The need for convenience and busy schedules of people has been propelling the processed food industry, which includes breakfast cereals. Developed nations already have breakfast cereals as part of their regular course of meals. Increasing per capita income in developing countries is further giving the breakfast cereal industry a new dimension to look for. However, the breakfast cereals market in developed economies tends to saturate mainly due to the search for other traditional breakfast as well as some on-the-go breakfast alternatives such as cereal bars.
The saturating market is compensated with growing breakfast cereals market in Asia as well as some of the countries in Latin America. Some of the markets such as China and India offer high growth potential due to their large population. People in these countries are including breakfast cereals in their regular meals due to changing food habits. Breakfast cereals are broadly marketed under two segments: RTE cereals and Hot cereals. The market for RTE cereals is much bigger as compared to that of Hot breakfast cereals.
The major restraint for the breakfast cereals market is manufacturers facing the issue of raw material procurement due to environment-related concerns. This includes the procurement of palm oil, one of the basic ingredients used in the processing of breakfast cereals. While increasing numbers of convenience stores in developing economies is accelerating the breakfast cereals market, rising commodity and energy prices are emerging as key concerns. The shift in consumer trend towards various alternatives, such as fruits, toasts and eggs and time saver snacks such as cereal bars, is emerging as yet another restraint for the breakfast cereals market.
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