Energy Bar Market

Energy Bar Market Size:

The global energy bar market size reached US$ 3.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.3 Billion by 2032, exhibiting a growth rate (CAGR) of 5.98% during 2024-2032. The market is thriving due to the rising health consciousness, increasing demand for convenient and portable snack options, growing popularity of plant-based diets, introduction of diversification in flavors, escalating focus on strategic marketing, and widespread product availability across retail channels across the globe.

Energy Bar Market Analysis:

• Major Market Drivers: The energy bar market is growing with a rising consumer focus on health and wellbeing, as well as a need for handy and nutrient-rich snack choices. Furthermore, the growing understanding of dietary nutrition and busy lives that have increased the use of energy bars as meal replacements or supplements to support exercise targets is supporting the expansion of this market.
• Key Market Trends: One notable trend is a rise in demand for plant-based and organic energy bars, which coincides with the move towards better and more sustainable eating choices. Furthermore, customization and personalization of flavor and ingredient options are gaining popularity, allowing customers to select bars that particularly fit their nutritional and taste requirements.
• Geographical Trends: North America is currently dominating the global energy bar market owing to its dominant snacking culture and high consumer health knowledge. Other regions are also experiencing tremendous expansion owing to accelerated urbanization, rising disposable incomes, and the adoption of Western food patterns.
• Competitive Landscape: Some of the major market players in the energy bar industry include Clif Bar & Company, EAT Anytime, Fullwell Mill Limited, General Mills Inc., Kellogg Company, Kind LLC (Mars Incorporated), NuGo Nutrition, OTE Sports Ltd, PowerBar, Probar LLC, Quest Nutrition (The Simply Good Foods Company) and Your Bar Factory, among many others.
• Challenges and Opportunities: Market concerns include severe rivalry, the need for constant product innovation, and variable raw material prices, all of which can have an influence on manufacturing costs. However, these constraints bring possibilities, such as the potential for market development in emerging countries and rising consumer interest in vegan and allergen-free goods worldwide.
   

Energy Bar Market Trends:

Increasing Focus on Health and Wellness

Consumers are becoming more concerned with their own health and fitness, which is driving the growth of the energy bar industry. They are recognizing the need to eat a well-balanced diet and engaging in physical exercise, which promotes the intake of energy bars. These bars are rich in vitamins, minerals, and proteins. They are also low in sugar which makes them a profitable option for people who are looking to supplement their diet without foregoing on nutritious content. Energy bars are also a significant source of nourishment for exercise enthusiasts because they are designed to assist them in meeting their training goals. In 2022, a report by the Sports & Fitness Industry Association (SFIA), a US-based industry association, released that 237 million US citizens took part in at least one sport, marking a 9.2% increase from 2017 and a 1.9% rise from 2021. This data highlights the surging trend of active participation in sports and fitness-related activities, which is promoting the energy bar market share.

Rising Demand for Convenient and Portable Products

Energy bars are becoming more appealing to people who are living a hectic and active lifestyle on a daily basis. These bars are handy and nutritious, and they do not need any preparation time. In 2022, the employment rate in the U.S. was around 61%, which equaled to more than 157 million individuals who are living a hectic routine with minimum breaks and pauses in between. With increasing consumer spending on packaged foods and less time to prepare meals, people are turning toward convenience foods, like energy bars, for their energy requirements. They can be easily stored in a bag, car, or desk drawer, and have a long shelf life, which adds to their convenience. For 50% of US bar consumers, high protein is important in energy bars. Consumers are more likely to perceive snacks with added protein as healthy than similar snacks without protein.

Growing Interest in Plant-Based Diets

The move towards plant-based diet is a main trend that has affected many aspects of the food industry, including energy bars. Consumers are increasingly opting for vegetarian and vegan diets for health, ethical, or environmental reasons, driving the market expansion of plant-based energy bars. These bars are made with many important ingredients, like nuts, seeds, soy, peas, and brown rice, which makes them perfect for consumers who want to reduce their animal product consumption. Also, as per a report by the European Union (EU), the consumption of plant-based meals by Europeans surged by 49% in the years of 2018 and 2020, with a valuation of EUR 3.6 billion. This reflects a huge market opportunity and potential for plant-based energy bars. Also, the plant-based food market is growing at a rate of over 11.5% annually.

Energy Bar Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, nature, and distribution channel.

Breakup by Type:

• Protein Bar
• Nutrition Bar
• Cereal Bar
• Fiber Bar
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes protein bar, nutrition bar, cereal bar, and fiber bar.

As per the energy bar market analysis and research report, protein bars target individuals who are involved in physical activities and fitness enthusiasts. They are formulated to provide a high protein content, which aids in muscle recovery and satiety. Protein bars include whey, soy, pea protein, and casein that are appealing to the fitness community and those seeking meal replacements to support muscle maintenance and growth.

