New York, Jan. 27, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Nutritional Bars Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Protein Bars, High-Fiber Bars, and Others), Category (Conventional and Gluten-Free), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)”; the global nutritional bars market size is expected to grow from USD 7.10 billion in 2022 to USD 9.83 billion by 2028; it is estimated to grow at a CAGR of 5.6% from 2022 to 2028.
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Global Nutritional Bars Market – Report Scope:
| Market Size Value in | USD 7.10 Billion in 2022 |
| Market Size Value by | USD 9.83 Billion by 2028 |
| Growth rate | CAGR of 5.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 154 |
| No. of Tables | 83 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Type, Category, and Distribution Channel |
Nutritional Bars Market: Competitive Landscape and Key Developments
The Simply Good Foods Co, Clif Bar & Co, General Mills Inc, The Kellogg Co, Rise Bar Inc, The Quaker Oats Co, Perfect Bar LLC, Mars Inc, Kind LLC, and Premier Nutrition Co LLC are a few key players operating in the nutritional bars market. These companies have a widespread presence across the world, which allows them to serve a large number of customers.
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Nutritional Bars Market: Segmental Overview
Based on type, the nutritional bars market is segmented into protein bars, high-fiber bars, and others. The protein bars segment held the largest market share in 2021, whereas the high-fiber bars segment is expected to register the highest CAGR during the forecast period.
Based on category, the nutritional bars market is bifurcated into conventional and gluten-free. The conventional segment held a larger market share in 2021, and the gluten-free segment is expected to register a higher CAGR during the forecast period. The demand for conventional nutritional bars is expected to decrease in the coming years as consumers are becoming health-conscious and preferring healthy alternatives such as gluten-free nutritional bars. People allergic to gluten cannot consume conventional bars.
Based on distribution channel, the nutritional bars market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The online retail segment is anticipated to register the highest CAGR during the forecast period. Online retail platforms offer a wide variety of products with heavy discounts. Using these platforms, consumers can conveniently buy desirable products remotely. Additionally, home delivery service attracts many customers to shop through e-commerce platforms.
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Increasing Preference for Healthy Snacking Among Millennials Drives Global Nutritional Bars Market Growth:
The millennial generation values health and focuses on managing their body weight to live a healthy lifestyle. They believe in eating right, exercising, and taking a proper diet. Additionally, social media intensifies their desire to appear healthy and vibrant. The growing number of fitness centers, health clubs, and gymnasiums is triggering the demand for healthy snacking products among millennials. Healthy snacking helps fulfill the body's need for proper nutrition. Nutritional bars are considered a suitable healthy snacking option as they contain proteins, omega-3 fatty acids, and fibers in high quantities. They are considered a healthier alternative to other bars due to their low sugar and additive content. These properties of nutritional bars assist in muscle repair by improving protein levels in the body, enhancing overall body performance, boosting metabolism, and lowering glucose and saturated fat levels before and after a workout. These products come in convenient packaging. In addition to proteins, these bars include daily essentials such as vitamins and immunity boosters that help fulfill the body's nutrient requirement, and aid muscle development and recovery. Nutritional bars support an active lifestyle and aid the diet regime. Millennials are generally aware of the nutrition need of their bodies, and nutritional bars provide a healthy option to fulfill those needs in their busy schedules. With hectic work schedules and changing lifestyles, the dependence of millennials on healthy snacking has increased.
Impact of COVID-19 Pandemic on Global Nutritional Bars Market Growth:
The COVID-19 pandemic adversely affected economies and industries in various countries across the world. The imposition of lockdowns, travel restrictions, and business shutdowns across the world hampered the growth of several industries, including the food & beverages industry. The temporary shutdown of manufacturing units disrupted global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in their product sales in 2020. Moreover, international travel bans imposed by governments of various countries in Europe, Asia Pacific (APAC), and North America compelled companies to temporarily discontinue their collaboration and partnership plans. All these factors hampered various industries in 2020 and early 2021, which restrained the growth of many markets, including the nutritional bars market.
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North America held the largest share of the global nutritional bars market in 2021. The market growth in the region is attributed to the rising preference for on-the-go snacking, meal replacement, functional food, and indulgence. Consumers preferred healthy alternatives with high nutritional value in food and beverages to boost immunity during the COVID-19 pandemic. The rising demand for nutritional bars, including protein bars, high-fiber bars, and meal replacement bars, from young adults and athletes is also driving the market growth in this region. These nutritional bars enhance the performance and stamina of athletes and fitness lifestyle users. Further, the growing number of health and fitness-conscious individuals propels the demand for functional products, such as nutritional bars.
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Protein Bar Market - Protein bars are a convenient and faster way to get more protein and are known to increase the muscle mass of the body.
Cereal Bars Market - A cereal bar is type of breakfast snack made up of cereals such as wheat, rice, oats, and is compacted into a bar shape using edible binders.
Vegan Protein Bar Market - Vegan protein bars are produced from plant sources such as vegetables and nuts. Vegan protein bars are a healthy snack, and sometimes they can replace a meal because they are packed with superfood.
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