New York, USA, Dec. 26, 2022 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global energy bar market is anticipated to grow at a stunning CAGR of 10.50%, thereby garnering a revenue of $29,447.10 million by 2028. This comprehensive report provides a brief outlook of the current framework of the energy bar market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Strategic alliances among key market players of the industry are expected to boost the energy bar market in the forecast period. Additionally, growing changes in meal patterns of people across the globe is anticipated to drive the market forward in the analysis timeframe.
Opportunities: Increasing prevalence and consumption of healthy on-the-go snacks is expected to offer numerous growth opportunities to the market in the forecast period. Growing demand for different flavors of energy bars is expected to propel the market in the analysis period.
Restraints: High cost of energy bars, however, expected to become a restraint in the growth of the energy bar market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic and the subsequent lockdowns across the globe had severely impacted various industries. The energy bar market, however, faced a moderate impact of the pandemic. Due to the lockdowns and travel restrictions put in place, the global supply chains were disrupted which hampered the production of energy bars. However, there was a growth in demand for energy bars as a healthy snack which led to growth in the market.
Segments of the Market
The report has divided the market into certain segments based on type, distribution channel, and region.
Type: Protein Bar Sub-segment to be the Most Dominating
By type, the protein bar sub-segment is expected to have the most dominating market share and is expected to generate a revenue of $12,031.47 million by 2028. Increasing consumer preferences and consumption of protein bars to overcome protein deficiencies is expected to offer numerous growth opportunities to the sub-segment in the forecast period.
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Distribution Channel: Hypermarkets & Supermarkets Sub-segment to have the Highest CAGR
By distribution channel, the hypermarkets & supermarkets sub-segment of the energy bar market is expected to have the highest CAGR and register a revenue of $7,749.44 million by 2028. Increasing preference of metropolitan cities people to shop from hypermarkets and supermarkets is expected to help the sub-segment post a positive growth in the forecast period.
Region: Market in North America Region to be the Most Lucrative
By regional analysis, the energy bar market in the North America region is anticipated to be the most lucrative and projected to register a revenue of $11,366.58 million during the 2021-2028 timeframe. Presence of large companies and increasing disposable income of people in this region are expected to be the two primary growth drivers of the market in the forecast period.
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Prominent Market Players
Some of the key players in the energy bar market are
- General Mills Inc
- Kellogg Company
- Premier Nutrition Inc
- Cliff Bar & Company
- Cliff Bar & Company
- Probar LLC
- Kind LLC
- NuGo Nutrition
- Quest Nutrition
- McKee Foods Corporation
These key players are devising new technologies and smart innovations to gain a prominent position in the global market.
For instance, in August 2022, Mondelēz International, Inc., a global snacking company, announced the acquisition of Clif Bar & Company, a leading producer of energy bars. This acquisition is predicted to help Mondelēz International immensely as it will be able to cater to the demands of the market in a much better way and thereby increase its foothold in the market.
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about Energy Bar Market:
- Energy Bars: Enabling Humans to Eat Healthy without Compromising the Taste of Food
- How have Energy Bars Turned Out a Priority Snack for Individuals Nowadays?
- Why is the Energy Bar Industry Climbing Heights?
