The Business Research Company’s Edible Flakes Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
— The Business Research Company
LANDON, GREATER LANDON, UK, October 20, 2023 /EINPresswire.com/ — The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032.
Diverse Offerings and Distribution Channels Drive Edible Flakes Market Growth
Edible flakes, popular breakfast cereals or snack ingredients, encompass a variety of grain-based products like wheat, rice, oats, and corn. These versatile flakes serve as a wholesome and convenient meal option, often accompanied by milk, yogurt, or fruit, catering to the demands of the modern consumer for quick, nutritious, and delightful mornings.
Current Market Landscape and Projections
The global edible flakes market, valued at $20 billion in 2022, is expected to reach $21.79 billion in 2023, showcasing a remarkable Compound Annual Growth Rate (CAGR) of 9%. Despite global economic recovery challenges stemming from the Russia-Ukraine conflict and the subsequent economic sanctions on various countries, the market is anticipated to achieve $29.38 billion by 2027, indicating a CAGR of 7.8%.
Vegan Consumer Base as a Catalyst for Market Expansion
The escalating number of vegan consumers globally has emerged as a key driver for the thriving edible flakes market. With an increasing preference for plant-based food choices, edible flakes have garnered significant attention among vegan communities due to their natural origins and their ability to enhance the taste and texture of various dishes. As reported by Truly Experiences Ltd., the UK witnessed a 40% surge, amounting to 445,428 new vegans in 2022, underlining the substantial influence of this demographic on the growth trajectory of the edible flakes market.
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Innovative Product Offerings and Strategic Collaborations
Market players are actively engaged in product innovation to maintain their competitive edge. Notably, Darrell Lea Confectionery Co. introduced the unique Crunchy Nut Corn Flakes chocolate block, combining the sweetness of their milk chocolate with the crunchiness and nuttiness of Kellogg’s Crunchy Nut Corn Flakes and added peanuts, offering consumers a delightful fusion of flavors. Moreover, the partnership between The Kellogg Company and The Hershey Company aims to combine the appeal of Hershey’s premium chocolate flavor with the satisfying crunch of Kellogg’s Chocos, targeting an extensive customer base through multiple distribution channels and retail outlets.
While North America dominated the edible flakes market in 2022, the Asia-Pacific region is expected to exhibit the fastest growth during the forecast period, emphasizing the evolving consumer preferences and the increasing adoption of convenience foods across diverse demographics.
1. Product Varieties: Wheat Flakes, Rice Flakes, Flakey Oats, Corn Flakes, Other Products
2. Nature Differentiation: Organic, Conventional
3. Diverse Distribution Channels: Hypermarkets Or Supermarkets, Online Retailers, Specialty Stores
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Edible Flakes Global Market Report 2023 from TBRC covers the following information:
1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Edible Flakes Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on edible flakes market size, edible flakes market drivers and trends, edible flakes market major players, competitors’ revenues, edible flakes market positioning, and edible flakes market growth across geographies. The edible flakes market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Food and Beverages Market Growth Forecast 2023-2027
Article originally published on www.einpresswire.com as Rising Demand for Vegan Options Propels Growth in the Global Edible Flakes Market