2023
9
US Hot and Cold Cereal Market Report 2023
2023-06-13T04:04:26+01:00
OX1155711
3695
164128
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Report
en_GB
“Convenience, comfort, and accessibility have helped cereal into bowls in the past year, despite inflations’ strong influence on price. Cereal’s future may look a little different, though, as younger generations…

US Hot and Cold Cereal Market Report 2023

£ 3,695 (Excl.Tax)

Description

Stay ahead of the curve and future-proof your business with Mintel’s US Hot and Cold Cereal Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest trends and consumer behaviours affecting your industry. Get a 360° view of the US cereal industry including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.

Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.

This Report Covers the Following Topics

  • Trended types of cereal consumed.
  • Usage occasions and associations with specific cereal types.
  • Attitudes toward cereal.
  • Indicators of healthier cereal.
  • Interest in cereal packaging, formats, flavors and ingredients.

US Cereal Market Overview

The US cereal industry experienced double-digit growth in 2022, and Mintel forecasts this strong growth to continue in 2023. The cereal market has benefitted from customers seeking convenient and accessible solutions for eating at-home, and increased prices.

  • Hot and cold cereal market size: The US cereal market is estimated to reach $13.57 million in 2023.

US Cereal Market – Current Trends and Opportunities

Cereal not just for breakfast

Throughout volatile times, the simplicity of hot and cold cereal has lent itself to a convenient food solution, and for 57% of consumers, a comfort food. Naturally, breakfast time is the most traditional for cereal, but expanding usage at other times of day is a continued opportunity. If brands can draw attention to the convenience, value and simplicity of cereal, then this could pave the way for it becoming a staple comfort food and an easy snack solution in the eyes of many consumers.

Innovation should be fun(ctional)

Innovation that presents consumers with an enhanced experience will resonate most and encourage them to try new products in the cereal market. In terms of function, 56% of consumers would be interested in trying products with resealable packaging in order to save food waste, and 41% of consumers would like to see more sustainable packaging. In the cereal category, there is space for indulgence and fun, cereal flavours that remind consumers of other experiences, either through a sense of nostalgia, or with dessert-inspired flavours, which would be popular with over a quarter of consumers.

Products and Brands Discussed in this Report

This report covers ready-to-eat cereal (e.g. corn flakes, shredded wheat) that is usually consumed dry or with dairy/non-dairy milk, and cereal that must be cooked before eating, including oatmeal, instant oatmeal, hot wheat, and other grain products. Brands discussed in this report include General Mills, Nature Valley, Kellogg’s, Post, Quaker, and more.

To learn how to connect with your audience, purchase our full US Hot and Cold Cereal Market Report 2023. Discover lucrative innovation opportunities to help your business grow during times of financial uncertainty.

Expert Analysis from a Specialist in the Food Industry

This report, written by Kelsey Olsen, a leading food and drink analyst, delivers in-depth commentary and analysis to highlight current trends in the US cereal market and add expert context to the numbers.

Convenience, comfort, and accessibility have helped cereal into bowls in the past year, despite inflations’ strong influence on price. Cereal’s future may look a little different, though, as younger generations show engagement with a wider range of non-traditional cereal occasions and innovative concepts that match them.

Kelsey Olsen, Food and Drink Analyst

Kelsey Olsen
Food and Drink Analyst

Table of Contents

  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Definition
    • Market context
  2. Executive Summary

    • Top Takeaways
    • Consumer trends
    • Think outside the box for younger generations
      • Figure 1: Cereal usage occasions – NET, by gender, 2023
    • Room to grow with both large and small households
      • Figure 2: Consumption of specific cereals, by household size, 2023
    • Keep cereal comfortably affordable
      • Figure 3: attitudes towards cereal, by financial situation, 2023
    • Competitive strategies
    • Balance taste and health with BFY indulgence
      • Figure 4: BFY indulgent cereals, 2023
    • The easiest meal of the day
      • Figure 5: cereal cups, 2023
    • Pour a bowl of nostalgia
      • Figure 6: Nostalgic cereal flavors, 2023
    • Market predictions
      • Figure 7: Total US sales and fan chart forecast of hot and cold cereal market, at current prices, 2018-28
      • Figure 8: Category outlook for hot and cold cereal, 2023-28
    • Opportunities
    • Functionality can foster growth
      • Figure 9: Interest in cereal packaging/format concepts, 2023
    • Move into less traditional occasions with highlight on comfort and value
      • Figure 10: Associations with specific cereal types, by financial situation, 2023
    • Evolve alongside shifting BFY interests
      • Figure 11: Indicators of healthier cereal, by generation, 2023
    • Create intentional flavor experiences
      • Figure 12: Interest in cereal flavors/ingredients, 2023
  3. Market Size and Forecast

    • Inflated prices will continue to pour into cereal market’s growth
      • Figure 13: Total US sales and fan chart forecast of hot and cold cereal market, at current prices, 2018-28
      • Figure 14: Total US sales and forecast of market, at current prices, 2018-28
    • Hot and cold cereal sales and forecast, at inflation adjusted prices
      • Figure 15: Total US sales and forecast of market, at inflation adjusted prices, 2018-28
      • Figure 16: Growth of multi-outlet dollar sales and volume sales of cold cereal and hot cereal, 2018-23
  4. Segment Performance

    • Value and health hit the hot spot; cold cereal driven by diversification
      • Figure 17: Sales of hot and cold cereal market, by segment, 2023
    • Other retailers continue to close the gap with supermarkets
      • Figure 18: Total US retail sales of hot and cold cereal, by channel, at current prices, 2018-23
  5. Market Drivers

