New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Energy Bar Global Market Report 2023" - https://www.reportlinker.com/p06479754/?utm_source=GNW
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The global energy bar market is expected to grow from $3.90 billion in 2022 to $4.08 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The energy bar market is expected to reach $4.81 billion in 2027 at a CAGR of 4.2%.
The energy bar market consists of sales of granola bars, health bars, and snack bars.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
An energy bar refers to a food product with the shape of a bar that contains a combination of fats, carbs, and proteins and is fortified with vitamins and minerals. It is used as a source of energy during athletic events like marathons, triathlons, and other activities requiring a high energy expenditure for extended periods of time.
North America was the largest region in the energy bar market in 2022.Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in energy bar report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of energy bars include protein bars, nutrition bars, cereal bars, and fiber bars.A protein bar refers to a nutritional supplement that contains a high amount of protein, usually derived from sources such as whey, soy, or pea protein.
They are organic and conventional in nature and are distributed through supermarkets/hypermarkets, convenience stores, specialty stores, online stores, and others.
Increasing participation in sports, health clubs, and gyms is driving the energy bar market going forward.Sports refer to physical activities or games that are typically played competitively or for leisure.
Health clubs or gyms refer to facilities that offer a variety of fitness and exercise equipment, classes, and services designed to help people improve their physical health and fitness.Energy bars provide a healthy source of fitness enthusiasts and helps them meet their fitness goals.
For instance, in 2022, according to the Sports & Fitness Industry Association (SFIA), a US-based industry association of the sports and fitness industry, 237 million US citizens participated in at least one sport, which was an increase of 9.2% from 2017 and 1.9% from 2021. Further, Cardio kickboxing had the highest year-on-year increase with 8.5% from 2021 to 2022. Therefore, the increasing participation in sports, health clubs, and gyms is propelling the energy bar market.
Product innovations are a key trend gaining popularity in the energy bar market.Major companies operating in the market are introducing innovative products such as ‘That’s it Keto Kick coffee energy bar’ to sustain their position in the market.
For instance, in July 2021, That’s It, a US-based manufacturer of healthy snacks launched a new Keto Kick coffee energy bar.The uniqueness of the product is that it’s suitable for the keto diet and has only six plant-based whole ingredients.
It contains 95mg of caffeine from Fair Trade, single-origin Ethiopian coffee beans. With the introduction of this new snack, there is now a healthier and easier method to provide body with the whole foods and caffeine it needs while maintaining a plant-based and ketogenic diet.
In August 2022, Mondel?z International, Inc. a US-based snacks manufacturer, acquired Clif Bar & Company for an undisclosed amount. The acquisition expanded Mondel?z International’s snacks bar business and provides an extended customer base to the company. It is also in line with the company’s strategy to reshape its product portfolio. Clif Bar & Company is a US-based manufacturer of nutritious energy bars with organic ingredients.
The countries covered in the energy bar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The energy bar market research report is one of a series of new reports that provides energy bar market statistics, including the energy bar industry’s global market size, regional shares, competitors with an energy bar market share, detailed energy bar market segments, market trends, and opportunities, and any further data you may need to thrive in the energy bar industry. This energy bar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479754/?utm_source=GNW
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