Top Emerging Trends Of Snack Bars Market Progress Forecast 2025Posted by Mrudula Anil Karmarkar on December 22nd, 2020 The global snack bars market size is projected to reach USD 31.60 billion by 2025 expanding at a CAGR of 6.64% from 2019 to 2025, according to a new report by Grand View Research, Inc. Changing consumer lifestyles and food patterns are expected to drive the demand for convenient food products, such as snacks bar. The richness of fiber and iron in granola/muesli bars has made it the dominant product segment of the global market. Whereas, increasing awareness about the health benefits offered by energy and nutrition bars lists it as the fastest-growing product segment. Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections. Supermarkets/hypermarkets hold the dominant market share as these stores have a variety of products at discounted prices. However, the online distribution channel is projected to emerge as the fastest-growing segment over the forecast period. Developed countries, such as U.S, Japan, and China, have well-established markets for healthy bars. On the other hand, emerging countries like India can offer new growth opportunities for the global market. Increasing population and awareness regarding health and fitness programs is also likely to boost the market. Business expansions and product launches are the major strategies adopted by key companies in this market. For instance, a Russian company called Bio Food Lab will expand its business in emerging countries of APAC. Kellogg’s launched special K-bars. Availability of substitutes of these nutritious foods in the market may have a negative impact on the market growth. North America is the dominant regional market followed by Europe. Further key findings from the study suggest:
Asia Pacific is said to be the fastest-growing region due to rising popularity of sports as career option and increasing disposable income and number of nuclear families in the region. Companies such as Quaker Oats, Kellogg’s, Nature Valley have a prominent share in the market Manufactures are focusing upon improving a variety of snack bars. The merger of KIND Bars with Mars; a prominent player in the market, has increased its presence of these products to drive the product variety in the market. Snack bars work as heavy meal replacement and a quick, healthy snack food. Busy lifestyles and higher number of nuclear families in developed regions is boosting the market growth. Increasing cases of obesity is also likely to contribute to the market development. Furthermore, consumer preference for smaller and nutritional food is augmenting the product demand as these bars have less sugar and provide high fiber content, protein, and other nutrition. Moreover, filling of fruits, nuts, and cereals in these bars attracts health conscious consumers, which in turn helps fuel market growth. The availability of snack bars serving every purpose such as energy, workout, diet, meal, nutrition is expected to drive in more consumer acceptance, thereby supporting the growth of the global market. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/5835/ibb Growing popularity of sports and athletic activities along with busy lifestyle, increasing health consciousness, and changing food preferences is forcing manufacturers to introduce products with newer flavors and ingredients. For instance KIND bars have a wide range of products starting from two-in-one flavors-chocolate and strawberry pressed bars, strawberry fruit bites, sweet & spicy bars, etc. Key companies in the market are Nature Valley, Kellogg’s, Alpen And Jordan, Quaker Oats, Kind Bars, Cliff Bars, Earnest Eats, Mars, Oriole Healthy Foods, And the Hain Celestial Group. Many of these prominent manufacturers are from North America. The online channel is expected to be the fastest-growing segment as people now a days focus more on the convenience of buying things instead of going out at stores and collecting it. Development status of regional countries and the popularity of online platforms also support the segment growth. Moreover, these platforms allow comparison between various brands and their product prices, which is further projected to drive the segment. Grand View Research has segmented the global snack bars market on the basis of product, distribution channel: Snack Bars Product Outlook (Revenue, USD Billion, 2015 - 2025)
Snack Bars Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com
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