The energy bar market size was valued at USD 646 million in 2021 and is projected to reach USD 1011 million by 2030, expanding at a CAGR of around 6.5% during the forecast period, 2022 – 2030. The growth of the market is attributed to increasing health-conscious population.
Energy bars are food supplements that provide energy as well as nutritional value and other health advantages. They are widely used as a meal replacement as they contain proteins, lipids, and carbohydrates that serve to offer rapid energy. The carbohydrates and proteins in the bar provide energy for training or workout. It also supplies the necessary post-workout nourishment for the body to repair minor muscle rips and develop new muscle tissue.
Energy Bar Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for healthy and convenient on the go snacks options is projected to drive the market during the forecast period.
- Tiny packaging and strong energy content of the energy bars act as a perfect alternative for individuals who seek rapid results, this is estimated to fuel the market.
- The inclusion of labels such as low fat, sweeteners, no added sugars, low calorie, vegan, and gluten-free fuels the market.
- Millennials are considered to be more interested in fitness and leisure activities, which is projected to drive the demand for energy bars.
- High cost of the product is estimated to hinder the market growth during the projected period.
- Increasing demand for several texture and flavors is projected to offer lucrative opportunities for the key players in the market.
- Increasing demand for energy bars to fulfil a variety of customer needs has led to product improvements as well as an increase in the usage of healthy components, which is expected to create immense opportunities for the market players.
Scope of the Energy Bar Market Report
The report on the global energy bar market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Energy Bar Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019–2020
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Forecast Period
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2022 – 2030
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Segmentation
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Types (Fiber Bar, Cereal Bar, Nutrition Bar, and Protein Bar), Nature (Conventional and Organic), Distribution Channels (Online Sales Channel, Specialty Stores, Convenience Stores, and Hypermarkets & Supermarkets)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Kellogg Company; Quest Nutrition; Probar LLC; Premier Nutrition Inc.; NuGo Nutrition; McKee Foods Corporation; Kind LLC; General Mills Inc.; Cliff Bar & Company; Brighter Foods Ltd; OTE Sports Ltd.; Lotus Bakeries; Naturell India Pvt.Ltd; and LÄRABAR
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Energy Bar Market Segment Insights
The protein bar segment is projected to dominated the market
Based on types, the market is segregated into fiber bar, cereal bar, nutrition bar, and protein bar. The protein bar segment is projected to dominated the market during the forecast period owing to rising customer preferences for nutritious foods that are convenient to carry and aid in overcoming protein deficits in the body. Protein bars, on the other hand, contain perks such as muscle-building proteins and lowering blood pressure, cholesterol, and triglycerides. These factors, as well as strategic collaborations formed by prominent players, is estimated to drive the market.
The nutrition bar segment is anticipated to expand at a high CAGR during the forecast period. Nutrition bars refer to a variety of nutritious energy bars including a variety of cereals and high-energy ingredients that are designed for people who need immediate energy but don't have time to eat. Increased population inclination toward gyms for preserving health and fitness are some of the factors driving the segment.
The organic segment accounts for a major market share
On the basis of nature, the market is bifurcated into conventional and organic. The organic segment accounts for a major market share owing to factors such as rising consumer awareness about chemical free products, growing organic snack start-ups, increased consumer buying power, utilization of advanced technology for bar processing, increased demand for organic food, food technologists recommending organic food bars over conventional bars, and product penetration in key retail & online channels.
The specialty stores segment held key market share in 2021
In terms of distribution channels, the market is fragmented into online sales channel, specialty stores, convenience stores, and hypermarkets & supermarkets. The specialty stores segment held key market share in 2021 owing to the discounts and convenience of immediate pleasure available at specialist retailers. Specialty stores are one of the most popular distribution channels among consumers since they provide convenient access to food and beverages while shopping, as well as entertainment. Furthermore, customers may freely compare products in specialty stores and choose the best product based on their tastes.
North America is expected to dominate the global market
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period. Growth of the market in the region is attributed to presence of key market players and increasing disposable income of the population. Furthermore, manufacturers in the region are focused on health and wellness trend, mostly targeting young people and working class. Consumers' shifting lifestyles, which include smaller meals, are also leading to increasing consumption of nutritious snacks, which is projected to drive demand for energy bars.
Segments
The global energy bar market has been segmented on the basis of
Types
- Fiber Bar
- Cereal Bar
- Nutrition Bar
- Protein Bar
Nature
Distribution Channels
- Online Sales Channel
- Specialty Stores
- Convenience Stores
- Hypermarkets & Supermarkets
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Kellogg Company
- Quest Nutrition
- Probar LLC
- Premier Nutrition Inc.
- NuGo Nutrition
- McKee Foods Corporation
- Kind LLC
- General Mills Inc.
- Cliff Bar & Company
- Brighter Foods Ltd
- OTE Sports Ltd.
- Lotus Bakeries
- Naturell India Pvt.Ltd
- LÄRABAR
Competitive Landscape
Key players competing in the energy bar market include Kellogg Company; Quest Nutrition; Probar LLC; Premier Nutrition Inc.; NuGo Nutrition; McKee Foods Corporation; Kind LLC; General Mills Inc.; Cliff Bar & Company; Brighter Foods Ltd; OTE Sports Ltd.; Lotus Bakeries; Naturell India Pvt.Ltd; and LÄRABAR.
Some of these players are using several market strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares, generate revenue, and raise their production line of the business in the coming years. For instance,
- In July 2021, Clif Bar & Company's sole distributor, Unique Health Products, introduced nut butter-filled Energy Bars to the Australian market.
- In September 2020, to serve the in-between-meal niche, Kellogg Company released its "K-Energy" line of energy bars with protein.
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