Nutrition bars are designed to offer a balanced mix of carbohydrates, proteins, fats, and various micronutrients. They cater to consumers who are looking for a nutritious snack or a quick meal replacement that provides a comprehensive nutrient profile. Nutrition bars are fortified with several vitamins and minerals and are consumed by athletes, busy professionals, travelers, and individuals who need a convenient source of balanced nutrition.

Cereal bars are composed of various grains, such as oats, wheat, rice, and corn, combined with nuts, fruits, and honey or other sweeteners. They are perceived as healthier alternatives to conventional snacks due to their natural grain content and lower calorie profiles. Cereal bars are ideal for breakfast replacements or midday snacks that are consumed by children and adults who prefer light and easy-to-digest options.

Fiber bars focus on providing high dietary fiber, which is important for digestive health and sustained satiety. They focus on health-conscious individuals and those with specific dietary needs, such as older adults and people with digestive issues. Fiber bars include ingredients like whole grains, nuts, seeds, and dried fruits. Moreover, the heightened awareness about the importance of fiber for overall health, weight management, and disease prevention is fueling the energy bar market revenue.

Breakup by Nature:

• Organic
• Conventional
   

Conventional holds the largest share of the industry

A detailed breakup and analysis of the market based on the nature have also been provided in the report. This includes organic and conventional. According to the report, conventional accounted for the largest market share.

Based on the energy bar market outlook and segmentation, the conventional segment dominated the market share. It includes bars that are produced using standard agricultural and manufacturing practices. Moreover, the established supply chains and wide consumer acceptance, offering products at a more affordable price point compared to their organic counterparts, are favoring the energy bar market value. Conventional energy bars feature a diverse range of flavors and ingredients, including various types of grains, nuts, seeds, and sweeteners, which are readily available and cost-effective. Additionally, their extensive availability, varied product options, and competitive pricing make them accessible to a broad consumer base.

Breakup by Distribution Channel:

• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Retail Stores
• Others
   

Supermarkets/hypermarkets represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes supermarkets/hypermarkets, convenience stores, specialty stores, online retail stores, and others. According to the report, supermarkets/hypermarkets represented the largest segment.

According to the energy bar market overview and forecast, supermarkets and hypermarkets form the largest segment due to their extensive reach and the convenience they offer to consumers. They stock a wide variety of energy bars, allowing customers to compare numerous brands, flavors, and price points all in one location. Moreover, supermarkets and hypermarkets focus on the strategic placement of energy bars near checkout counters or in the health food aisle, thereby capitalizing on impulse buying and increasing product visibility. Additionally, they host promotional events and discounts, which attract customers and boost sales volumes.

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
   

North America leads the market, accounting for the largest energy bar market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for energy bar.

North America represented the largest regional segment, driven by high consumer awareness about health and wellness, along with an established culture of on-the-go eating and snacking. Moreover, the highly developed retail infrastructure that makes energy bars widely available across supermarkets, convenience stores, and online platforms is fueling the market growth. Additionally, the burgeoning presence of numerous key players and startups in the industry, boosting the continuous introduction of new flavors, formulations, and functional benefits to meet consumer demands, is enhancing the energy bar market's recent developments and opportunities. Besides this, the high consumption rates of protein and nutrition-focused products that align with the rising trends towards fitness and healthy lifestyles, are favoring the market growth.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the energy bar industry include Clif Bar & Company, EAT Anytime, Fullwell Mill Limited, General Mills Inc., Kellogg Company, Kind LLC (Mars Incorporated), NuGo Nutrition, OTE Sports Ltd, PowerBar, Probar LLC, Quest Nutrition (The Simply Good Foods Company), Your Bar Factory, etc.

  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

  The top energy bar companies are vigorously engaging in innovation and expansion strategies to capture and retain consumer interest. They are focusing on product differentiation, introducing a variety of new flavors, and incorporating health-centric ingredients like plant-based proteins, organic elements, and superfoods to appeal to health-conscious consumers. Moreover, major companies are investing in attractive and informative packaging solutions that highlight the nutritional benefits and clean labels of their products. Besides this, they are forming strategic marketing efforts, including partnerships with influencers, sponsorship of sports events, and targeted digital campaigns to build brand visibility and loyalty. Additionally, key manufacturers are expanding their global footprint by entering new geographical markets and optimizing distribution channels, particularly e-commerce, to make their products more accessible across the globe.

Energy Bar Market News:

• In August 2021, General Mills, Inc launched performance protein bars from Cinnamon Toast Crunch and Golden Grahams brands. These bars contain less sugar and provide up to 20 g of protein in around 63 g of bar weight.
• In October 2022, Kellogg Company launched new bars under its Nutri-Grain brand, which include Chocolatey Banana Bites, mainly marketed for children. The company further introduced these bars in strawberry and squash variety.
• In September 2023, Mondelez International acquired Clif Bar & Company for $2.9 billion. This acquisition is expected to help Mondelez expand its portfolio of healthy snacks and gain a foothold in the growing organic energy bar market.

Energy Bar Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the energy bar market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global energy bar market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the energy bar industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.