Increasing awareness of healthy diet and technological advancements in energy bar processing is offering lucrative opportunities for the growth of the global energy bar market
Extreme popularity gained by on-the-go snacking foods and convenience functional food groups along with greater scope for product innovations is offering vast expanse of opportunities for energy bar producers to come up with high-quality, nutrition rich novel products ultimately expecting a dramatic growth in the global energy bar market estimated to gather a CAGR of near about 6.5%. the market size of the global energy bar market is likely to be worth 2.2 billion.
Supplemental bars are often promoted as a small packaged energy boosters consisting of all the necessary macro-nutrients as well as micro-nutrients offering a significant amount of energy. Energy bars or protein bars are considered to be an effective way to overcome the specific energy needs of consumers by consuming the balanced protein and carbohydrate providing product.
Gym members and fitness enthusiasts are major group of consumers acting as the major source of demand for energy bars which allows them with sufficient energy to sustain through a workout if consumed prior or help in muscle tissue repair and development if consumed after.
The current and future potential of the global energy bar market is accompanied with varying growth scales and patterns within the present and future scenario prominently highlighting the market attractiveness. The key influential factors augmenting the growth of the global energy bar market primarily focuses on the growth prospects and opportunities over the forecast period.
Factors such as rapidly shifting consumer preferences, increasing awareness of healthy diet and lifestyle, popularizing trends associated with fitness regimes and eating habits, surging gym memberships and increasing number of smaller start-ups developing innovative energy bars are among the major factors propelling the growth of the global energy market over the forecast years. In addition, significant advancements in processing technologies scaling up energy bar production is also accelerating the growth of the global energy bar market during the forecast years.
Adroit Market Research report on the global energy market provides a comprehensive view into the market trends from 2018 to 2028, covering key aspects of the market dynamics such as the market drivers, restrains, opportunities, challenges and core strengths. The market has been assessed through the historic years spanning from 2018 to 2020 keeping 2020 as the base year of market estimation followed by the future forecast from years 2021 to 2028. The report accurately covers market status, traits and industry dynamics with respect to each phase. In addition, the study also incorporates further assessment of the market based on Porter’s five forces analysis and evaluates the placement of the key players based on revenue contributions, geographic footprint, product portfolio and strategic initiatives.
The energy bar market has a robust market competition amongst the well-known large-scale players and the young start-ups. Also, the energy bar industry players are pursuing new growth opportunities and extending into potential prospects by entering untapped market space in order to strengthen the competitive identity among other industry players and initiating promising business collaborations, ventures, mergers and partnerships, acquisition of smaller industry players and enhancing business presence.
Based on the product type segment, the energy bar market is categorized into nutritional bars, protein bars, fiber bars, and cereal bars. The protein bar segment held a dominant market share in in the past and is likely to witness similar fast-paced product expansion with market players deploying advanced product development strategies and innovations offering vast range of products. Surge in the demand for protein-focused convenience foods is expected to drive the segment growth over the forecast years.
North America has a vast energy bar market with developed economies like U.S. and Canada leading the technological advancements and rapidly pacing product development strategies. The region houses a massive landscape of key players thereby displaying a solid geographic footprint with major food regulatory bodies placed in the region favoring the development of nutritious functional foods.
Food and beverage industry in North America is robust and witnessing rise in expenditure thus branching out potential for markets like energy bar and protein bar to flourish amidst the escalating demand thereby creating avenues over the forecast years.
The major players of the global energy bar market are General Mills, Kellogg Company, Cliff Bar & Company, McKee Foods Corporation, Brighter Foods, Premier Nutrition, Probar, NuGo, Abbott Laboratories, GlaxoSmithKline, Mars, Built Bar, Verb Energy, Bite Snacks, NELLSON ANAHEIM, Health Warrior, and Quest Nutrition.
The global energy bar competitive landscape encompasses the well-established local players and the international market entities. Previously recognized market players are proposing potential scope for growth via advanced strategic initiatives to enhance product portfolio to remain competitive in the global market.
Key Segments of the Global Energy Bar Market
Product Type Overview, 2018-2028 (USD Billion)
- Nutrition Bar
- Protein Bar
- Fiber Bar
- Cereal Bar
Nature Overview, 2018-2028 (USD Billion)
Distribution Channels Overview, 2018-2028 (USD Billion)
- Convenience Stores
- Online Retail
- Supermarket & Hypermarkets
- Specialty Stores
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa