Report : Asia Pacific Breakfast Cereals Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Ready to Eat and Ready to Cook), Category (Organic and Conventional), Type (Low Sugar and Regular), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
At 5.3% CAGR, the Asia Pacific Breakfast Cereals Market is speculated to be worth US$ 15,146.03 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific breakfast cereals market was valued at US$ 11,128.09 million in 2022 and is expected to reach US$ 15,146.03 million by 2028, registering an annual growth rate of 5.3% from 2022 to 2028. Growing consumption of RTE products and increased penetration of retail chains the critical factors attributed to the market expansion.
Ready to eat food products turned into one of the few industries that has witnessed a surge in immense demand during the times of COVID-19 pandemic. With countries on lockdown and most people working from home has surged the consumption of ready to eat food products. Young consumers spend most of their income on convenient ready to eat food products, as these consumers are target of ready to eat food products. The convenience level of ready to eat product is anticipating its consumption. These food products offer time saving, and it require little effort for the preparation. Moreover, the preference for these meals by the working population and millennials has increased the consumption. With increasing consumption manufacturers are focusing on developing innovative products to capture the demand and achieve the major market share. For instance, in 2020, Freshly Inc., the meal delivery service acquired by Nestle SA, launched a new product line for consumers “looking to command their health and fuel active lifestyles,”. FreshlyFit ready-to-eat meals are inspired by attributes of keto, paleo and plant-based diet principles. The offerings are gluten-free, clean label, made with whole-food ingredients and may be heated and served in three minutes. Such, factor driving the market growth of breakfast cereals market.
On the contrary, availability of alternative products of Asia Pacific breakfast cereals market.
Based on product type market is segmented into ready to eat, and ready to cook. The Ready to eat segment held 69.73% market share in 2022, amassing US$ 7,759.98 million. It is projected to garner US$ 10,817.65 million by 2028 to expand at 5.7% CAGR during 2022–2028.
Based on category, the Asia Pacific breakfast cereals market is divided into organic, and conventional. The Conventional, segment held 89.28% market share in 2022, amassing US$ 9,935.36 million. It is projected to garner US$ 13,608.56 million by 2028 to expand at 5.4% CAGR during 2022–2028.
Based on type, the Asia Pacific breakfast cereals market is divided into low sugar and regular. The regular segment held 79.62% market share in 2022, amassing US$ 8,860.49 million. It is projected to garner US$ 11,889.45 million by 2028 to expand at 5.0% CAGR during 2022–2028.
Based on distribution channel, the Asia Pacific breakfast cereals market is divided into supermarket and hypermarkets, convenience stores, online retail, and others. The Convenience Stores segment held 52.76% market share in 2022, amassing US$ 5,870.78 million. It is projected to garner US$ 7,568.42 million by 2028 to expand at 4.3% CAGR during 2022–2028.
Based on country, the Asia Pacific breakfast cereals market has been categorised into the Australia, China, India, Japan, South Korea and Rest of Asia Pacific. Our regional analysis states that Rest of Asia Pacific captured 31.72% market share in 2022. It was assessed at US$ 3,529.63 million in 2022 and is likely to hit US$ 4,696.65 million by 2028, exhibiting a CAGR of 4.9% during the forecast period.
Key players dominating the Asia Pacific breakfast cereals market are The Kellogg Company; Bob’s Red Mill Natural Foods; General Mills Inc.; Nestlé SA; The Quaker Oats Company; Carman's Fine Foods Pty Ltd.; Calbee, Inc.; and Guilin Seamild Foods Co Ltd.
- In Nov 2022, Nature’s Path acquired a majority interest in Anita’s Organic Mill.
- In Jan 2022, Cheerios brings back happy-heart shaped O’s to inspire heart-healthy lifestyle.
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