    • The most important meal of the day has gotten more expensive
      • Figure 19: Changes in Consumer Price Indexes, food, 2020 through 2023
    • Positioning beyond sugar content may resonate with younger generations
      • Figure 20: Food and drink nutrition criteria, 2023
    • Nevertheless, continue to prove cereal’s accessibility
      • Figure 21: Consumption of specific cereals, by generation, 2023
  6. Market Share/Key Players

    • Amplified prices aid growth of market leaders, Private label resonates
      • Figure 22: Multi-outlet sales of hot and cold cereal, by leading companies, rolling 52 weeks 2022 and 2023
    • Value tied to leaders of cold cereal growth
      • Figure 23: Multi-outlet sales of cold cereal, by leading companies and brands, rolling 52 weeks 2022 and 2023
    • Hot cereal has varied opportunities for growth
      • Figure 24: Multi-outlet sales of hot cereal, by leading companies and brands, rolling 52 weeks 2022 and 2023
  7. Competitive Strategies and Market Opportunities

    • There’s indulgence…
      • Figure 25: Indulgent cereal flavors, 2023
    • …And then there’s BFY Indulgence
      • Figure 26: BFY Indulgent cereal products, 2023
    • BFY brands take a less traditional approach to ‘better’
      • Figure 27: BFY Cereal products, 2023
    • One-stop-shop cereal cups
      • Figure 28: Dry Milk On the Go cereal cups, 2023
    • From the inside out: Cereal sneaks into snacks
      • Figure 29: Cinnamon Toast cross category collaborations, 2023-2023
    • From the outside in: Nostalgic crosses bring unexpected pairings
      • Figure 30: Nostalgic cereal brand collaborations, 2023
  8. The Hot and Cold Cereal Consumer – Fast Facts

    • Present the positives, whether healthy or indulgent
    • Break into more occasions with strategic positioning
    • Encourage exploration with function and fun
  9. Trended Types of Cereal Consumed

    • Create a comforting and convenient experience
      • Figure 31: Trended consumption of specific cereals, 2022-2023
    • Start collaborating with younger shoppers
      • Figure 32: Consumption of specific cereals, by generation, 2023
    • Double down on convenience for all
      • Figure 33: Consumption of specific cereals, by household size, 2023
  10. Usage and Occasions by Specific Cereal Types

    • Move beyond morning occasions
      • Figure 34: Usage and occasions by specific cereal types, 2023
    • Younger consumers need versatility
      • Figure 35: Cereal usage occasions – NET, by gender, 2023
    • Larger household size warrants greater opportunity for occasions
      • Figure 36: Cereal usage occasions – NET, by household size, 2023
  11. Associations with Specific Cereal Types

    • Sweet cereals fill the soul, but other cereals must fill bellies
      • Figure 37: Associations with specific cereal types, 2023
    • Craft cereal messaging for generations
      • Figure 38: Associations with specific cereal types, by generation, 2023
    • Engage snackers with value
      • Figure 39: Associations with specific cereal types, by financial situation, 2023
  12. Attitudes towards Cereal

    • Comfort in tradition, comfort in nutrition
      • Figure 40: attitudes towards cereal, 2023
    • Do sweat the small stuff
      • Figure 41: attitudes towards cereal, by generation, 2023
    • Be there for a variety of cravings at an accessible price point
      • Figure 42: attitudes towards cereal, by financial situation, 2023
  13. Indicators of Healthier Cereal

    • BFY isn’t enough to carry formats
      • Figure 43: Indicators of healthier cereal, 2023
    • Reformulate BFY messaging relevant to generations
      • Figure 44: Indicators of healthier cereal, by generation, 2023
    • Work around higher BFY price points with household-friendly solutions
      • Figure 45: Indicators of healthier cereal, by household size, 2023
  14. Interest in Cereal Packaging and Format Concepts

    • Help consumers maximize the boxes in the pantry
      • Figure 46: Interest in cereal packaging/format concepts, 2023
    • Unbox more occasions with an attention to the packaging experience
      • Figure 47: Interest in cereal packaging/format concepts, by generation, 2023
    • One package of cereal can wear many hats
      • Figure 48: Interest in cereal packaging/format concepts, by household size, 2023
    • Pack in added value
      • Figure 49: Interest in cereal packaging/format concepts, by financial situation, 2023
  15. Interest in Cereal Flavors and Ingredients

    • Formulate a sweet escape
      • Figure 50: Interest in cereal flavors/ingredients, 2023
    • Do more for Millennials
      • Figure 51: Interest in cereal flavors/ingredients, by generation, 2023
    • Unlock flavor potential for all (household) sizes
      • Figure 52: Interest in cereal flavors/ingredients, by household size, 2023
  16. Appendix – Data Sources and Abbreviations

    • Data sources
    • Sales data
    • Forecast
    • Consumer survey data
    • Abbreviations and terms
    • Abbreviations
  17. Appendix – The Market

      • Figure 53: Total US retail sales and forecast of hot and cold cereal, by segment, at current prices, 2018-28
      • Figure 54: Total US retail sales and forecast of hot and cold cereal, at inflation-adjusted prices, 2018-28
      • Figure 55: Total US retail sales and forecast of cold cereal, at inflation-adjusted prices, 2018-28
      • Figure 56: Total US retail sales and forecast of hot cereal, at inflation-adjusted prices, 2018-28

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