USD 806.08 Mn growth expected in Snack Bars Market in US | Abbott Laboratories and Clif Bar & Co. to emerge as dominant players | Technavio

NEW YORK, April 14, 2022 /PRNewswire/ -- The snack market size in the US is expected to increase by USD 806.08 million between 2019 and 2024. The market observed a YOY growth of 2.05% in 2020 and the growth momentum is expected to accelerate at a CAGR of 2% during the forecast period. The report offers a detailed analysis of the recent developments in the market, new product launches by vendors, major revenue-generating segments, and market behavior across geographies.

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The market is driven by new product launches. In addition, the increasing demand for plant-based snack bars is anticipated to boost the growth of the snack bars market in the US.

The convenience offered by snack bars have increased their popularity as meal replacement among consumers. This is encouraging vendors in the market to introduce a wide range of products. For instance, in May 2019, KIND launched its KIND Frozen bars in the US. The products are made of almonds, dark chocolate, and sea salt. Similarly, in January 2019, That's it launched its new line of probiotic fruit bars containing 2 billion CFU of Bacillus coagulans GBI-30 6086 per serving. The products were introduced in mango, blueberry, and banana flavors. The increasing launch of such innovative products will be driving the growth of the market during the forecast period.

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Major Snack Bars Vendors in the US:

Technavio identifies the following as the dominant players in the snack bars market in the US.

• Abbott Laboratories
• Clif Bar & Co.
• General Mills Inc.
• Kellogg Co.
• KIND LLC
• Mondelez International Inc.
• PepsiCo Inc.
• Quest Nutrition LLC
• The Hain Celestial Group Inc.
• The Hershey Co.

Snack Bars Market In US: Segmentation Analysis

The snack bars market in the US is segmented by product (energy and nutrition bars, granola bars, breakfast bars, and other snack bars).

Snack Bars Market In US Product Outlook (Revenue, USD Million, 2019-2024)

• Energy and nutrition bars - size and forecast 2019-2024
• Granola bars - size and forecast 2019-2024
• Breakfast bars - size and forecast 2019-2024
• Other snack bars - size and forecast 2019-2024

The energy and nutrition bars segment generated maximum revenue in the market in 2021. The increasing consumption of energy bars as post workout snacks among people engaged in fitness activities is driving the growth of the segment. Also, the increasing number of gyms and fitness centers in the US is contributing to the growth of the segment. The market growth in the segment will be significant during the forecast period.

Snack Bars Market In US Distribution channel Outlook (Revenue, USD Million, 2019-2024)

• Offline distribution - size and forecast 2019-2024
• Online distribution - size and forecast 2019-2024

The offline distribution channel segment accounted for maximum sales of snack bars in the US in 2021. The segment is driven by the convenience offered by offline stores.

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Table of Contents:

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

• 2.1 Preface
• 2.2 Currency conversion rates for US$

PART 03: MARKET LANDSCAPE

• Market ecosystem
• Market characteristics
• Value chain analysis
• Market segmentation analysis

PART 04: MARKET SIZING

• Market definition
• Market sizing 2019
• Market outlook
• Market size and forecast 2019-2024

PART 05: FIVE FORCES ANALYSIS

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

PART 06: MARKET SEGMENTATION BY PRODUCT

• Market segmentation by product
• Comparison by product
• Energy and nutrition bars - Market size and forecast 2019-2024
• Granola bars - Market size and forecast 2019-2024
• Breakfast bars - Market size and forecast 2019-2024
• Other snack bars - Market size and forecast 2019-2024
• Market opportunity by product

PART 07: CUSTOMER LANDSCAPE

PART 08: MARKET SEGMENTATION BY DISTRIBUTION CHANNEL

• Market segmentation by distribution channel
• Comparison by distribution channel
• Offline distribution - Market size and forecast 2019-2024
• Online distribution - Market size and forecast 2019-2024
• Market opportunity by distribution channel

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

• Market drivers
• Market challenges

PART 11: MARKET TRENDS

• Rising demand for on-the-go breakfast options
• Increasing demand for plant-based snack bars
• Growing popularity of private-label brands

PART 12: VENDOR LANDSCAPE

• Overview
• Landscape disruption
• Competitive scenario

PART 13: VENDOR ANALYSIS

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Abbott Laboratories
• Clif Bar & Co.
• General Mills Inc.
• Kellogg Co.
• KIND LLC
• Mondel?z International Inc.
• PepsiCo Inc.
• Quest Nutrition LLC
• The Hain Celestial Group Inc.
• The Hershey Co.

PART 14: APPENDIX

• Research methodology
• List of abbreviations
• Definition of market positioning of vendors

PART 15: EXPLORE TECHNAVIO

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio