New York, July 11, 2023 (GLOBE NEWSWIRE) -- Global Snack Bars Market size accounted for USD 29.0 Bn in 2022. It is projected to surpass around USD 41.7 Bn by 2032, and it is poised to reach a CAGR of 3.8% from 2023 to 2032.
The continuously increasing popularity of the snack bars market is an undeniable phenomenon that continues to captivate the general public with its unparalleled convenience, affordability, and extraordinary health benefits. Snack bars emerge as the epitome of a wholesome and convenient snack option, meticulously crafted from a plethora of natural ingredients to provide an exceptional array of vital components such as protein, fiber, vitamins, and minerals. This bounty manifests as a vibrant tapestry of flavors and styles, ranging from energy bars pulsating with vitality to protein bars that ignite the senses, as well as rustic granola bars brimming with textured elegance and fruity bars.
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Key Takeaway
- By product type, energy bars dominated the segment with a major revenue share.
- By distribution channel, supermarkets & hypermarkets lead the segment by holding significant revenue share.
- By ingredient, chocolate secured most of the revenue share to lead the ingredient segment in the snack bars market.
- North America held a major revenue share of 34.8% in 2022
- Asia Pacific market is anticipated to grow significantly over the forecast period.
The snack bars market is an indispensable conduit that meticulously accommodates the growing demand for wholesome and convenient snack alternatives. These extraordinary bars are endowed with a variety of benefits, including portability, durability, and satiety, while also harnessing the power of nature's bountiful offerings and eschewing artificial preservatives, flavors, and hues. Indeed, these formidable snack bars are a reliable source of revitalizing energy, endowed with the ability to bestow vital nutrients.
Factors Affecting the Growth of the Snack Bars Market
Several factors can affect the growth of the snack bars market. Some of these factors include:
- Growing Health Awareness: Rising health awareness among individuals across the world is significantly increasing the demand for healthy food products in the market. It includes many types of food products along with snack bars. Snack bars include various bars that offer instant energy and a high resource of nutrients. Therefore, many individuals have started to consume snack bars on a daily basis.
- Innovative Strategies from Key Players: The key players in the global snack bars market are different, offering snack bars with various flavors and tastes to attract more customers to the product. This attracts many individuals to try snack bars.
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Top Trends in Global Snack Bars Market
The demand for convenient, healthful, and on-the-go snacks is continuously rising in recent years, propelling the growth of the snack bars market. As consumers become more health conscious, they seek snacks that taste delicious and provide nutritional benefits. The major market trends that are influencing the snack bars industry like the increased emphasis on plant-based and vegan options, the use of natural and organic ingredients, the introduction of snack bars with functional benefits such as immunity and gut health, and the rising popularity of personalized and customized snack bars are positively affecting the growth of global snack bars market.
Market Growth
The snack bars are endowed with a variety of benefits, including portability, durability, and satiety, while also harnessing the power of nature's bountiful offerings and eschewing artificial preservatives, flavors, and hues. Indeed, these formidable snack bars are a reliable source of revitalizing energy. These all health benefits of snack bars are encouraging individuals to try the snack bars. This is boosting the growth of the global snack bars market.
Regional Analysis
North America leads the global snack bars market by covering a major revenue share of 34.8%. North America has a larger total market size, making it a more desirable location for businesses seeking to establish themselves. In addition, North America has a high per capita GDP, which reflects the region's overall prosperity. Moreover, the rising health awareness among individuals in North America is also helping the region to dominate in the global snack bars market.
After North America, Asia Pacific is expected to grow significantly over the forecast period. The rising population and changing food preferences are expected to drive the growth of the snack bars market in the Asia Pacific region during the forecast period.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include General Mills Inc., Kellogg Company, The Quaker Oats Company, KIND LLC, Clif Bar & Company, Atkins Nutritionals Inc., Earnest Eats, Mars Incorporated, Healthy Food Ingredients LLC, Quest Nutrition LLC, Other Key Players
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 29.0 Bn |
| Market Size (2032) | USD 41.7 Bn |
| CAGR (from 2023 to 2032) | 3.8% |
| North America Revenue Share | 34.8% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The growing demand for nutritious and convenient snack alternatives plays a crucial role in the growth of the global snack bars market. As consumers embark on a journey toward greater health awareness, their quest for sustenance and pursuit of unparalleled convenience become intertwined. Snack bars are the epitome of this harmonious union, brimming with protein Supplements, Dietary fibers, and wholesome ingredients.
The remarkable increase in consumers' health and wellness consciousness considerably contributes to the success of the snack bars market. Individuals are awakening to the utmost significance of cultivating healthy dietary habits as the specter of lifestyle-related diseases looms ominously on the horizon.
Market Restraints
The market for snack bars has identified several factors that limit industry expansion. High competition among established players and new entrants, limited shelf life and raw materials storage, fluctuating snack bar prices, and stringent regulations and labeling requirements in some regions present significant challenges, even though snack bars have become increasingly popular among consumers seeking convenient and healthy on-the-go food options.
The fluctuating price of the raw materials used to produce snack bars makes it difficult for manufacturers to plan their production process and pricing strategy. For instance, the price of nuts is highly variable, and any significant price increase significantly impacts manufacturers' profit margins.
Market Opportunities
Snack bars are experiencing phenomenal growth thanks to the growing health and wellness market, where people want easy, healthy snacks. Many factors drove this remarkable rise, like, a mesmerizing symphony of new and inventive flavors and ingredients, harmonious alliances with fitness and health clubs, and the noble quest for sustainable and eco-friendly packaging. As consumers explore the cuisine, they want distinctive, unusual products.
To maximize their diets, they want functional ingredients like protein, fiber, and superfoods. Manufacturers follow this demand and create unconventional flavors and formulations. They work with suppliers to create a feast of sustainable and ethereal ingredients. All these factors are anticipated to create many opportunities in the global snack bars market over the forecast period.
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Report Segmentation of the Snack Bars Market
Product Type Insight
The snack bar market is mainly controlled by the energy bars segment. Due to their nutritional content and energy-boosting capabilities, energy bars are becoming increasingly popular among health-conscious consumers. These bars contain nuts, seeds, fruits, protein, and fiber. Due to the rising demand for healthier snacks, the energy bars segment will likely dominate the snack bars market in the future. Consumers want quick, convenient, and healthful snack options, especially ones that provide continuous energy throughout the day.
Distribution Channel Insight
Supermarkets and hypermarkets dominate the snack bar market. These convenience stores sell snack bars and other products. Supermarkets and hypermarkets can provide consumers with bulk discounts and other promotional opportunities. Economic development drives the growth of supermarkets and hypermarkets in emerging markets. As economies grow, consumers have more disposable income and demand convenience and accessibility. With changing lifestyles, consumers are increasingly shopping in supermarkets and hypermarkets.
Ingredient Insight
The chocolate segment leads the snack bar market. Chocolate is a well-known and well-loved ingredient, and manufacturers use it in many ways to make snack bars appealing to consumers. Milk, dark, or white chocolate is used to make chocolate snack bars. These bars have many tastes and may contain nuts or fruits. Rising disposable income and lifestyle changes boost emerging economies' chocolate segment growth. These economies are increasingly exposed to different varieties of chocolate and willing to spend more for higher-quality products.
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Market Segmentation
Based on Product Type
- Granola Bars
- Protein Bars
- Nut Bars
- Fruit Bars
- Energy Bars
Based on Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Health Food Stores
- Online Retailers
- Specialty Stores
Based on Ingredient
- Chocolate
- Nuts
- Seeds
- Dried Fruits
- Protein Sources
- Other Ingredients
Key Regions
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players
- General Mills Inc.
- Kellogg Company
- Mars Incorporated
- Quest Nutrition LLC
- The Quaker Oats Company
- KIND LLC
- Clif Bar & Company
- Atkins Nutritionals Inc.
- Earnest Eats
- Eat Anytime
- Other Key Players
Recent Development of the Snack Bars Market
- In 2023, The Rise of Plant-Based and Vegan Snack Bars. As consumers become more conscious of their diets and the environment, there is a growing demand for plant-based and vegan snack bars.
- In 2022, Sustainable procurement progressed, with snack bar manufacturers emphasizing the use of ethically and responsibly sourced ingredients.
Browse More Related Reports
- Healthy Snacks Market size is expected to be worth around USD 58.6 Bn by 2032 from USD 35.7 Bn in 2022, growing at a CAGR of 5.2% during the forecast period from 2023 to 2032.
- Fruit Snacks Market size is expected to be worth around USD 12.3 Bn by 2032 from USD 6.1 Bn in 2022, growing at a CAGR of 7.4% during the forecast period from 2023 to 2032.
- Caramel Market size is expected to be worth around USD 4.0 Bn by 2032 from USD 2.8 Bn in 2022, growing at a CAGR of 3.8% during the forecast period from 2023 to 2032.
- Granola Market size is expected to be worth around USD 11.9 Bn by 2032 from USD 8.9 Bn in 2022, growing at a CAGR of 3.0% during the forecast period from 2023 to 2032.
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