Wilmington, Delaware, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Global Snack Bars Market was estimated at a market value of US$ 19.2 billion in 2022 and is expected to grow at a significant CAGR of over 7.4% over the forecast period of 2023-2028.
Market Scope and Report Overview
For people who are constantly on the go and need immediate energy or a modest meal replacement, snack bars offer a simple and portable choice. The market for snack bars has grown to offer a wide range of products to accommodate various dietary preferences and requirements. This includes bars that are vegan, organic, gluten-free, dairy-free, and more.
According to a deep-dive market assessment by RationalStat, the global snack bars market has been analyzed on the basis of market segments, including type, distribution channels, and geography/regions (incl. North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2028.
Market intelligence for the global snack bars market covers market sizes on the basis of market value (US$/EUR Million) and volume (‘000 units/tons/liters) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the global snack bars market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Snack Bars Market: Segmental and Market Share Analysis
On the basis of type, energy bars segment dominating the market. Because low-sugar snack bars sometimes lack flavor, producers are increasingly using healthy sweeteners like honey, sugar alcohol, and xylitol to improve the flavor and nutritional value of these products, which is boosting market growth.
On the basis of distribution channel, supermarkets and hypermarkets segment held the majority of the market share of global snack bars market. Shelf spacing is rising as the organized retail industry develops, enhancing customer product accessibility and visibility.
Period Covered include data for 2019-2028 along with year-wise demand estimations
The snack bars market report analyzes the market on the basis of global economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.
RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.
The global snack bars market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.
In the competition analysis section, the global snack bars market provides a detailed competition benchmarking analysis based on the market share of the leading companies/brands/ producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.
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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment
In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.
The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global snack bars market include,
- In October 2022, Kellogg Co. introduced three new flavour mashups, including two new fruit and vegetable breakfast bars and new "Bites." The fresh soft-baked breakfast bars come in strawberry, squash, apple, and carrot tastes and are produced with fruit and vegetable ingredients.
- In July 2021, Oggs a UK-based food brand launched four new vegan snack bars, including the Millionaire's Shortbread, Gooey Brownie, and Flapjacks bars. Vegan liquid egg substitute was used in place of dairy in the production of these goods.
Some of the prominent players that contribute significantly to the global snack bars market growth include The Kellogg Company, Associated British Foods PLC, General Mills Inc., Nestle SA, PepsiCo Inc., Post Holdings Inc., Clif Bar & Company, Mars Incorporated, The Hain Celestial Group Inc., HALO Foods, and among others.
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RationalStat has segmented the global snack bars market based on type, distribution channels and region
- Global Snack Bars Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2023-2028) Analysis by Type
- Cereal Bars
- Energy Bars
- Others
- Global Snack Bars Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2023-2028) Analysis by Distribution Channels
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
- Others
- Global Snack Bars Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2023-2028) Analysis by Region
- North America Snack Bars Market
- US
- Canada
- Latin America Snack Bars Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Snack Bars Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Snack Bars Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Snack Bars Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Snack Bars Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Snack Bars Market
- Leading Companies and Market Players
- The Kellogg Company
- Associated British Foods PLC
- General Mills Inc.
- Nestle SA
- PepsiCo Inc.
- Post Holdings Inc.
- Clif Bar & Company
- Mars Incorporated
- The Hain Celestial Group Inc.
- HALO Foods
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Key Questions Answered in the Snack Bars Report:
- What will be the market value of the global snack bars market by 2028?
- What is the market size of the global snack bars market?
- What are the market drivers of the global snack bars market?
- What are the key trends in the global snack bars market?
- Which is the leading region in the global snack bars market?
- What are the major companies operating in the global snack bars market?
- What are the market shares by key segments in the global snack bars market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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