IMARC Group’s report titled “Snack Bar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, Offers a comprehensive analysis of the industry, which comprises insights on the market.
What is the market for snack bars?
The global snack bar market size reached US$ 25.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
Factors Affecting the Growth of the Global Snack Bar Industry:
- Increasing Health and Wellness Trends:
The increasing consumer focus on health and wellness is a significant driver of the snack bar market. As people become more health-conscious, there is a growing demand for snack options that not only satisfy hunger but also offer nutritional benefits. Snack bars packed with proteins, fibers, vitamins, and minerals cater to this demand, appealing to those looking for quick, healthy eating options. This trend is further fueled by the rise in lifestyle-related health issues, such as obesity and diabetes, prompting consumers to seek out better eating habits. Manufacturers are responding by innovating and expanding their product lines to include snack bars made with whole grains, nuts, seeds, and fruits, offering a wholesome alternative to traditional snacks.
- Rising Convenience and Portability:
In today’s fast-paced world, convenience and portability are key factors driving the snack bar market. Consumers, especially working professionals and millennials, seek quick and easy meal solutions that fit into their busy lifestyles. Snack bars, with their compact packaging and non-perishable nature, provide an ideal solution. They are easy to consume on-the-go, whether it’s during the daily commute, at the office, or in between workouts. This convenience factor, combined with the growing trend of snacking as a meal replacement, has propelled the popularity of snack bars. Manufacturers are leveraging this demand by offering a variety of flavors and textures, catering to different taste preferences and dietary requirements.
- Variety and Innovation:
The snack bar market is characterized by a wide variety of products and constant innovation, which are key factors in attracting and retaining consumers. Manufacturers are continually experimenting with new flavors, ingredients, and textures to differentiate their products in a competitive market. This innovation caters to a broad spectrum of consumer preferences, from indulgent flavors mimicking desserts to exotic and savory options. Additionally, there is a growing trend towards the inclusion of superfoods, such as quinoa, chia seeds, and matcha, which appeal to health-conscious consumers seeking added nutritional benefits. The introduction of specialized snack bars, such as gluten-free, vegan, and non-GMO options, has also expanded the market to include consumers with specific dietary restrictions or preferences.
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Leading Companies Operating in the Global Snack Bar Industry:
- Abbott Laboratories
- Associated British Foods plc
- Clif Bar & Company
- General Mills Inc.
- Halo Foods Ltd.
- Mars Incorporated
- Nestlé S.A.
- Ocado Retail Limited
- PepsiCo Inc.
- The Hain Celestial Group Inc.
- The Kellogg Company
- The Simply Good Foods Company
Snack Bar Market Report Segmentation:
By Product Type:
- Cereal Bars
- Granola/Muesli Bars
- Others
- Energy and Nutrition Bars
- Others
Cereal bars represented the largest segment as they are often perceived as a healthier alternative to traditional snack options due to their association with grains, fiber, and other nutritious ingredients.
By Ingredient:
- Nuts
- Whole Grains
- Dried Fruits
- Others
Whole grains dominates the market as they are rich in essential nutrients, including fiber, vitamins, minerals, and antioxidants.
By Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
- Others
Supermarkets and hypermarkets lead the market as they offer a wide variety of snack bars, including popular brands, niche products, and private label options.
By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America leads the market due to the busy lifestyles and on-the-go culture prevalent in the region which has fueled the demand for convenient snack bars that offer quick energy and nutrition.
What is the trend in the snack industry?
Snack Bar Market Trends:
There is a growing demand for snack bars made with wholesome, nutritious ingredients such as nuts, seeds, whole grains, and dried fruits. Consumers are seeking bars that offer functional benefits such as protein, fiber, vitamins, and minerals, as well as those with clean labels, free from artificial additives and preservatives.
Besides, the popularity of plant-based diets has led to increased demand for vegan snack bars made without animal-derived ingredients. Plant-based protein sources such as pea protein, hemp, and soy are being incorporated into snack bar formulations to appeal to vegan and vegetarian consumers.
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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