The new report by Expert Market Research titled, ‘Global Snack Bars Market Analysis, Share, Size, Trends, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global snack bars market, assessing the market based on its segments like product type, distribution channel and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.6%
The snack bars market is driven by the growing demand for whole-grain snack bars that provide essential nutrient benefits. As a result of the low sugar content of healthy snack bars, producers are increasingly using healthy sweeteners such as honey, sugar alcohol, and xylitol, among others, to increase their flavour and nutritional component, hence boosting market growth.
Furthermore, the usage of dried fruits such as almonds and walnuts, which provide distinct texture, flavour, and mouthfeel to snack bars while delivering nutritional benefits, is considerably contributing to the industry’s growth.
Snack Bars Industry Definition and Major Segments
Snack bars are bars that are developed to be consumed as a snack. They contain a variety of nutritional elements and can be used in replacement of typical meals. Snack bars are becoming increasingly popular among the working population with hectic lifestyles since they are convenient to consume. Protein bars, for example, are popular among the health-conscious people.
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Based on product type, the industry can be divided into
• Cereal Bars
o Granola/Muesli Bars
• Energy Bars
On the basis of distribution channel, the industry can be classified into:
• Convenience Stores
• Speciality Stores
The regional markets include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Snack Bars Market Trends
The adoption of diverse flavours in snack bars to appeal to changing consumer preferences is boosting the snack bars industry’s growth. Due to rising environmental and health concerns, the trend of clean label food products is raising demand for transparent snack bars, which is expected to drive market growth.
Furthermore, increased research and development (R&D) operations by leading companies to combine emerging ingredients and flavours in snack bars are expected to accelerate the snack bars industry’s growth.
The rising vegan population is expected to boost demand for vegetable-based snack bars that can imitate the flavour and texture of animal-based products during the forecast period. As the snacking trend accelerated with the onset of the COVID-19 pandemic, the growing prevalence of conscious indulgence movement is driving a shift toward healthier snacking options.
Furthermore, the growing interest in snack bars with energy-boosting and calming ingredients, as a result of the growing emphasis on holistic wellbeing, is likely to drive snack bar market growth.
Key Market Players
The major players in the market are Kellogg Company, Nestlé S.A., PepsiCo, Inc., Associated British Foods PLC, General Mills Inc., Clif Bar & Company, and Others.
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