On-the-Go Breakfast Packaging Growing at 5.1% CAGR through 2025
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The global on-the-go breakfast packaging market is characterized by the presence of a large number of players that renders the vendor landscape highly competitive, according to Transparency Market Research (TMR) Albany, N.Y., USA, in one of its recent reports. Some of the leading companies are Amcor Ltd., Bemis Co., Berry Global Inc., Sealed Air Corp., Sonoco Products Co., and Tetra Pak International.
As detailed in the report, the global on-the-go breakfast packaging market is expanding at a steady CAGR of 5.1% between 2017 and 2025. At this pace, the market's valuation of $743 million in 2016 will reach $1.1 billion by 2025.
The global on-the-go breakfast packaging market has been segmented into rigid packaging and flexible packaging based on packaging type. Flexible packaging is the dominating segment due to the convenience associated with light weight packaging. It is expected to remain in the lead in the foreseeable future.
By material type, plastic dominates the on-the-go breakfast packaging market with the segment expected to account for 56.1% of the market by the end of 2017. From a geographical standpoint, Europe is the leading regional market for on-the-go breakfast packaging. However, Asia Pacific is expected to display the leading CAGR of 5.3% between 2017 and 2025.
The global on-the-go breakfast packaging market has been witnessing robust growth due to several factors, which includes changing lifestyle of people, with more consumers preferring on-the-go food. Growing numbers of nuclear family set-ups in urban areas with both partners working does not leave adequate time for home cooking on a regular basis. This is fueling the demand for packaging for on-the-go foods.
Another factor catalyzing growth of the on-the-go breakfast packaging market is the rising trend of large number of single persons moving out of home for work reasons. Due to time crunch, they do not get much time to prepare the first meal of the day, which is fueling the demand for prepared breakfast options and indirectly benefitting the on-the-go breakfast packaging over the forecast period.
Besides this, rising per capita expenditure on prepared food, generally because of rising purchasing power, is also generating a high demand for on-the-go breakfast packaging market. With an increasing trend of ready-to eat meals, the demand for on-the-go breakfast packaging is expected to continue over the forecast period.
On the flip side, the growth of the on-the-go breakfast packaging market is negatively impacted due to several factors. Low level of awareness about on-the-go breakfast options among consumers in developing countries and adherence to traditional eating habits is posing a challenge to the growth of this market. Moreover, weak distribution networks for on-the-go breakfast packaged products in developing countries is a significant factor expected to impact the growth of the market over the forecast period.
Nevertheless, availability of natural and organic on-the-go foods, with additional health claims, will present opportunities for the growth of on-the-go breakfast packaging markets.
The global on-the-go breakfast packaging market is segmented by material type (plastic, paper and paperboard, PE, PVC, EVOH, PET, others), and by packaging type (rigid—boxes, trays, bottles and jars, cans, others / flexible—films and wraps and pouches and sachets). The market is also segmented by breakfast products and by global regions.
