Asia-Pacific Snack bars Market - Segmented by Ingredients, Type and Geography - Trends and Forecasts (2017 - 2022)
Snack bars are nutritious and can be consumed quickly and this makes them suitable for quick breakfast, lunch and snacks between meals. Therefore due to the increasing popularity of the snack bars in Asia Pacific region it is expected to grow with an overall CAGR of 5.7% for the forecast period (2017 - 2022).
Asia Pacific region is considered as the fastest growing market for snack bar due to change in life style and increase in disposable income which is increasing the inclination of customers towards new healthy and quick snacking options. Although in many regions it is still considered a niche product as well as less awareness of the product decreases the buying capacity however with the changing scenario and increasing western influence is leading to the enhanced market share of snack bar industry for Asia Pacific region by the end of the forecast period.
Australia, India, Japan and China are the major regions in Asia Pacific in the snack bars market where snack bars are considered as the most convenient snacking items. In Australia, snack bar market is witnessing a shift towards more wholesome product offerings as consumers became increasingly concerned about the negative health aspects associated with conventional snack bars. There is a huge demand for natural healthy snacks such as granola/muesli bars as it is perceived as being a more natural alternative traditional snack bar. In Japan, the convenience of snack bars meets the needs of increasing number of Japanese consumers who live busy lifestyles and are looking for quick solutions for diet. Snack bars continued to have only low sales in China, mainly due to limited product awareness but it is expected to grow exponentially in the forecast period (2017 - 2022). The concept of snack bars is still relatively new in India as consumers did not purchase these for breakfast purposes, but rather a healthier version of a chocolate bar.