Global Breakfast & Cereal Industry
The world breakfast cereal industry was worth $28 billion in 2010, having recorded close to 4% yearly growth for the four preceding years, reports MarketLine. Ready-to-eat cereals represented the leading market segment, generating almost $24.5 billion in 2010 to account for more than 87% of the overall market in terms of value. Market growth is expected to accelerate to exceed a yearly rate of 4% between 2010 and 2015, when it should generate more than $34 billion.
Growth in the global breakfast cereal market is being fuelled by changing lifestyles, consumer awareness regarding the importance of healthy eating habits and evolving food consumption patterns, reports Global Industry Analysts. Due to increased focus on the benefits of a healthy diet, cereal manufacturers are producing more organic and specialty food products. Breakfast cereals provide a varied, inexpensive and convenient source of nutrition, helping to build a multi-billion dollar global industry. Their manufacture involves processing raw materials such as rice, sugar, flour, wheat, corn and malt extract into ready-to-eat cereals, cereal bars and hot cereals, reports Ibis World. The finished cereal products are sold to retailers, food service providers and grocery wholesalers.