The global cereal ingredients market is anticipated to witness growth over the forecast period. Increasing processed food demand coupled with ready to eat healthy nutritional meals is expected to drive the market. Cereal ingredients are expected to be preferred over other breakfast options including high-calorie spreads, toasts, meat-based dishes, bread, and others owing to high nutritional value as compared to others. Huge and fast market growth can be predicted in the food ingredient sector in the coming years. Major cereal ingredients include wheat flakes, corn puffs, wheat chunk, rice flakes, corn flakes, oat grit, corn chunks, barley puffs, rice chunks, and others. The growing prevalence of health issues is expected to contribute towards the market growth across the globe as developing the cereal ingredient market is expected to diminish the health-related issues majorly obesity based concern on global level. In addition, changing food habits mainly in developing regions is also expected to enhance market demand over the forecast period. Diet conscious and healthy eating habits of consumers are switching to the cereal market. People are opting for healthy and nutritious foods over bread, pizzas, and others. Increasing population coupled with widening natural and nutritive food demand over the processed food are predicted to uplift market growth in the coming years. During the grain extrusion process, there is a significant amount of protein disruption resulting in deteriorating cereal ingredient quality. This factor is expected to restrain the market over the forecast period. In addition, volatile prices of raw materials are also expected to act as a major hindrance to the global cereal ingredient market growth.
The global cereal ingredients market is segmented on the basis of type and application. Type basis includes wheat along with rice, oats, barley, and corns. Wheat cereal ingredients can be further classified as wheat puff, wheat others, wheat Grit, wheat flake, and wheat chunk, whereas rice cereal ingredients can be categorized as rice flake, rice puffs, rice grit, rice chunks, and rice others. Oats cereal ingredients can be segmented into oats grit, oats flakes, oats puffs, oats chunks, and others while barley cereal ingredients can be classified as barley puffs, barley chunks, barley grits, barley flakes, and others. Corn cereal can be categorized as corn chunks, corn flakes, corn puffs, corn grits, and others. The application basis is segmented into hot cereal and cold cereal.
North America was dominating the cereal ingredients market followed by Europe and Asia-Pacific. Cereal ingredient demand is expected to increase in countries including China, India, Australia, and Japan. A rise in processed food demand in Middle East region is expected to augment the cereal ingredient market over the forecast period. China and India are expected to be the major market of the cereal ingredient market in the coming years owing to huge raw materials availability, cheap labor along with massive manpower availability. Russia emerged as the biggest cereal ingredient market in the Europe region and is expected to grow over the forecast period. Asia Pacific was the fastest-growing region for the cereal ingredient market. Significant growth can be predicted in both developed countries along with developing countries. Developing countries are expected to face a huge demand for the cereal ingredient market owing to improving economic conditions, an increase in population, healthy eating habits, and a rise in disposable income.
Key players involved in the global cereal ingredients market include Kerry Group, ADM, Bunge, Associated British Foods, ABF Plc., Sunopta Inc., Ricebran Technologies, Cereal Ingredients Inc, Archer Daniels Midland Company, Bunge Limited, and Limagrain. By introducing new products with more nutritional value coupled with health benefits, companies are trying to increase their market share coupled with market volume and market size. Companies are opting for various strategies to survive in the competition as the global cereal ingredient market is highly consolidated in nature. Companies are expected to target the developing countries as their new market in order to increase their revenue over the forecast period.
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The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat and seafood products across the globe is expected to increase the demand for plant and animal-based protein supplements in the near future. The report will account for Covid19 as a key market contributor.