New York, United States, Oct. 12, 2023 (GLOBE NEWSWIRE) -- An energy bar is a nutritional snack with ingredients that increase energy and endurance. Its high sugar and carbohydrate content, which contributes to its high energy benefit, distinguishes it from other protein and snack bars. Granola, oats, nuts, and seeds are energy-rich ingredients in these bars. “The global energy bar market size is envisioned to grow at a CAGR of 6.65% and reach USD 1,119 million during the forecast period.”, states the Research Manager at Straits Research P. Ltd.
Key Drivers
People's increasing preference for prepackaged snacks and sweets has increased the demand for energy bars. In addition, busy work schedules and the desire to save time while cooking are significant contributors to the growing demand for energy bars. An increase in consumer purchasing power and a growing preference for flavorful food have contributed to the consumption of energy bars.
Changes in consumption patterns and a heightened awareness of healthy foods have also led to an increase in the consumption of convenience food. Numerous consumers consume bars containing high micronutrients that provide an energy boost. Thus, the benefits offered by energy bars, such as simple consumption and disposable packaging, ensure the product's safety and increase demand over the forecast period.
Growth Opportunities
The increased consumption of low-carb and low-fat energy bars is a consequence of the rising demand for diet foods. In addition, manufacturing gluten-free and non-allergenic nutrition foods has become more convenient as many individuals are becoming aware of the health benefits of consuming natural, chemical-free foods. Additionally, the rising prevalence of diabetes has increased the demand for low-sugar foods, creating new market opportunities.
Regional Insights
North America will command the market with the largest share, growing at a CAGR of 7.28% during the forecast period. Popularity for functional ingredients, delicacy, meal replacement, and on-the-go snacks drives the growth of the North American energy bar market. Those between 18 and 50 consume energy bars more efficiently than those aged 50 and older. The increasing popularity of "clean label" and "free-from" products is driving the energy bar market in North America, particularly in the United States. Due to the absence of caffeine, energy bars in the United States are gaining popularity among athletes.
The region of Europe is growing at a CAGR of 6.25% during the forecast period. Many European companies are redesigning their energy bars to comply with clean label regulations to meet consumer demand for transparent and health-focused products. People in the United Kingdom are becoming more health-conscious and frequent fitness facilities and health clubs, which has increased the demand for energy bars. Athletes and bodybuilders are the leading consumers of sports energy products. The extensive use of sports nutrition products by athletes is driving demand, which is anticipated to create market opportunities for energy bar manufacturers.
The main contributor driving the development of the energy bar market in the United Kingdom are the rising demand for nutrition and health products, consumer purchasing habits, and product innovation. In European nations such as France and Germany, where the energy bar market is expanding rapidly, clean label products are leading the way. To satisfy customer demands for clarity, healthy-positioned products, and labels, numerous European companies are reformulating their bars following clean label requirements, thereby omitting multiple popular ingredients.
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Key Highlights
- The organic energy bar is most likely to hold the largest share during the forecast period growing at a CAGR of 6.80%
- Based on type, the protein bar segment is expected to hold the largest share during the forecast period and grow at a CAGR of 7.25%.
- Based on the distribution channel, the segment of specialty stores will hold the largest share during the forecast period growing at a CAGR of 7.41%.
- Based on regional analysis, North America will command the market with the largest share and grow at a CAGR of 7.28% during the forecast period.
Competitive Players in the Market
- Brighter Foods Ltd
- Clif Bar & Company
- General Mills Inc
- Kind LLC
- McKee Foods Corporation
- NuGo Nutrition
- Premier Nutrition Inc
- Probar LLC
- Quest Nutrition
- Kellogg Company
Market News
- In 2022, General Mills Inc. completed the acquisition of TNT Crust, a manufacturer of high-quality frozen pizza crusts.
- In 2022, General Mills Inc. announced a multi-year partnership with Regrow Agriculture to monitor agricultural practices and their environmental impacts across 175 million acres of farmland in North America, Europe, and South America.
Global Energy Bar Market: Segmentation
By Type
- Protein Bar
- Nutrition Bar
- Cereal Bar
- Fibre Bar
By Nature
- Organic
- Conventional
By Distribution Channel
- Hypermarkets & Supermarkets
- Convenience Stores
- Specialty Stores
- Online Sales Channel
By Region
- North America
- Europe
- Asia Pacific
- LAMEA
About Straits Research Pvt Ltd.
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