According to the global snack bar market report by IMARC Group, the market reached a value of US$ 25.5 Billion in 2022, and it is projected to reach a value of US$ 34.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
Snack bars are small, nutritious, lightweight, high-calorie, and condensed rectangular bars that are easy to carry and consumed to gain quick energy and protein. They comprise nuts, fruit extracts, jaggery, mixed grains, almonds, coconut, cereals, millet, and corn or honey syrup. They are slightly savory in taste, gluten-free, rich in iron, protein and dietary fiber, and consist of bioactive compounds. These bars are widely available in various flavors, such as red berry, orange, brownie, beet, spirulina, and peanut butter. As a result, snack bars are widely consumed as a meal replacement or an instant snack across the globe.
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Snack Bar Market Trends and Drivers:
The market is primarily driven by the increasing health awareness among individuals and growing inclination toward healthy and convenient snacking options. In addition, the rising prevalence of obesity and other lifestyle diseases are prompting individuals to participate in athletic and sports activities, which are contributing to market growth.
Moreover, aggressive promotion campaigns conducted by several key players, coupled with heavy investments in collaborations with prominent sports and media personalities, are escalating the product demand across the globe. Apart from this, the introduction of new innovative flavors and ingredients, along with their easy accessibility across online and offline organized retail channels, are providing a positive thrust to the market growth.
Moreover, leading market players are launching snack bars prepared with vegan ingredients with little or no sugar, which is positively influencing the market growth.
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Global Snack Bar Market 2023-2028 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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 and The Simply Good Foods Company.
The report has segmented the market on the basis of region, product type, ingredient and distribution channel.
Breakup by Product Type:
· Cereal Bars
o Granola/Muesli Bars
· Energy and Nutrition Bars
Breakup by Ingredient:
· Whole Grains
· Dried Fruits
Breakup by Distribution Channel:
· Supermarkets and Hypermarkets
· Convenience Stores
· Specialty Stores
· Online Stores
Breakup 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
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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
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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