by On-the-go breakfast products such as cereals, bars, eggs and sandwiches provide consumers with a quick, convenient and healthy meal option. As a result of increasingly hectic lifestyles and lack of time in the mornings, consumers are opting for portable breakfast options that can be easily consumed on the go. These products contain essential nutrients such as proteins, vitamins, minerals and fibers required to power the day. The global on-the-go breakfast products market offers a variety of choices including ready-to-eat and ready-to-drink options that cater to different dietary preferences and tastes.
The global On-the-go Breakfast Products Market is estimated to be valued at US$ 25.7 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the on-the-go breakfast products market is the rising demand for plant-based and organic options. With growing health awareness, consumers are shifting towards breakfast foods made from natural ingredients without added preservatives, colors or artificial sweeteners. Moreover, plant-based products are appealing to vegans and flexitarians. Major brands have launched variety of organic cereals, oats, granola bars and nut butters to cater to this growing consumer segment. Innovation in terms of flavors, formats and packaging is another developing trend in the market. Companies are offering breakfast kits, portable cups and yogurts in varieties of flavors beyond traditional strawberry, vanilla and blueberry to attract diverse consumers. Resealable and eco-friendly packaging has also gained popularity for on-the-go consumption.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirement for setting up manufacturing units.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes. Buyers can switch to alternatives easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials in the market.
Threat of new substitutes: The threat of substitutes is high as consumers have many breakfast alternatives like bread, cereals, yogurts, etc. to choose from.
Competitive rivalry: The competitive rivalry is intense as the key players compete on the basis of product variety, quality, pricing and effective promotion.
Key Takeaways
The global on-the-go breakfast products market is expected to witness high growth. The global On-the-go Breakfast Products Market is estimated to be valued at US$ 25.7 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
The market in the Asia Pacific region is projected to dominate the market during the forecast period. Factors such as changing lifestyles, busy schedules and rising disposable incomes are driving the demand for on-the-go breakfast products in the region. North America is also expected to grow significantly during the forecast period. Increasing health consciousness among consumers and preference for healthy and convenient breakfast options are fueling the market growth in the region.
Key players: Key players operating in the on-the-go breakfast products market are Quaker Oats Company, Kellogg Co., General Mills Inc., MOMA, Uncle Toby’s, Bagrry’s India Ltd., Sanitarium, Anchor, Weetabix Ltd., and Nestle S.A. They are focusing on new product launches catering to changing consumer preferences. For instance, Kellogg Co. launched protein-packed on-the-go breakfast bars to meet the rising demand for healthy snacks on the go.
