LONDON–(BUSINESS WIRE)–Technavio’s latest market research report on the global packaged shredded wheat cereal market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global packaged shredded wheat cereal market will grow at a CAGR of over 3% during the forecast period. Growing consumer awareness about the importance of a healthy and convenient breakfast is a major factor driving the market’s growth.
Consumers across the globe are increasingly becoming more aware of the overall importance of breakfast as it provides energy needed by the body to begin the day. Many types of research have proved that breakfast is a very important meal as it provides adequate nutrients needed for growth and development of the body.
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In this report, Technavio highlights the increase in private-label vendors as one of the key emerging trends in the global packaged shredded wheat cereal market:
Increase in private-label vendors
Private-label brands of breakfast cereals are becoming prominent in the market as these products are priced lower than branded cereal products. Consumers feel no stigma for taking the store-branded product as the quality and range of products has increased significantly in recent years. There are three tactics that drive this phenomenon in the market: premiumization, price promotions, and innovations. Moreover, retailers have a higher profit margin from private labels as compared to brands and have a higher rate of sale.
According to a senior analyst at Technavio for food research, “These private-label brands are successfully introducing various cereal ranges across all segments at lower prices compared to the leading brands. Currently, large numbers of retail and grocery chains are stocking their own-label packaged shredded wheat cereals in retail stores. Consumers are regularly visiting these retail and grocery chains to purchase these products, which augurs well for the growth of the market.”
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Global packaged shredded wheat cereal market segmentation
This market research report segments the global packaged shredded wheat cereal market by product size (bite-sized and full-sized) and key regions (the Americas, APAC, and EMEA).
The bite-sized product segment dominated the global market with the largest market share. This variety is also referred as spoon size shredded wheat cereal or mini-wheat by some players. In 2017, the Americas dominated the global packaged shredded wheat cereal market with a revenue share of close to 53%, followed by EMEA and APAC. The increasing number of supermarkets, hypermarkets, convenience stores, and others across the globe is a major driver that will impact the growth of packaged shredded wheat cereal market during the forecast period.
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