The North America energy bar market is expected to reach USD 4.4 billion by 2023 at a CAGR of 4.1%, during the forecast period
The North America energy bar volume sale is expected to witness a CAGR of 2.6%, during the forecast period. North America surpassed a volume consumption of 176 million Kg of energy bar in 2016 with US the largest market. Energy and nutrition bar continued its growth during the forecast period.
Energy Bars are the supplement bars composed of cereals and high energy-providing nutrients such as protein, carbohydrates, vitamins, minerals, and other ingredients, which provide instant energy to the body. Energy bar market includes sports nutrition bars and snack bars designated to meet both daily and sports nutrition needs. Growing demand for functional food, indulgence, meal replacement, on-the-go snacking are various factors fueled the Energy Bar market growth.
Healthy Snacking & Convenient Pack Driving Sales
Consumers are always on move due to busy lifestyle, which created a demand for convenient on-the-go breakfast option. Consumers tend to buy snack in smaller portion size on multiple occasion, which offer potential opportunity for energy bar packaging market. The penetration of energy bar is higher between the age group of 18-50 years rather than those aged 50 or older. Increased concentration of gym going population to maintain health & fitness and more diverse population are demanding nutrition bar.
Rising Demand for Clean Label & Organic in US
Clean label and free-from products leading the way in US which is growing at a faster pace in energy bar market. Energy Bar market size in US grew from USD 2.8 billion in 2014 to over USD 3 billion in 2018. The total snack, nutrition, and energy bar sale in US valued at USD 6.2 billion in 2014, rose 30% from 2009-2014. Natural and organic claim product launch grew 45% in 2016 from previous year in the US.
Increased consumer demand for nutritious product and rising clean label claims on product accelerated the market growth in the region. Product launch with various label claims, such as no artificial additive, high or added fiber, and reduced sugar achieved strong growth in the past five years. Expensive brands offering product composed of natural and organic ingredient is expected to increase sales.
Feb 2018 - Alterra Mountain Company and Clif Bar announced a three-year strategic partnership. The new partnership named Clif Bar as the official energy bar of 11 location. The former company operates recreation, hospitality, real-estate development, food & beverage, and retail businesses
The North America Energy Bar market is competitive with large number of existing multinational players. Innovative product launch and clean label ingredients are the various strategy adopted by these players. Private label brands provides tough competition to the existing players with their flavored product offerings.
Major players include - Nestle S.A, Nature's Bounty Co., Kellogg Na Co, Glaxosmithkline Plc, General Mills, Inc., Clif Bar & Company, amongst others.
Key Topics Covered:
1. Introduction 1.1 Key Deliverables of the Study 1.2 Study Assumptions 1.3 Scope of the Market
2. Research Approach and Methodology 2.1 Introduction 2.2 Research Design 2.3 Study Timelines 2.4 Study Phases
3. Market Overview 3.1 Market Trends 3.2 Market Dynamics 3.2.1 Drivers 188.8.131.52 Innovation in Packaging and Flavor 184.108.40.206 Rising Demand for Clean-label Products 220.127.116.11 Increased Demand for On-the-go Snacking 3.2.2 Restraints 18.104.22.168 Health Concern Related to High Sugar Content 22.214.171.124 Increased Competition from Cereal Bar 3.2.3 Opportunities 3.2.4 Porter's Five Forces Analysis
4. Market Segmentation 4.1 By Distribution Channel 4.1.1 Convenience Stores 4.1.2 Specialist Retailers 4.1.3 Supermarkets and Hypermarkets 4.1.4 Vending machines 4.1.5 Online Retail 4.1.6 Variety Stores 4.1.7 Other Distribution Channel 4.2 By Geography
5. Competitive Landscape 5.1 Market Share Analysis 5.2 Strategy Adopted by Key Players 5.3 Most Active Companies in the Past Five Years
6. List of Company Profiles 6.1 Overview 6.2 Products & Services 6.3 Financials 6.4 Key Developments 6.5 Strategies Adopted 6.6 SWOT Analysis of Major Five Players
7. Companies Covered 7.1 General Mills, Inc. 7.2 The Kellogg Company 7.3 QuestNutrition LLC 7.4 Probar LLC 7.5 Nutrition, Inc. (Pureprotein) 7.6 Clif Bar & Company 7.7 The Gatorade Company 7.8 PowerBar, Inc. 7.9 Abbott Nutrition Manufacturing Inc 7.10 Hormel Foods Corporation 7.11 Glaxosmithkline Plc 7.12 Nature's bounty Co.