanization, and rising purchasing power of consumers are expected to fuel demand for on-the-go breakfast products in Asia Pacific.
Furthermore, an increase in the number of investments by several manufacturers, as well as strategic expansions by key players to countries in this region is expected to favor the market growth considerably. The global on-the-go breakfast products market was valued at US$ 1404.0 million in 2016 and is expected to expand at a CAGR of 5.17% over the forecast period.
Breakfast cereals segment is expected to lead the market growth over the forecast period
The breakfast cereals segment dominated the on-the-go breakfast products market in 2016 and it is expected to retain its dominance throughout the forecast period. The breakfast cereals segment was valued over US$ 900 million in 2016 with a market share of more than 60% in the same year.
Europe and North America are the largest markets for on-the-go breakfast products. However, Asia Pacific is expected to exhibit the fastest growth during the forecast period.
Regional Insights:
Asia Pacific is expected to be the fastest growing market for on-the-go breakfast products during the forecast period. Increasing GDP and per capita income in emerging economies of the region has altered the population's lifestyle in terms of food habits, which, in turn has fuelled the market for on-the-go breakfast products. Moreover, due to the increasing working population in countries such as India and China the need for convenient and quick food products has increased significantly.
Rapid technological advancements in telecom, the advent of fast internet connectivity, and a large demand for smartphones has led manufacturers operating in the field of on-the-go breakfast product to offer their products via online distribution channels.
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Europe is one of the largest markets for on-the-go breakfast products, and it is expected to grow further owing to a market share of more than 35% in 2016. Due to large number of working professionals, fast paced lifestyle and high demand for packaged food, demand for on-the-go breakfast products is expected to grow substantially. According to the European Union, the economically active population in EU-28 was 245 million in 2016.
North America is a lucrative market for on-the-go breakfast products due to high adoption of such products in the region, especially in the U.S. The market in Canada is expected to exhibit steady growth during the forecast period.
Key Players:
Sanitarium Health and Wellbeing Company, General Mills, Alara Wholefoods Ltd., Amy's Kitchen, Baggry's India Ltd., Country Choice, Kelloggs, Nature's Path, Nestle, Raisio, Uncle Tobys, MOMA, Weetabix, Quaker Oats Company are some of the major players operating in the on-the-go breakfast products market.
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