Global snack bar market is forecasted to reach 20.4 billion USD by 2024, registering a CAGR of 5.4% during the forecasted period (2019
NEW YORK, Oct. 28, 2019 /PRNewswire/ --
Market Overview
Global snack bar market is forecasted to reach 20.4 billion USD by 2024, registering a CAGR of 5.4% during the forecasted period (2019 - 2024).
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- Energy bar product type segment is expected to account for the highest revenue share in the global snack bar market in 2018, attributable to their higher crude protein content when compared to other protein bars. Energy bars are primarily composed of carbohydrates, with significant amounts of protein and fat. The high-carbohydrate content provides fuel for muscles, protein helps with muscle repair, and their low-fat/low-fiber formulation makes them easy to digest, thus, making them the perfect workout snack.
- Granola/muesli bars are the most popular types of cereal bars. Granola is highly nutritional, as it contains vitamins, minerals, and other essential nutrients, such as dietary fibers, sodium, potassium, zinc, phosphorus, magnesium, calcium, vitamins E and C, niacin, iron, and thiamin.
Scope of the Report
Global snack bar market is segmented by product type into, cereal bar, energy bars, and other snack bars. By distribution channel the global snack bar market is segmented into, supermarkets/hypermarkets, convenience stores, specialty stores, online stores, and others.
Key Market Trends
Demand For Plant-based Bars And Bars With Functional Claim
With the increased inclination toward plant-based products and vegan diet, there has also been a demand for vegan snack bars. Some of the prominent flavor components for plant-based snack bars include beet, spirulina, orange, peanut butter, brownie, and red berry. For example, in 2018, Clif Bar & Company launched an energy granola bar made with plant-based protein, in order to increase its share in the cereal bar segment. The product claims to contain 8g of protein and 27g of whole grain per 10 ounces, served in four distinct flavors, namely cocoa chocolate, white chocolate, macadamia nut, cinnamon almond, and blueberry crisp.
North America is the largest market in the global snack bar market
Americans are progressively becoming health conscious, which, in turn, is generating the demand for healthy foods. Snack and cereal bar manufacturers in the region are successfully meeting the rising consumer demand for the nutritious dietary snacks. Due to the high competition in the snack bar market in North America, the manufacturers are launching the variants of the snack bars to differentiate their products in the market. Repositioning of the products is the key strategy to serve the wide range of consumers and strengthen the consumer base, in order to gain increased market share. Protein and fiber form the key component of these snack bars. Millennial population and the baby boomers are the major consumers of snack bars in the United States. In this regards, in February 2018, Pepsico launched snack bar, with fruits and vegetables, in North America, the use of vegetables in the snack bar acts as the differentiator for the Pepsico's snack bars.
Competitive Landscape
The snack bar market is a highly competitive market, with the presence of prominent global players and various regional players. The major players of the market are having a wide distribution network across the world. Players are also focusing on expanding the product portfolio by understanding the various requirements of the segment. Associated British Food, GlaxoSmithKline PLC, Abbott Laboratories Inc, and Nestle are some of the other major giants in the snack bar market with a global presence. The market has the presence of various regional players and most of them are privately owned, for instance, Kind Snacks in the United States, Halo Foods in the United Kingdom, and so on.
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