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The global snack bar market is expected to grow at a CAGR of 5.5% during the forecast period (2017-2025)
Snack Bar Market
, November 14, 2019 ) Market Overview
are lightweight, easy to carry snack food which is popular because of its nutritious and high-calorie content. They are often combined with honey or corn syrup and are condensed to form a bar which makes it easy to carry for packed lunches, hiking or other outdoor activities.
The popularity of organic packaged foods among the consumers of US is increasing, as they prefer food products that do not contain artificial ingredients.
This has increased the demand for organic snack bars. Moreover, the rapid expansion of hypermarkets and availability of snacks bar will play an important role in the growth of global snacks bar market.
The major market restraints include the high initial investment in technology, brand marketing and regulatory compliance regarding quality and labeling.
Key market drivers include
● Increased demand for on-the-go food
● Awareness of health and nutrition
Key market restraints include
● High initial investments and marketing costs.
The snack bar market is segmented by the product type and the ingredients.Based on the product type, the market is segmented into Granola bars, Protein bars, Breakfast bars and others. Currently, protein bars are the dominant segment and account for the major share of the market.
The growing awareness towards the need for healthy and nutritious food trends has increased the consumers to prefer nutrition and protein bars. The consumption of the protein bars is expected to rise among the aged, as they started preferring food products that can provide energy and higher nutrition benefits.
The increasing health consciousness and raising awareness about various diseases and digestives problems are expected to increase the demand for granola bars.
Granola bars are gluten-free and are easily digestible, which makes them a better alternative than another type of food bars. Also, several major market players are focused on promoting new flavored granola bars, which is expected to increase the demand granola bars
Based on the ingredients included, the market is segmented into whole grains, nuts, dried fruits and others.
The global snack bar market is segmented into North America, Europe, Asia Pacific, South America and RoW. North America is the largest market for the snack bar accounting for the major share of the snack food market.
The high awareness among consumers about the benefits of granola and protein bars is driving the snack bar market in North America. However, in the some of the developing and under-developed countries, the lack of awareness of the health benefits of snack bars hinders the growth of the snack bar market.
The snack bar market is highly competitive due to the presence of numerous vendors. The increasing demand for healthy and convenient alternatives is driving more new players into the market. Most of the key players are highly focused on diversifying their products.
For instance, in January 2017, Kellogg added 50 new breakfast and protein bars to its product portfolio.Few of the key market players in the global snack bar market are:
The Kellogg Company
Clif Bar & Company General Mills
Quaker Oats Company
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