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Fortified Cereals Market Overview:
Fortified Cereals Market size
is estimated to reach $33 billion by 2030, growing at a CAGR of 11.1% during
the forecast period 2024-2030. The
increasing health consciousness among consumers, increasing popularity of
gluten-free and other special diets are
propelling the Fortified Cereals Market growth.
Additionally, growing demand for convenience foods is creating substantial growth opportunities for the
Fortified Cereals Market. These factors positively
influence the Fortified Cereals industry outlook during the forecast period.
Market Snapshot:
Fortified Cereals Market - Report Coverage:
The “Fortified Cereals Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Fortified Cereals Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● The COVID-19 pandemic had a substantial impact on the fortified cereals market. Disruptions in supply chains made it challenging for companies to obtain ingredients for production, leading to limited availability. Increased costs for ingredients and transportation further strained the industry. Additionally, reduced consumer spending on discretionary items resulted in decreased demand for fortified cereals.
● The Ukraine crisis had a notable impact on the fortified cereals market. One of the consequences is the surge in prices for wheat and other grains, crucial ingredients in the production of fortified cereals. Ukraine, being a significant exporter of these commodities, has experienced reduced supply due to the crisis. This has created a sense of uncertainty in the global market, making it challenging for companies to strategize effectively and plan for the future. The instability caused by the Ukraine crisis has disrupted the supply chain and posed challenges for fortified cereal manufacturers, requiring them to monitor the situation closely and adapt accordingly.
Key Takeaways:
- Fastest Growth Asia-Pacific Region : Geographically, in the global Fortified Cereals Market share, Asia Pacific is analyzed to grow with the highest CAGR of 12.5% during the forecast period 2024-2030. Rising disposable incomes, urbanization, and changing lifestyles have led to increased awareness and demand for healthier food options, including fortified cereals. Moreover, a growing population, particularly in countries like China and India, has contributed to the expanding consumer base. Additionally, market players have been introducing innovative products tailored to regional preferences, further driving the market's growth in the Asia-Pacific region.
- Minerals to Register the Fastest Growth : In the Fortified Cereals Market analysis, the Minerals segment is estimated to grow with the highest CAGR of during the forecast period. Increasing consumer awareness about the importance of mineral intake for overall health and well-being is driving the demand for mineral-fortified cereals. Minerals such as iron, calcium, zinc, and magnesium are essential for proper bodily functions. Moreover, the rising prevalence of mineral deficiencies and related health concerns is further fueling the growth of this segment.
- Household is Leading the Market : According to the Fortified Cereals Market forecast, the Standby Load held the largest market share in 2023. Fortified cereals have become a popular choice among households seeking convenient and nutritious breakfast options. The ease of preparation and wide variety of fortified cereals available in the market make them a convenient choice for busy households. Moreover, with increasing health consciousness and awareness of the benefits of fortified foods, more households are incorporating fortified cereals into their daily diets. The household segment's leading position in the fortified cereals market is a testament to the growing demand for convenient and nutritionally enhanced breakfast options among consumers.
- The Surging Demand for Gluten-Free Diets : The increasing popularity of gluten-free diets is playing a pivotal role in driving the growth of the fortified cereals market. With more individuals opting for gluten-free lifestyles owing to celiac disease, gluten intolerance, or personal dietary choices, there is a growing demand for gluten-free fortified cereals. Manufacturers have responded by developing a wide range of gluten-free options that are fortified with essential vitamins, minerals, and other nutrients. These products provide individuals following gluten-free diets with convenient and nutritious breakfast choices. The surge in the popularity of gluten-free diets has created significant market opportunities for fortified cereal manufacturers, leading to sustained growth in the industry.
- Rise in the Number of Health-Conscious Millennials : The rise in the number of health-conscious millennials has emerged as a driving force behind the growth of the fortified cereals market. Millennial consumers, known for their focus on health and wellness, are actively seeking convenient and nutritious food options. Fortified cereals align with their preferences, as they offer a combination of essential vitamins, minerals, and other nutrients in a convenient breakfast format. Additionally, millennials' busy lifestyles and desire for quick and easy meal solutions further contribute to the demand for fortified cereals. Manufacturers have recognized this trend and are introducing innovative and appealing fortified cereal products that cater to the health-conscious millennial demographic, leading to significant market growth.
- High Costs of Fortified Cereals
Hamper the Market Growth : Fortified cereals are often
more expensive than regular cereals because of the cost of adding vitamins and
minerals to the cereals. This can make them less affordable for some consumers,
especially those on a budget. Additionally, the high cost of fortified cereals
can make it difficult for companies to market and sell these products, as
consumers may be less willing to pay a premium for them. As a result, the high
cost of fortified cereals is a major barrier to the growth of this market.
Fortified Cereals Market Share (%) By Region, 2023
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Fortified Cereals Market. The top 10 companies in this industry are listed below:
- Kellogg Company (Special K Red Berries, Frosted Flakes)
- General Mills, Inc.(Honey Nut Cheerios, Total)
- Nestlé S.A. (Nesquik, Cheerios)
- PepsiCo, Inc.(Quaker Oatmeal Squares, Cap'n Crunch)
- Conagra Brands, Inc.(Healthy Choice Smart Start, Progresso Breakfast Essentials)
- Quaker Oats Company(Quaker Oats, Old Fashioned Oats)
- Hain Celestial Group, Inc.( Ezekiel 4:9 Sprouted Grain Cereal)
- Grupo Bimbo (Golden Grahams, Choco Krispies)
- Weetabix Ltd., (Weetabix, Weetabix with Berries)
- Ebro Foods, S.A.(Natur Cereals)
Scope of the Report:
The Fortified Cereals Market is forecast to grow at 11.1% during the forecast period 2024-2030.
The Global Fortified Cereals Market size is estimated to be $16 Billion in 2023 and is projected to reach $33 Billion by 2030.
The leading players in the Fortified Cereals Market are Kellogg Company, General Mills, Inc., Nestlé S.A., PepsiCo, Inc., Conagra Brands, Inc., and others.
Leveraging social media for fortified cereal promotion, high demand for organic fortified cereals and the emergence of vegan fortified cereals are some of the major Fortified Cereals Market trends in the industry which will create growth opportunities for the market during the forecast period.
The increasing health consciousness among consumers, increasing popularity of gluten-free and other special diets are propelling the Market growth. Growing demand for convenience foods is creating substantial growth opportunities for the Fortified Cereals Market.