ALBANY, N.Y.--(BUSINESS WIRE)--The report published by Transparency Market Research, ‘Breakfast Cereals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019’, states that the global breakfast cereals market was valued at US$32.5 bn in 2012 and will be valued at US$43.2 bn by 2019. Rising demand for convenience foods will drive the global breakfast cereals market at a 4.10% CAGR during the forecast period.
The global breakfast cereals market is segmented on the basis of regions and product type. By product type, the global breakfast cereals market is divided into hot cereals and ready to eat cereals. The ready to eat cereals market was valued at US$27.8 bn in 2012 and accounted for 85% of the global market in 2012 and is expected to lead the global breakfast cereals market during the forecast period.
By geography, the global breakfast cereals market is segmented into Europe, North America, Asia Pacific, and Rest of the World. The Asia Pacific market for breakfast cereals is expected to develop swiftly during the forecast period to reach a market share of 13%, while the hot cereals sector is expected to witness a rise in its global market share to 18% by 2019.
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Increasing adaption of the Western food culture by Asian countries and the increasing number of convenience stores in the latter will drive the global breakfast cereals market during the forecast period. As per the World Bank, the total middle-class population in China was around 430 mn in 2010 and is predicted to reach 1.2 bn by 2030. Growing demand from the middle-class society for different types of convenience foods will drive the global breakfast cereals market during the forecast period.
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