A research firm predicts that the market for breakfast food will gain $125 billion in value over the next few years, thanks to consumer trends.
Market research firm Technavio published its analysis of the breakfast food market on Friday. The predicted compound annual growth rate (CAGR) between 2022 and 2027 is 5.31%.
According to the report, North America will contribute to 30% of the market's growth – and consumer preferences towards convenient options are driving growth.
"Factors such as evolving consumer preferences, busy lifestyles, and the increased popularity of on-the-go breakfast options have contributed to the expansion," Technavio explained in its press release.
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"Traditional breakfast foods like cereals, milk, eggs, bacon, sausages, and bread are still the top choices among consumers, and they continue to dominate the regional business."
Key countries analyzed in the report are the United States, China and Japan. The Indian and German markets were also considered key breakfast consumers.
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"Frequent breakfast product launches are notably driving the growth," the press release read. "However, factors such as fluctuations in food prices may impede market growth."
The research firm also said that "global health awareness" is growing in popularity, and that consumers look to breakfast foods to mitigate health issues like high blood pressure, diabetes and obesity.
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"Fitness enthusiasts prioritize cereals and snack bars, which offer instant energy for workouts," Technavio explained. "As an alternative for breakfast, these products cater to the busy lifestyles of individuals."
