The breakfast market is always subject to interesting trends; bacon has seen its renaissance, appearing in all forms and flavors, cereal cafes are popping up to offer designer bowls to those willing to pay, and (for the more health conscious) smoothies have surged in popularity.
But new research from Technavio suggests that our penchant for grab and go will keep cereal bars at the top of both the breakfast and the snack food pantheon. The global cereal bars market is expected to reach a value of $13.84 billion by 2020, growing at a CAGR of 3.79% from 2016-2020.
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The Americas will be key through the forecast period, accounting for 63.97% of the market share.
Cereal bars market by geography 2015
Source: Technavio, 2015
The global market will witness steady growth during the forecast period, mostly due to the increasing popularity of on-the-go breakfasts, the change in snacking culture, and broad retail distribution.
On-the-go breakfasts and demand for sugar-free products will keep consumers reaching for cereal bars through 2020
We’re told that breakfast is the most important meal of the day. But for those of us who prioritize sleep over everything else, breakfast can seem like a distant and unachievable dream when we have a grand total of 20 minutes to get out the door.
This is where cereal bars really shine. The grab and go efficiency of products from Clif, General Mills, Kelloggs and Kind will help these products stand out against other snack and breakfast foods through the forecast period.
But despite the popularity of these companies and their product, there is a lot of concern about the sugar content of cereal bars, which in some cases rivals candy bars. Fittingly, sugar-free cereal bars are going to be a big market trend over the next four years.
With the introduction of sugar-free products like Russel Stover’s Sugar Free Breakfast Bars and Sorbee Sugar Free Cereal Bars, vendors are hoping to capture a wider consumer base, which will, in turn boost market sales through the forecast period.
