While foodservice sales of breakfast cereals have been slightly negatively affected by the arrival of COVID-19, with some consumers venturing out to cafés and restaurants less often, retail volume growth has remained steady. The trend for eating cereal for breakfast continues to grow in Taiwan, having begun when the trend for low-carb and high-protein diets was emerging.
Young female consumers are increasingly becoming the key target audience for breakfast cereal producers in Taiwan. Before the trend for eating cereal for breakfast emerged, oatmeal was more commonly purchased and the main consumers were seniors.
Standard Foods Corp remains the leading player in breakfast cereals in 2020, thanks to its long-established brand image, strong distribution, considerable marketing investment and continuous new product development tapping into growing consumer-health-awareness. The company’s core brand, Quaker, is synonymous with hot cereals for many Taiwanese consumers.
There is likely to be slight deceleration in growth for retail volume sales in 2021 as more people return to the foodservice channel, but breakfast cereals is likely to perform consistently stronger from 2022 to 2025. Busier lifestyles in urban centres will keep encouraging consumers to engage less frequently in home-cooking, generating potential demand for breakfast cereals.
The children’s breakfast cereals category has dipped slightly in volume sales terms in 2020 and this trend is expected to persist over the forecast period. This will be underpinned by falling Taiwan’s birth rate, which will continue to decrease in coming years.
Despite it achieving high brand-awareness among consumers and the leading sales position in breakfast cereals, over the forecast period Quaker will continue to face increasing competition from new local players and an increasing number of small international players. With the trend for eating cereal for breakfast gathering momentum in Taiwan, there are also more young consumers willing to try oat-based or oatmeal products, with many younger people more willing to try new brands.
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This report originates from Passport, our Breakfast Cereals research and analysis database.
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