Energy Bar Market Growth Owing to Increased Consumption of On-The-Go Snacking Options
The energy bar market has witnessed considerable growth over the past few years primarily due to the rising demand
The energy bar market has witnessed considerable growth over the past few years primarily due to the rising demand for on-the-go snacking options. Energy bars offer benefits such as high nutritional value, long shelf life, and compact size, which make them convenient snacking options for travelers and athletes. Over the years, there has been a rise in health consciousness among customers, particularly in developed nations. As a result, customers prefer snacks with functional benefits and natural ingredients. This has spurred the demand for sports and nutrition bars. Changing lifestyles have increased the trend of on-the-go snacking and eating. Energy bars are considered as a balanced snacking option that provides adequate nutrition and ample energy. Changing dietary patterns and busy schedules leave little time for proper meals. Energy bars fit well in this scenario as they are easy-to-carry and provide nutrition in a snack.
The Global Energy Bar Market is estimated to be valued at US$3.9 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Energy Bar Market are Merck & Co., Inc., Eli Lilly and Company, Bristol-Myers Squibb Company, Astrazeneca Plc., Fresenius Medical Care AG & CO. KGAA, and F. Hoffmann-la Roche Ltd. (Genentech, Inc.), among others. These players are engaging in new product launches and focusing on geographical expansions to gain market share.
The Energy Bar Market Growth offers lucrative opportunities for both new entrants and existing players. Rising awareness regarding hectic lifestyles and importance of nutrition is driving the demand for healthy and nutritious on-the-go snacking options like energy bars. Product innovation in terms of new flavors, ingredients, and formats also presents promising growth prospects.
The energy bar market is gradually expanding its footprint globally. Developing regions across Asia Pacific and Latin America are emerging as profitable markets for energy bar producers. Rapid urbanization and economic growth in these regions have bolstered disposable incomes and changed eating patterns. This is contributing to the increased uptake of on-the-go snacking products like energy bars.
Market Drivers:
- Changing consumer lifestyles and dietary habits: Busy schedules and hectic lifestyles leave very little time for proper meals among working individuals. This has augmented the demand for convenient snacking options like energy bars.
- Growing health and wellness trends: Increased awareness about fitness and nutrition has propelled the demand for functional snacks and on-the-go nutritious options like energy bars.
Market Restrains:
- Availability of alternatives: Other on-the-go snack options like dried fruits, yogurt, protein bars pose competition to energy bars.
- High prices: Premium and natural ingredient-based energy bars have comparatively higher prices which may deter certain customers.
Segment Analysis
The energy bar market can be segmented based on distribution channel into supermarkets/hypermarkets, convenience stores, specialty stores, online retail stores, and others. The supermarkets/hypermarkets segment accounts for the largest share as people prefer purchasing energy bars from such stores due to the availability of a large variety of products under one roof. This segment is dominating because people can easily compare products and prices at supermarkets/hypermarkets.
Global Analysis
Regionally, North America accounts for the largest revenue share in the global energy bar market. This is majorly due to high health consciousness and busy lifestyles among consumers in the region that drives the demand for on-the-go food products like energy bars. Asia Pacific is expected to witness the fastest growth over the forecast period owing to increasing middle-class population, rising disposable income, and changing eating habits in the region. Rapid urbanization coupled with hectic schedules is also augmenting the demand for nutritional and healthy snack options like energy bars across Asia Pacific.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)