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Cereal Market, Size, Share, Opportunities and Forecast, 2020-2027

 



(EnergyIndustry.Net, June 24, 2020 ) Market Overview
• The Global Cereal Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
Cereal is the edible grass that yields starchy seeds suitable for food. It is the source of nutrients in both developed and developing countries. It is a vital source of energy, carbohydrate, protein and fiber. It also contains a range of micronutrients such as vitamin E, & B, magnesium and zinc. Cereals are cheap to produce, easy to store & transport, and do not deteriorate readily if kept dry.

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Market Dynamics:
• The market growth is driven by the rising adoption of healthy and convenient food products. Consumers have replaced the traditional breakfast with the cereal breakfast. They are focusing heavily on minimizing their intake of calories. There is a rising demand for gluten-free breakfast cereals and breakfast cereals for diabetics due to rising awareness about health across the globe. Consumers are preferring cereals due to health benefits over chronic disorders such as cancer, diabetes, hypertension, liver disorders, and coronary heart disease.
• Market players are introducing innovative, fruit-flavored, and fiber-rich products to differentiate their products among the competitors. For instance, Gat Foods of Givat Haim had replaced the unhealthy white stuff in cereals with Fruitlift which comes in two forms i.e. one form is injected into the flour mix of puffed cereals in a very mild apple, apple-orange or apple-mango-citrus flavor that would not overpower the cereal’s signature taste and another is sprayed as a coating onto finished cereal, lending a more pronounced apple, pineapple, citrus or lemon flavor. In May 2019, General Mills had launched drumstick cereal in classic vanilla and mint chocolate flavors.
• However, market growth is hindered by the availability of alternatives such as eggs, waffles, yogurts, puddings, smoothies, and sausages. The availability of other low-cost and nutritious meal options and the presence of sugar and food preservatives in cereals have a negative impact on the consumption and demand of cereal.

Market Segment Analysis
• Global Cereal market is segmented based on type as a hot cereal, ready to eat cereal and others. Among these segments, ready to eat cereal dominate the market due to growing preferences for ready to eat cereal because of the busy lifestyle. There is an increase in demand for ready to eat cereal due to low prices and easy availability. For instance, children love to eat cereal bars due to its attractive packaging, effective advertising strategies, and improved taste.
• Hot cereal contributes a significant market share due to the rising adoption of organic and nutrient food. This has resulted in increasing the demand for the multi-grain cereals including grains, seeds, and beans. Moreover, the introduction of new flavors, diversification, and taste innovation are increasing the consumption of hot cereals.
• Further, the market is also classified on the basis of ingredient type into barley, corn, rice, wheat, oat, and others. Wheat and rice are the most important crops which account for 50% of the world’s cereal production. Wheat is grown both as a winter and spring cereal in many countries such as the United States, China, India, Russia, Pakistan, Europe, Canada, Australia and Argentina. According to the Food and Agriculture Organization of the United Nations, the global wheat production was 766.4 million tonnes and is expected to increase over the forecasted period due to rising consumption of wheat as it has high calorific and nutritional value. Wheat is widely used to produce a meal, breakfast cereals, and flour for bakery products.
• Rice accounts for a significant market share as it is one of the largest cereal crops. It is widely consumed as a staple food in Asia. It is used for producing meals, breakfast cereals and alcoholic beverages i.e. brew sake. Different varieties of rice such as brown rice, wild rice, white rice and others are produced. According to the Food and Agriculture Organization of the United Nations, global rice production was 515 million tonnes and is expected to increase over the forecasted period.

Market Geographical Analysis
• By region, the global cereal market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa. Among all of the regions, North America accounted for the highest market share due to rising consumption for cereals leading to increased processing and production of cereals. According to the United States consumers’ cereal habits survey 2019, approximately, ninety-six percent of consumers purchase cereal during their grocery shopping trips, 41% of consumers buy two boxes of cereal per shopping trip and 19% buy three or more. Around 50% of consumers take their cereal purchase decision based on flavor over nutritional value (18%), price (17%) and children’s preference (15%). North America is witnessing the high adoption of new cereal products with diversification and innovations. This could have a positive impact on the market.
• The growing food industry has resulted in rising demand for cereals in Europe. According to the European Commission, the cereal market is expected to grow through further differentiation with the rising number of exports. European cereal production was 312 million tonnes in 2019 and is expected to increase and reach 320 million tonnes by 2030 due to enhanced competition at a global level and rising production in the Black Sea region.
• Asia-Pacific region contributes to the prominent market share due to the rising busy lifestyles of the consumers leading to increased demand for ready to eat cereals. Hot cereals are majorly preferred in India and China. Growing urbanization, changing purchasing behavior, increasing disposable income & rising influence of westernization on food habits of the consumers are the factors increasing the demand for the cereal. According to United Nations prospects, India, China and Nigeria would account for 35% of the projected growth of the world’s urban population during the period 2018-2050.

Market Competitive Trends
• The global cereal market is highly competitive with forwarding and backward integration. Several local and international players are present in the market. Marico Limited, B&G Foods Inc., Bagrrys India Ltd., Kellogg Company, General Mills, Inc. and Nestlé S.A are the leading companies with a prominent market share.
• Companies are focusing on product reformulation, product innovation, portion sizing, developing new plants and consumer messaging. They are using definitive brand positioning strategies for placing their products in the market. For instance, in October 2019, Kellogg Company had launched All Together cereal, which contains mini boxes of Frosted Flakes, Froot Loops, Rice Krispies, Raisin Bran, Frosted Mini-Wheats and Corn Flakes in one package. This product was launch in partnership with the Gay & Lesbian Alliance against Defamation’s anti-bullying campaign. In January 2019, Nissin Foods had initiated opened a 30 million Hong Kong dollar ($3.82 million) processing plant to ship granola to China. It would help the company to save on transportation costs and tariffs and handling the orders.
• The companies are entering into the collaborations, mergers, strategic partnerships and acquisitions to increase the demand for Cereal and their expansion across the globe. For instance, in June 2019, Kellogg Company had entered into the partnership with the Seven Bro7hers Brewery to release new craft beers made with rejected breakfast cereals. These breakfast cereals were earlier rejected by the Kellogg’s Manchester Factory for being too large, too small, overcooked, uncoated or discolored. These bears are expected to have strong consumer interests. In August 2019, Arcadia Biosciences, Inc., had entered into the agreement with Arista Cereal Technologies and Bay State Milling Company for commercialization of its high fiber resistant starch wheat in key wheat markets, including North America, Europe and parts of Asia. Under the terms of the agreement, Bay State Milling would become the exclusive commercial partner for Arcadia's high fiber wheat in North America under Bay State Milling's Health Sense brand portfolio, while Arista would receive the exclusive rights under Arcadia's intellectual property in Australia, New Zealand, Europe, Japan and South Korea. Arcadia would market its high fiber wheat under its Good Wheat portfolio of specialty wheat ingredients in other international markets.
• The companies are also investing to increase its production capabilities around the globe. For instance, in September 2019, Magic Spoon had raised the investment of USD 5.5 million in the seed round for the expansion of its cereal products to more consumers. This investment would be used for scaling up the cereal sales and growing the monthly subscriptions available through the Magic Spoon website. In January 2019, Lok Capital had raised the investment for Monsoon Harvest. The company would be using this funding for geographic expansion and marketing activities such as in-store promotions and. participating in gourmet exhibitions.

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