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One research firm predicts that the breakfast food market will increase in value by $125 billion over the next few years, thanks to consumer trends.
Market research firm Technavio released an analysis of the breakfast food market on Friday. The projected compound annual growth rate (CAGR) from 2022 to 2027 is 5.31%.
According to the report, North America contributed 30% to the market growth, with consumer preference for convenient options driving growth.
“Evolving consumer preferences, busy lifestyles and the growing popularity of on-the-go breakfast options contributed to this expansion,” Technavio explained in a press release.
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According to a report by Technavio, the breakfast food market will increase in value by $125 billion. (St. Petersburg)
“Traditional breakfast foods such as cereal, milk, eggs, bacon, sausage and bread remain the top choice among consumers and continue to dominate local business.”
The main countries analyzed in the report are the United States, China, and Japan. The Indian and German markets were also considered major consumers of breakfast.
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Technavio said in its report that cereals are a popular breakfast option in North America. (license/image)
“Frequent breakfast product launches are significantly driving growth,” the press release said. “However, factors such as fluctuations in food prices may hinder market growth.”
The research firm also said that “global health consciousness” is growing in popularity, with consumers turning to breakfast foods to reduce health problems such as high blood pressure, diabetes and obesity.
A plate of bacon sits on the kitchen table on Thursday, Dec. 2, 2021, at the Ron Mardesen farm near Elliott, Iowa. (AP Photo/Charlie Neighborgal/AP Images)
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“Fitness enthusiasts prioritize cereals and snack bars that provide instant energy for training,” Technavio explained. “As a breakfast replacement, it caters to the lifestyles of busy people.”
