The iran breakfast cereals market size is predicted to reach USD 473.72 million by 2029 at a CAGR of 4.2% during the forecast period. The market was valued at USD 342.47 million in 2021 and USD 356.21 million in 2022. Fortune Business InsightsTM has presented this information in its report titled, “Iran Breakfast Cereals Market, 2022-2029”. The rise of the global breakfast cereal market is essentially driving the breakfast cereal market in Iran. Due to the adoption of Western dietary trends, consumers across the country are favoring nutritious and on-the-go breakfast options. Healthy eating is being driven by the rising trend of reducing the risk of certain chronic diseases and preserving health and wellness via mindful consumption. As a result of this understanding, the demand for morning cereals has skyrocketed.
Browse In-depth Summary of This Research Insight:
Sudden Outbreak of Coronavirus to Disrupt Raw Material Supply Chains
The pandemic has boosted sales and demand for a variety of Fast-Moving Consumer Goods (FMCG), including breakfast cereals that are considered vital in people’s daily lives around the world. Consumers hurried to stores to stockpile critical groceries, resulting in a rise in packaged food sales in the early months. As the number of COVID-19 instances rises, people hoard non-perishable foods, such as breakfast cereals, to avoid leaving the house. The demand for ready-to-eat packaged foods has risen as a result. Many global morning cereal firms experienced a huge stock jump within a week after the lockout, according to reports.
List of Key Market Players:
- Nestle S.A. (Switzerland)
- Shirin Maharana Company (Hong Kong)
- OBST S.A. (Poland)
- TakMakaron (Iran)
- Kellogg Co. (U.S.)
- ShirinAsal (Iran)
On the basis of product type, the Iran breakfast cereals industry is bifurcated into hot cereals and Ready-To-Eat (RTE) cereals. By distribution channel, the market is divided into supermarkets and hypermarkets, convenience stores, online retail, and others.
Drivers & Restraints-
Market Growth is Driven by Rising Demand for Convenience Food and On-The-Go Snacks
The rising popularity of convenience foods, on-the-go snacking, and ready-to-eat meals is fueling the expansion of the breakfast cereal market in Iran. Consumers desire for on-the-go items that deliver rapid nutrition and a sense of fullness in a busy schedule is mostly driven by modern-day stressed and chaotic lifestyles. Cereals are becoming a popular breakfast choice due to their quick preparation time and satisfying taste. Breakfast cereal demand is projected to be driven by the country’s tendency of westernization. However, the rising demand for whole grain and organic products puts the breakfast cereal business at risk of price variations in cereal grains, which may eventually impede the Iran breakfast cereals market growth.
According to the IFIC’s food and health survey, consumers buying food products for good health effects grew to 60% in 2020, up from 55% in 2015. The graphical representation depicts a favorable shift in healthy food purchasing patterns due to an increased understanding of the impact of food consumption on overall health and wellness. Consumer demand for healthier foods to maintain overall health and lower the risk of certain lifestyle-related chronic health disorders is also propelling the market. Iran is predicted to have the second-highest per capita disposable income in the Middle East, after the UAE, according to industry sources. Consumers can now spend more on healthy products to maintain and improve their health due to increased per capita income levels. In the food aisles, shoppers continue to seek healthier alternatives. Micronutrient-fortified foods, such as vitamins and minerals, are gaining popularity as a way to combat micronutrient shortages and promote general health.
Partnership with Relevant Stakeholders to Gain Market Dominance
Imports from global companies such as Kellogg’s Company and Nestle S.A. dominate the Iran breakfast cereals market share. Kellogg’s Company and Nestle S.A. control roughly 65-75% of the breakfast cereal market in Iran. Kellogg’s is the market leader in Iran, according to our early discussions with industry experts, with a market share of 50-54%.