3-Aug-2019: The global snack bars
market size is projected to reach USD 31.60 billion by
2025 expanding at a CAGR of 6.64% from 2019 to 2025, according to a new report
by Grand View Research, Inc. Changing consumer lifestyles and food patterns are
expected to drive the demand for convenient food products, such as snacks bar.
The richness of fiber and iron in granola/muesli bars has made it the dominant
product segment of the global market. Whereas, increasing awareness about the
health benefits offered by energy and nutrition bars lists it as the
fastest-growing product segment.
Supermarkets/hypermarkets
hold the dominant market share as these stores have a variety of products at
discounted prices. However, the online distribution channel is projected to
emerge as the fastest-growing segment over the forecast period. Developed
countries, such as U.S, Japan, and China, have well-established markets for
healthy bars. On the other hand, emerging countries like India can offer new
growth opportunities for the global market. Increasing population and awareness
regarding health and fitness programs is also likely to boost the market.
Business expansions
and product launches are the major strategies adopted by key companies in this
market. For instance, a Russian company called Bio Food Lab will expand its
business in emerging countries of APAC. Kellogg’s launched special K-bars.
Availability of substitutes of these nutritious foods in the market may have a
negative impact on the market growth. North America is the dominant regional
market followed by Europe.
Asia Pacific is
said to be the fastest-growing region due to rising popularity of sports as
career option and increasing disposable income and number of nuclear families
in the region. Companies such as Quaker Oats, Kellogg’s, Nature Valley have a
prominent share in the market Manufactures are focusing upon improving a
variety of snack bars. The merger of KIND Bars with Mars; a prominent player in
the market, has increased its presence of these products to drive the product
variety in the market.
In
depth research report on Snack Bars Market
Further key findings from the study suggest:
·
North America led the global snack bars market in 2018. The
region is said to maintain its dominance over the forecast years due to the
strong presence of prominent companies
·
Asia Pacific it is expected to witness the fastest market
growth from 2019 to 2025 due to increasing health consciousness and product
awareness in emerging economies like India
·
The industry is highly competitive. Key companies including
Nature Valley, Kellogg’s, Alpen And Jordan, Quaker Oats, Kind Bars, Cliff Bars,
Earnest Eats, Mars, Oriole Healthy Foods, And the Hain Celestial Group
Grand View Research
has segmented the global snack bars market on the basis of product,
distribution channel, and region:
Snack Bars Product Outlook (Revenue, USD Billion, 2015 -
2025)
·
Breakfast
·
Granola/Muesli
·
Fruit
·
Energy and Nutrition
·
Others
Snack Bars Distribution Channel Outlook (Revenue, USD
Billion, 2015 - 2025)
·
Supermarkets/Hypermarket
·
Convenience Stores
·
Online
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About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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