The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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By 2020, the breakfast cereals market is expected to grow by less than 1% globally and shrink by over US$1 billion in North America. This is no good news for cereal companies that once enjoyed their sound position atop the breakfast food empire. This briefing sheds light on the growth drivers of cereals within the context of the changing attitudes towards the breakfast table while providing actionable steps the cereal industry should take in order to fully exploit the category’s market potential
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
With over 70% of breakfast cereals sales coming from developed countries, breakfast cereals continue to remain the food of the wealthy. In order to make cereals a global breakfast food, manufacturers should develop savoury options and make pricing strategy a priority to increase availability, in particular in markets with high market potential such as India, China and Brazil.
Soft drivers such as lifestyle changes, increasing awareness around health and wellness and legislation have all combined to play a role to drag down cereal sales in advanced economies. The category needs to rid itself of its overly-processed image, rebuild its nutritional profile as a healthier snack and continue with price promotions to regain market traction.
The increase in the availability and affordability of alternative breakfast foods has reduced cereal consumption in cereals’ biggest markets. In order to turn around sales, cereal players should tap into the high market potential of dairy and pastries, and consider pairing cereals with yoghurt or flavoured milk drinks.
Cereals’ continuing association with staple foods continues to dent sales in its biggest markets. With consumers increasingly avoiding the centre store due to health and time concerns, manufacturers should consider developing snack-size variants and carry the product to fast-growing impulse aisles.
The competition for breakfast cereals is tougher than it has ever been. Foodservice, in particular quick-service restaurants (McDonald’s) and coffee shops (Starbucks) are grabbing an ever-increasing share of the breakfast pie as they manage to deliver on affordability, taste, quality and convenience.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.