United States Snack Bar Market - Growth, Trends, and Forecast (2018 - 2023)
The United States snack bar market is estimated to be valued at USD 6.8 billion by 2023, registering a CAGR of 7%. Energy and nutrition bars occupy almost one third of the snack bar market the United States, and are consumed widely across the country. The volumetric sales of snack bars are expected to register a CAGR of 2.1% during the forecast period.
Snack bar is a convenience food, and owing to a busy lifestyle, consumers prefer on-the-go meals. Therefore, in the present scenario, the major snack bar market shareholders are the working populace.
Increasing Demand from the Sports Sector
Brands are becoming more specific regarding the type of athletic support they provide, by targeting defined segments of the overall sports experience, from preparation to recovery. Energy and endurance bars maintain blood-glucose levels during exercise, and contain a high concentration of carbohydrates, with typically moderate amounts of protein and fat. Balanced bars have very evenly balanced nutritional profiles, which contain similar proportions of carbohydrates, protein, and fat. Protein bars in the United States are targeted at bodybuilders, to help them achieve their muscle mass and strength goals. Consumers of sports nutrition products have been bodybuilders and athletes. This trend is changing, as weekend sports enthusiasts and lifestyle users are creating new market opportunities for snacks bar manufacturers.
Granola Bars are the Leading Snack Bar Type
Every four out of ten consumers prefer on-the-go snacks that are portable and affordable. Snack bars that contain vitamins, minerals, fibers, and protein are gaining popularity, as they complement the nutritional requirements of consumers. The overall rise in the trend of snacking between meals makes snack bars an extremely viable option. The granola bars segment in the United States accounts for close to 50% of the total snack bars sales.
Kelloggs and General Mills Dominate the Market
The market for snack bars in the United States is consolidated with the presence of companies that operate across the globe. The US snack bar market is governed by the leading players, along with some regional small- to medium-scale players entering the market. Kelloggs company and General Mills are the dominant players, and together account for 40% of the US snack bar market share.
Major players - ABBOTT LABORATORIES INC., CLIF BAR (LUNA BAR), GENERAL MILLS, GLAXOSMITHKLINE PLC, KELLOGG, KIND SNACKS, MARS INC., NATURAL BALANCE FOODS, NESTLE, UNITED BISCUITS (HOLDINGS) PLC, WEETABIX LTD., among others.
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