New York, USA, Nov. 23, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global energy bar market is anticipated to garner a revenue of $29,447.10 million and grow at a noteworthy CAGR of 10.50% over the analysis timeframe.
As per our analysts, with the growing prevalence of convenient and healthy on-the-go snacking due to the increasingly fast-moving lifestyles and the increasing need for instant energy among the youngsters, the market is expected to see striking growth during the forecast period. Moreover, the growing trends for convenient, healthy, and instant energy–giving food, are further expected to fuel the growth of the market over the analysis period. Besides, the growing demand for different flavors and textures in energy bars to provide nutrition with taste is expected to bolster the growth of the energy bar market over the estimated time frame. However, the high costs of energy bars as their preparation needs quality ingredients such as nuts, almonds, cashews, and various beneficial seeds may hinder the growth of the market during the forecast period.
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Segments of the Market
The report has divided the market into several segments based on type, distribution channel, and region.
Type: Protein Bar Sub-Segment to be Most Lucrative
The protein bar sub-segment is expected to generate a revenue of $12,031.47 million and is expected to continue steady growth during the analysis period. This is mainly because of the increasing demand of the consumer’s preference towards healthy food that is easy to carry. Moreover, the numerous benefits of having protein bars such as overcoming protein deficiency, lowering cholesterol blood pressure, providing muscle-enhancing proteins are further predicted to amplify the growth of the energy bar market sub-segment over the estimated timeframe.
Distribution Channel: Specialty Stores Sub-Segment to be Most Productive
The specialty stores sub-segment is estimated to generate a revenue of $12,043.11 million and is predicted to hold the largest market share during the estimated timeframe. This is mainly due to the exciting discounts and easy accessibility offered by the specialty stores. In addition, the convenience provided by specialty stores to compare products and to choose the best one according to customer’s preference is expected to foster the growth of the market sub-segment during the analysis period.
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Region: North American Region to Hold the Maximum Market Share
The North American region is projected to garner a revenue of $11,366.58 million and is anticipated to see vertical growth during the forecast period. This is major due to the strong existence of top leading companies and the higher disposable incomes of individuals in this region. Furthermore, the increasing trend of adopting healthy diets after workouts to get instant energy is the major factor expected to drive the regional growth of the energy bar market over the estimated timeframe.
Covid-19 Impact on the Market
Though the rise of the novel coronavirus pandemic has devastated several other industries, it has impacted the energy bar market moderately. Initially, during the pandemic, the growth of the market has been interrupted by demand, production, and supply chain disruption. However, the Covid-19 has hiked the demand for innovative snacks to fulfill the nutrition and energy requirements together. This factor has created significant growth opportunities during the pandemic. Moreover, due to the active participation of the leading companies to provide energy bars during the chaotic situation has further driven the growth of the market during the crisis.
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Key Players of the Market
The major players of the market include
- Kellogg Company
- NuGo Nutrition
- Brighter Foods Ltd
- McKee Foods Corporation
- Premier Nutrition Inc
- Kind LLC
- Probar LLC
- Cliff Bar & Company
- Quest Nutrition
- General Mills Inc and many more.
These players are broadly working on the development of new business tactics and strategies to attain leading positions in the leading industry.
For instance, in September 2020, Crafted Energy, an Arizona-based functional energy bar brand, has announced its partnership with Downeast Bicycle Specialists, a renowned bike parts and accessories distributor. With this collaboration, the companies aimed to expand the distribution network of delivering sport-specific functional energy bars across the U.S.
In addition, the report also summarizes other crucial aspects including the financial performance of the key players, product portfolio, SWOT analysis, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- Why is the Energy Bar Industry Climbing Heights?
- How have Energy Bars Turned Out a Priority Snack for Individuals Nowadays?
