According to the latest report by IMARC Group, titled “Snack Bar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global snack bar market size reached US$ 25.5 Billion in 2022. A snack bar is designed to offer a balanced combination of nutrients, such as carbohydrates, proteins, and fats. It comprises cereals, corn, honey syrup, nuts, mixed grains, and fruit and vegetable extracts. It is compact, easy to carry and consume, cost-effective, convenient, and widely available in different flavors and formulations. It provides a quick energy boost and satisfies hunger between meals among individuals. As it assists in promoting a feeling of fullness and maintaining healthy blood sugar levels, the demand for snack bars is increasing across the globe.
Global Snack Bar Market Trends:
At present, the rising awareness about balanced diet options that support overall well-being represents one of the major factors impelling the market growth. In line with this, the growing demand for convenient and healthy snack options among the masses around the world is offering a positive market outlook. Additionally, the increasing adoption of energy bars for pre- or post-workout consumption among individuals is providing lucrative growth opportunities to industry investors. Apart from this, the wide availability of snack bars through online and offline distribution channels across the globe is supporting the market growth. In addition, the growing demand for protein snack bars among fitness enthusiasts that provide instant energy to the consumer is positively influencing the market. Furthermore, the rising preference for vegan ingredients and lower amounts of sugar in snack bars is strengthening the growth of the market. Looking forward, the market value is projected to reach US$ 34.7 Billion by 2028, expanding at a CAGR of 5.4% during 2023-2028.
- Based on the product type, the market has been classified into cereal bars (granola or muesli bars and others), energy and nutrition bars, and others. At present, cereal bars hold the largest market share.
- On the basis of the ingredient, the market has been segregated into nuts, whole grains, dried fruits, and others. Presently, whole grains represent the biggest market share.
- Based on the distribution channel, the market has been divided into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. Supermarkets and hypermarkets currently exhibit a clear dominance in the market.
- Region-wise, the market has been segmented into North America (United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being 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.
|Base Year of the Analysis
||Product Type, Ingredient, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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.
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