Breakfast drinks are defined as a food products that are formulated through processing cereals with milk or other liquid ingredient. It is marketed as a supplementary food and positioned as a healthy, fast and convenient option for breakfast. Breakfast drinks must be shelf stable and liquid or dairy based. It must contain added minerals and vitamins and should be packed in on-the-go format. Growing number of single individuals along with rising number of working women across the globe is leading to changing lifestyle, improving living standards and increasing urbanization are some of the factors which are expected to drive the market of breakfast drinks over the forecast period.
Market Dynamics of Breakfast Drinks Market:
Consumers are increasingly shifting preference from edible breakfast products to drinkable breakfast products. They are looking for new product variants in the on-the-go market, owing to which, manufacturers are expanding product offerings by launching new flavored breakfast drinks regularly. For instance, in August 2016, Sanitarium Health & Wellbeing launched new flavors such as Up & Go Raspberry, Coconut & Yoghurt and Up & Go Energize Choc Coconut, followed by launch of Up & Go’s 500ml bottle range in April 2016. In addition, younger consumers are shifting their preference towards healthy alternative drinks owing to increasing awareness regarding healthy lifestyle and wellness. Instead of having coffee or tea, these consumers prefer healthy alternatives such as soy drinks or other dairy-based drinks. This in turn is fuelling demand for on-the-go breakfast drinks among this consumer segment. For instance, in Australia, under 25-years consumers are the prime target segment for on-the-go breakfast products, with around 13% buying breakfast drinks each month. Consumers aged 35–49 are also developing a taste for breakfast drinks, which is further expected to drive growth of the market during the forecast period.
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Market Segmentation of Breakfast Drinks Market:
Breakfast drinks market is segmented on the basis of region which includes North America, Latin America, Western Europe, Eastern Europe, and Asia Pacific excluding Japan, Middle East & Africa and Japan. Geographically, Europe is expected to be the major market in terms of value for breakfast drinks, owing to increasing consumer shifting preference towards convenient breakfast options. Among the countries, U.K. is expected to remain major markets in terms of consumptions for breakfast drinks followed by Germany. North America is expected to represent the favorable market for breakfast drinks in terms of consumption. In the region the U.S. is expected to represent major value share during the forecast period. Increasing consumption of on-the-go breakfast alternatives is expected to support the market growth in the country.
Asia Pacific is expected to represent a rapid growth in breakfast drinks market. Presently Australia is the largest consumer of breakfast drinks in the region as well as across the globe. Continuous product launch and targeted towards specific segment is expected to support the market growth in the country. For instance in Australia manufacturers are focusing on the children or pre-teen segment, who are known to skip breakfast. Independent surveys reveal that 1 in 10 children skip breakfast daily. In order to tap into opportunities this segment offers, manufacturers are introducing new products specially designed for kids. In 2013, Kellogg NA Co. launched its first two breakfast drinks for kids in Australia. The product was launched under its Nutri-Grain and Coco Pops brands. Moreover, among ASEAN countries Singapore is expected to represent potential market both in terms of value and volume consumption.
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Continuous introduction of new breakfast drink products coupled with increasing awareness among the consumers through aggressive advertisement by the manufacturers is expected to drive the market growth during the forecast period. Moreover, increasing per capita expenditure on prepared food coupled with rising demand for convenience breakfast products is further expected to fuel the market growth in the near future.
Key Market Players
Some of the key players operating in breakfast drinks market includes Quaker Oats Company, Kellogg Co., General Mills Inc. MOMA, Sanitarium and Anchor among others.