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In recent years, consumer dietary preferences have significantly evolved. The snacking trend is gaining popularity due to the modern day hectic lifestyle of consumers. The trend of healthy snacking is emerging across the globe owing to the rising awareness of health disorders such as diabetes, obesity and cardiovascular diseases. Cereal based snacks is an emerging type in the healthy snacking space. Baked cereal is perceived to be a healthier option for on-the-go and convenient snacking. The growing demand for healthier and convenient cereal-based snacks is driving its global market.
Increasing innovations by manufacturers to develop new flavors and healthy variants of baked cereal products is fuelling the growth of the market. The utilization of innovative fillings such as chocolate and fruit creams are expected to attract a wider consumer base in foreseeable years. The growing demand for organic and clean-label products, especially in developed countries will contribute to further innovations and new product developments in the industry. The increasing partnerships and collaborations between leading players for product development are expected to drive the growth of the market.
In recent years, there has been a significant shift in consumer dietary preferences. Globalization, growing millennial population, and hectic lifestyle are some of the factors driving the demand for on-the-go healthy snack foods such as baked cereals. The growing awareness of adverse health effects of oily, fried products is responsible for driving the growth of the global baked cereal market. The increasing innovation and product development activities by key players are further boosting the growth of the market. For example, in February 2019, Kashi Organic Foods (U.S.) expanded its ‘Kashi by Kids’ line by launching three kids cereals. The soft-baked snack bites are made with a base combination of coconut flour, chickpeas, acai, and sweet potato.
Key Market Driver -
Rising Trend of Healthy Snacking
Key Market Restraint -
Intense Competition due the Availability of Other Snacking Options in the Market
The on-the-go snacking trend is evolving across the globe and food manufacturers are introducing various innovative snacks in the market to capitalize on the growing demand. The baked cereal category is facing intense competition from other healthy snacking options. The availability of a variety of other cereal-based snack foods such as nutrition bars and extruded puffs that can be consumed on-the-go are acting as a key restraint for the growth of the baked cereals market.
Kellogg's, Nestle S.A., General Mills, Post Consumer Brands, Kashi Organic, Kameda Seika Co. Ltd., Associated British Foods Plc, Barbara’s, The Quaker Oats Company and The Hain Celestial Group are some of the key players operating in the global baked cereals market.
The global baked cereal market is segmented by product type, distribution channel, and geography. Baked cereal snacks segment is expected to witness promising growth because of the rising popularity of convenient, on-the-go snacks. Baked cereal snacks attract a wide consumer base as they are enjoyed by kids and millennials alike. The introduction of various innovative offerings with new flavors and fillings is expected to fuel the market growth. For instance, in January 2018, Kellogg's India launched Kellogg's Choco Fills, a baked product made with rice, oats and wheat. The product is cholesterol-free, provides protein and fibre and is fortified with essential B vitamins.
Supermarkets and hypermarkets segment for baked cereal sales is projected to witness robust growth owing to the availability of a wide variety of products and purchase convenience in these types of sales channels. Specific aisles are allocated for products in such stores providing a plethora of options to consumers. The discounts and offers launched by these mass merchandisers are also expected to boost their sales performance.
North America is expected to exhibit strong growth in the market as the healthy snacking trend is significantly growing in the region. The rising trend of clean label products is projected to drive the demand for gluten-free, allergen-free and, non-GMO cereal-based snacks. The growing awareness of various health and wellness trends such as gut health and digestive health is driving the demand for innovative snacking options. The manufacturers are capitalizing on the healthy snacking trend by introducing new innovative products. For instance, in July 2019, General Mills partnered with Goodbelly, a leading manufacturer of probiotics, to launch probiotic-infused cereals in the U.S.
Europe is projected to witness substantial growth owing to the increasing innovations and product developments in the cereal-based snacks segment. The growing popularity of organic foods in the region is fuelling the demand for organic baked cereals for snacking and breakfast. The rising demand for healthy snacks in Europe is driving the partnerships and expansions by the key players in the region. For example, in October 2018, Nestle and General Mills joint ventured to launch a range of organic versions of Nestle’s baked cereals including Chocapic, Nesquik and Cheerios in western Europe.
Asia Pacific is projected to exhibit promising growth owing to the increasing snacking culture in the region. The rising millennial population wanting to adopt western snacking habits is driving the demand for baked cereals in Asian countries. The leading players are focused on expanding their business by introducing local cereal-based snacks to capitalize on the increasing demand in the region. For instance, in January 2020, Daawat-Kameda Pvt. Ltd., a joint venture between India’s LT Foods Limited & Japan’s largest rice crackers company, Kameda Seika, has launched ‘Kari Kari’, crunchy, light, healthy and premium baked rice snacks in the Indian market.
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