Snack Bar Market Size, Share, Industry & Opportunities 2031

Report Description

The global snack bar market was valued at USD 25.93 Billion in 2022 and is projected to reach USD 46.17 Billion by 2031, expanding at a CAGR of 6.62% during the forecast period, between 2023 and 2031. Snack bars are bars made of different types of fruits, nuts, and cereals. They are the perfect on the go food which are compact and easily consumable. The nutritional values of different types of nuts and cereals are contracted and made into a snack bar. They provide both carbohydrates and a high level of protein.

Snack bars are most popular with consumer groups like millennial and baby boomers as they provide high amounts of protein which is easily consumable. The idea here is to get the nutrition and energy one would get by eating a normal everyday healthy breakfast and compressing it into a small bar which can be consumed on the go, also saving a lot of time. There are energy bars, when there is a sudden need of energy, one can simply eat off these energy bars and feel back in the game. Snack bars extremely come in handy when on hikes or treks, as they are compact and provide high energy. Snack bars can also be consumed for fun. The snack bars nowadays come in lots of flavors and are tasty. Some people also like the chewy and crispness of these bars.

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Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for small portions of highly nutritional food due to increasing demand for vegan snack bars is projected to drive the market.

• Various developments and new trends introduced by the key players are expected to drive the snack bar market during the forecast period.

• Changing consumers’ lifestyle and consuming patterns with rise in nuclear families in developed nations is expected to boost the snack bar market.

• Snack bars are a reliable and quick source of energy and nutrition; these features drive the market.

• Advancement in the fast food sector and invention of new flavors and combination of several fruits and nuts are the major reasons for the market growth.

• Options like gluten free snack bars and vegan bars are bringing a new group of consumers into the market and help the growth of the snack bar market.

Scope of the Snack Bar Market Report

The report on the global snack bar market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Snack Bar Market Segment Insights

The plant based segment is estimated to hold major market share during the forecast period

On the basis of base types, the snack bar market is bifurcated into plant base and animal base. The plant based snack bars are set to hold the largest market share during the forecast period.  Changing consumer behavior from animal based products to plant based products is mainly because of people’s rising awareness about animal welfare, personal health and sustainability. The consumption of animal protein is associated with high cholesterol levels, fat, and calories, which increases the risk of cardiac diseases, high blood sugar levels, and obesity. This is why people have an inclination towards vegan sources of protein.

The supermarket/hypermarkets segment is expected to hold a key share of the market

In terms of distribution channels, the snack bar market is segmented into e-commerce stores, supermarkets/hypermarkets and convenience & retail stores. The supermarket/hypermarket segment is expected to hold a substantial market share. The availability of variety of snack bars and food products in supermarkets are the major drivers for this segment. Also the supermarkets and hypermarkets have a way of attractively placing their products, which increases the sale of snack bars.

The granola and muesli bars segment is anticipated to hold a large market share

Based on product types, the snack bar market is bifurcated into granola & muesli bars and nutrition & energy bars. The granola and muesli bars segment is anticipated to hold a large market share during the forecast period. These bars make for quick and energy rich breakfast, making them a high demand product in developed nations with fast life. Granola bars and muesli bars are considered high in nutrition value.

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North America is anticipated to dominate the market

Based on regions, the snack bar market is segmented into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to hold a key share of the market during the forecast period. The fast life in developed nations, rising awareness about health, increasing disposable income, and need for quick healthy food products are the major factors driving the market.

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