Protein Bars observe Strong Demand in Food Bar Market Rises by Forecast 2020- 2030.
Food Bar Market Scope
The Food Bar Market is predicted to grow at a CAGR of 5.08%. In the forthcoming years, the Market Value is evaluated to touch USD 7.05 Billion by the studied forecast period 2021-2028. An organic bar is basically a food or a snack with high nutritive value. It is enriched with high minerals and vitamins that enhance physical energy. The food bars are manufactured through organic methods and free from any artificial chemicals. The Food Bar Market is predicted to grow at a CAGR of 5.08%. In the forthcoming years, the Market Value is evaluated to touch USD 7.05 Billion by the studied forecast period 2021-2028. An organic bar is basically a food or a snack with high nutritive value. It is enriched with high minerals and vitamins that enhance physical energy. The food bars are manufactured through organic methods and free from any artificial chemicals.
In the year 2020, the Food Bar Market recorded revenue of USD 1,254.65 Million. Thus, the significant drivers such as rising disposable income and demand for packaged and safe snacks are boosting the market value. Thus, the Asia-Pacific region is predicted to have the fastest CAGR due to this region in the studied forecast period.
Cliff Bar & Company (US), Caveman Foods (US), Atkins Nutritionals Inc. (US), Kellogg Co. (US), Quaker Oats Company (US), Nestle (Switzerland), General Mills Inc. (US), Annie’s Homegrown Inc (US), Orgain, Inc. (US), Nobel Foods (UK), Davis Chocolate (US), Small Planet Foods (US), Bridgetown Natural Food (US), Hearthside Food Solutions LLC (US), Premier Nutrition Corporation (US), Amway Corp. (US), Post Holdings (US)
Primary Drivers and Challenges
Food bar Industryare healthy, quick snacks that are used as heavy meal replacements. Hectic lifestyles and the prevalence of nuclear families across developed countries bolster the market growth. Alarming rise in obesity cases and surging preference for lighter and nutritious food among consumers has boosted the demand for food bars with low sugar content that offer high protein, fiber content and more. Growing varieties of foods bars that serve every purpose including workout, energy, meal, diet, and nutrition are also responsible for the rise in consumer acceptance, thereby inducing significant market growth. Mounting cases of diabetes across the globe has also bolstered the demand for low-sugar food bars, adding further to the Key Food Bar Market Players market value.
Emerging fitness and health trends have given way to higher demand for healthy food products among consumers. The rich nutrition content in different food bars also help bolster their appeal among people. Soaring popularity of go-to snacks and the declining preference for high calorie products such as cakes, cookies and chocolates could also benefit the worldwide market in the following years. Many of the food bars generally have a filling of nuts, cereals, and fruits, which are quite attractive to health-conscious individuals. Besides, the rising prominence of sports as well as athletic and sports activities and the overall evolving food habits compel manufacturers to come up with innovative products that boast of new ingredients and flavors.
Packaged confectionery food and snacks that are easy to carry are gaining high traction and therefore, players are focusing more on using attractive wrappers for their food bars. On the competitive front, companies are concentrating on entering partnerships with several e-commerce affiliate outlets to increase brand awareness. Vendors are also keen to carry out product development activities and launch new food bars to capture space in diet, vegan, meal-replacing, energy-boosting, and sports niche markets. For instance, in October 2020, General Mills added a new protein bar to its range of Fiber One snack bars that aid weight management. These protein bars come in two varieties; namely caramel and cookies & cream and contain only 90 calories, 1g of sugar and 10g of protein. With this launch, the company aims to meet with the escalating dietary requirements of the consumers.
The segments of Market Size are divided into flavours, types, and distribution channels.
Based on flavours, the Market is divided into Peanut Butter, Spices, Savoury, Fruits, Chocolates, and Others. It is evaluated that the Peanut Butter Segment will have a robust growth in the future years.
Based on type, the Market is divided into Oats Bars, Candy Bars, Protein Bars, Energy Bars, and Others. The sub-segment of protein bars is estimated to witness the fastest growth in the future years.
Based on distribution channel, the Market is divided into Non-Store Based and Store-Based.
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