The latest market report published by Credence Research, Inc. “Snack Bars Market By Product Type (Breakfast Bars, Granola/Muesli Bars, Fruit Bars, Energy And Nutrition Bars, Others), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Online Sales, Specialty Stores, Others) – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the snack bars market was valued at US$ 21.67 Bn in 2018 and expected to grow at a CAGR of 6.9% during the forecast period from 2019 to 2027.
Market Insights
“Growing demand for healthy snacks worldwide will boost the growth for Snack Bars Market”
The snack bars market is majorly driven by a surge in demand for healthy snack products along with growing snack food sales worldwide. The growing awareness for health and fitness among people globally is anticipated to enhance the snack bars market growth in years to come. North America dominated the snack bars market in 2018.
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The rise in consumer preference for nutritional and smaller meals is further expected to drive the market demand over the forecast period. The growing obesity cases among children and adults are anticipated to enhance market growth during the forecast period. According to a recent report of the World Health Organization, more than 1.9 Bn adults were overweight out of which 650 Mn were obese. The growing product popularity for go-to snacks and busy lifestyle is projected to enhance the market growth in years to come. Major manufacturers are launching new snack bars with high nutritional value for healthy eaters. For instance, In October 2019, The Kellogg Company introduced a new brand TIG. The brand TIG had launched four types of snack Bars- Buffalo, Chili Lime, Pizza and BBQ with non-GMO, Nut-free and gluten-free.
Major market players are projected to focus on various strategies such as new product launch, acquisitions, mergers, and collaborations among others to increase their market share, enhance their product portfolio and geographic presence.
Industrial Developments
• In October 2017, The Kellogg Company acquired Chicago Bar Company LLC. With the acquisition of Chicago Bar Company LLC, The Kellogg Company will enhance its product portfolio to enhance its market share in the U.S.
• In May 2019, Kind LLC entered the frozen snack category with the launch of KIND Frozen bars in the U.S. KIND Frozen bars introduction will help the Kind LLC to enhance its market share and product portfolio.
• In May 2019, Kind LLC entered the frozen snack category with the launch of KIND Frozen bars in the U.S. KIND Frozen bars introduction will help the Kind LLC to enhance its market share and product portfolio.
Key Market Movements:
• The global snack bars market is expanding at a CAGR of 6.9% in revenue terms for the anticipated period from 2019 to 2027
• North America dominated the global snack bars market backed by Europe in 2018. North America had the highest share in 2018 owing to changing lifestyle and the high number of health-conscious population.
• Asia Pacific is anticipated to be the fastest-growing region over the forecast period owing to the rise in per-capita-income and growing health concerns in the region. Rapid urbanization is another major factor for the growth of Asia Pacific during the forecast period.
• Based on the product type, the granola/muesli bars segment had the highest share in 2018 owing to the presence of high fruit content and gluten-free ingredients. On the other hand, the nutrition and energy bars segment is anticipated to grow at a rapid pace in years to come due to growth in participation for sports and physical activities among youngsters.
• New product launch, acquisitions, and mergers are expected to be the major strategies followed by key players
• North America dominated the global snack bars market backed by Europe in 2018. North America had the highest share in 2018 owing to changing lifestyle and the high number of health-conscious population.
• Asia Pacific is anticipated to be the fastest-growing region over the forecast period owing to the rise in per-capita-income and growing health concerns in the region. Rapid urbanization is another major factor for the growth of Asia Pacific during the forecast period.
• Based on the product type, the granola/muesli bars segment had the highest share in 2018 owing to the presence of high fruit content and gluten-free ingredients. On the other hand, the nutrition and energy bars segment is anticipated to grow at a rapid pace in years to come due to growth in participation for sports and physical activities among youngsters.
• New product launch, acquisitions, and mergers are expected to be the major strategies followed by key players
List of Companies Covered:
• Nature Valley
• The Kellogg Company
• The Quaker Oats Company
• Kind LLC
• Clif Bar & Company
• Earnest Eats
• Mars, Inc.
• The Hain Celestial Group, Inc.
• PepsiCo
• Fulfil Nutrition
• Nooro
• The Kellogg Company
• The Quaker Oats Company
• Kind LLC
• Clif Bar & Company
• Earnest Eats
• Mars, Inc.
• The Hain Celestial Group, Inc.
• PepsiCo
• Fulfil Nutrition
• Nooro
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