The rise in the number of single people, as well as the number of working women, has led to a shift in customer demand for ready-to-eat breakfast food products. Porridges are breakfast meal products manufactured from starch plants, specifical grains such as wheat, barley, oats, and others. The marketer is currently pitching and marketing porridges to consumers as an immediate ready-to-eat breakfast choice. Over the forecast period, the market is expected to rise due to rising customer preference for convenience foods and rising consumption of health-fortified breakfast options.
Porridges Market Segmentation
Porridges are divided into three types based on their source: rice, barley, and oats. During the projected period, oats are expected to have the highest value share of all of these segments. The segment’s growth is likely to be aided by the availability of a wide range of product variants in oat-based porridges over the forecast period. In the foreseeable future, rice-based porridges are predicted to increase at a healthy rate. Over the projected period, rising demand for rice-based porridges in countries such as China and Japan is likely to support sector expansion.
The global porridges market is further divided by distribution channel, which includes hypermarkets/supermarkets, retail stores, convenience stores, online, and other channels. Over the projected period, hypermarket/supermarket is expected to account for a substantially higher value share of all of these segments. Over the projected period, increasing retail penetration, particularly in developing countries, is expected to promote segment expansion in the porridges market. Convenience stores are also predicted to grow at a healthy rate during the projection period.
Porridges Market Drivers
The global porridges market is predicted to be driven by an increase in the number of single people and a rise in the number of working women. The proportion of women employed in the EU-28 climbed from 51.4 percent in 2004 to 55.5 percent in 2014, according to the European Commission. In addition, the employment rate for women in 2014 was 59.6 percent. Furthermore, the continual development of innovative porridge products, such as porridges with fruits and nuts, is likely to drive market expansion over the forecast period. Furthermore, increased consumer awareness through aggressive advertising by manufacturers is likely to boost market growth over the forecast period. moreover, in the near future, increased per capita expenditure on prepared meals, combined with expanding demand for convenience breakfast goods, is likely to boost market expansion.
Porridges Market Key Players
Quaker Oats Company, Kellogg Co., General Mills Inc., Dole Food Company Inc, Weetabix Limited, and H. J. Heinz Company are some of the prominent companies in the porridges market.
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