New York, USA, April 13, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global energy bar market is expected to register a revenue of $29,447.10 million by 2028 and grow at a healthy CAGR of 10.50% over the forecast period from 2021 to 2028. The extensive report provides a brief outline of the energy bar market’s present framework including chief facets of the market such as growth factors, hindrances, restraints, and several opportunities during the estimated period of 2021-2028. The report also provides all the market figures to help new entrants analyze the market easily.
Dynamics of the Market:
Drivers: Growing changes in meal patterns and timings due to busy lifestyles and a growing emphasis on consuming healthier foods are the prime factors responsible for boosting the growth of the global energy bar market by 2028. Moreover, rising strategic alliances and collaborations among key market players are also predicted to bolster the market development in the 2021-2028 timeframe.
Opportunities: Rising demand for different flavors and textures in energy bars along with the prevalence of trends like healthy on-the-go snacking among the youth are some factors expected to offer ample growth opportunities for the global energy bar market by 2028.
Restraints: High costs of energy bars is the main factor estimated to impede the growth of the global energy bar market.
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Segments of the Market:
The report has fragmented the market into a few segments based on type, distribution channel, and region.
Type: Protein Bar sub-segment to be Most Beneficial
By type, the protein bar sub-segment of the global energy bar market is predicted to have a dominating market share and surpass $12,031.47 million in the 2021-2028 timeframe due to consumers’ increasing preferences for healthy foods and snacks that are easy to carry and store. Moreover, the ability of such bars to overcome protein deficiencies in the geriatric population is also anticipated to accelerate the demand for protein bars for all age groups and augment the sub-segments growth by 2028.
Distribution Channel: Specialty Stores Sub-segment to be Highly Lucrative
By distribution channel, the specialty stores sub-segment of the global energy bar market is projected to have a significant market share and gather a revenue of $12,043.11 million by 2028 due to the attractive discounts and convenience that these specialty stores offer. Moreover, they also provide easy availability of a wide variety of beverages and food items along with many entertainment activities. Additionally, the freedom for customers to compare products and buy only the best and reasonably priced items are some factors to propel the sub-segments growth.
Region: Market in the North America Region to Flourish Tremendously
By regional analysis, the energy bar market in the North America region is expected to register a revenue of $11,366.58 million by 2028 due to higher disposable incomes and the existence of prominent market players. Additionally, growing trends regarding healthy diets and snacking after intense workouts to gain instant energy are also projected to accelerate the demand for energy bars, thus uplifting the market growth by 2028.
Covid-19 Impact on the Market:
The outbreak of the Covid-19 pandemic has had an adverse effect on several industries and businesses, including the global energy bar market. Government-imposed lockdowns and mobility restrictions caused declined demand and production of energy bars amid such stressful times. Moreover, stringent travel bans led to disruptions in supply chains and the overall market growth, thus hampering its revenue. However, the spread of the coronavirus compelled people across the world to switch to healthier foods and snacks and adopt the ongoing healthy on-the-go snacking. These factors are expected to revive the market growth post the pandemic chaos.
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Significant Market Players:
Some significant players in the energy bar market include
- NuGo Nutrition
- Cliff Bar & Company
- McKee Foods Corporation
- General Mills Inc
- Brighter Foods Ltd
- Kellogg Company
- Kind LLC
- Probar LLC
- Quest Nutrition
- Premier Nutrition Inc, and many more.
These players are working on developing strategies such as product development, merger, and acquisition, partnerships, and collaborations to sustain the market enhancement. - Inquire here@ https://www.researchdive.com/purchase-enquiry/8499
For instance, in July 2021, Clif Bar, an American organization that provides energy drinks and foods, announced its launch of brand-new nut butter-filled energy bars in Australia with the help of Unique Health Products, a renowned high-class products distributor. This new energy bar was launched in 3 different flavors- peanut butter, chocolate peanut butter, and chocolate hazelnut butter.
The report also summarizes many crucial aspects of the global market including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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- The Global Energy Bar Market is Anticipated To Generate A Revenue Of $29,447.10 Million, Growing At A CAGR Of 10.50% From 2021 To 2028
