Snack Bars Market - Growth, Trends, and Forecasts (2020 - 2025)
The global snack bars market is projected to grow at a CAGR of 4.45% during the forecast period 2020-2025.
- Consumer demand for convenient and healthy on-the-go snack options has by far been the primary attribute for the sales of snack bars all over the world. Changing lifestyles of Americans and Europeans, involving the consumption of smaller meals, are leading to increased consumption of snacks; hence, snack bars, being the healthier option, are witnessing increasing demand.
- Snack bars have opportunities within functional ingredients, reduced sugar, savory spins, and plant proteins. The trending innovations in the category also involve modification in packaging and the launch of targeted-consumer products. For instance, in April 2019, a new CBD-infused snack bar, Nooro, was created by nutritionists and cannabis experts as a convenient way to consume CBD on-the-go.
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 holds the Largest Market Share
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 and the baby boomers are the major consumers of snack bars in the United States. 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.
The snack bars market is a highly fragmented and competitive, 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 globe. 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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