The global snack bars market size is anticipated to reach USD 31.60 Billion by the year 2025, according to a new report by Million Insights. The market is anticipated to grow at a CAGR of 6.64% over the forecasted years, 2019 to 2025. Changing food patterns among the consumers is expected to drive the demand for the products like snack bars in the upcoming years. Also, increase in the awareness about the health benefits from the consumption of energy bars or nutrition bars is expected to boost the demand.
The segment of supermarkets/hypermarkets holds the largest share in the channel of distribution of the snack bars. But, due to rapid increase in the usage of internet, the online distribution channel is expected to grow at the higher pace over the forecasted period. The market for snack bars in developed countries like U.S. China and Japan is matured market. Likewise, the market in the developing countries like India is also expected to surge up during the forecasted period, 2019 to 2025. Increase in the awareness about maintenance of physical health and rising population are the key factors propelling the growth across these regions.
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The key players in this market are pursuing various types of product launches and business expansions in order to expand their sales. For instance, the Primal Pantry, had recently launched a product named Double Espresso Snack bar. Various ingredients such as dates, coconut nectar, almonds and coffee beans were added in order to improve its nutritional value and to attract athlete consumers.
The region of North America holds the largest share followed by Europe. Asia Pacific is expected to grow at fastest rate owing to the rising population and increase in the awareness about personal health among millennials. Major key players like Kellogg’s, Hain Celestial Group and Quaker Oats hold the largest share in the global snack bar market. These manufacturers are gaining acquisition over the local manufacturers and are merging with them in order to cater increasing demand across the globe.
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Further key findings from the report suggest:
• North America was the leading global market in the year 2018. It is expected to continue its dominance over the forecasted period.
• The region of Asia Pacific is expected to be the fastest growing market during the forecasted years, 2019 to 2025 due to emerging economies of countries like India.
• The industry for snack bars is highly competitive owing to the rise in the number of manufacturers and the increasing reach of the major players across the globe.
Million Insights has segmented the global snack bar market on the basis of product, distribution channel, and region:
Snack Bars Product Outlook (Revenue, USD Billion, 2015 – 2025)
• Granola/ Muesli
• Energy and nutrition
Snack Bars Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
• Supermarkets/ Hypermarkets
• Convenience stores
Snack Bars Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central and South America
• Middle East and Africa
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