Food Bar Market Overview
Food Bar Market is projected to grow at a CAGR of 5.08% and USD of 7.18 billion by 2032
The food bar market is growing at a rapid pace, mainly due to the rising popularity of protein bars that are creating quite a buzz recently. Undoubtedly, increasing consumers’ preference for convenience food is a key driving force behind the growth of the food bar market. Owing to a general perception of maintaining better health, people are increasingly opting for natural and nigh nutrition products.
Besides, factors such as the increasing inclination towards an active lifestyle, growing health consciousness among people, and rising awareness escalate the market growth on furthered heights.
The general notion that people have, such as the food bars can help in weight loss, effectively reducing the craving for food frequent snacking, drives the growth of the market substantially. Furthermore, factors such as the availability of varieties of flavors and texture are widening popularity of food bars and hence, its uptake worldwide. Leverage to the heady lifestyle today, growing numbers of the working population increasingly depend on food bars, substituting it with a proper meal or to get a quick energy boost, which increases the market sales hugely.
Additionally, factors such as a growing health-centric populace and improving economic conditions worldwide propel the growth of the market. On the other hand, the availability of various counterfeited, low-cost food bars in the market is acting as a significant headwind for the market growth, taking genuine and quality products off the shelves. Nevertheless, growth in the distribution channels would support the growth of the market throughout the anticipated period.
Global Food Bar Market –Competitive Analysis
Highly competitive, the food bar market appears fragmented due to the presence of several well-established players. To gain a larger competitive share in the market, players incorporate strategic initiatives such as partnerships, mergers acquisitions, collaborations, expansion, and technology launch. Owing to the availability of various similar products with low product differentiation, manufacturers are increasingly focusing on effective marketing communications to reduce the brand recall of their products. High potential growth that the market demonstrates attracts several new entrants, which intensifies the market competition further.
Major Players
Players leading the food bar key market players include Clif Bar Company. (US), General Mills Inc. (US), Atkins Nutritionals, Inc. (US), Nestle (Switzerland), Kellogg Co. (US), Quaker Oats Company (US), and CAVEMAN FOODS (US), among others.
Global Food Bar Market –Segments
The analysis has been segmented into four main dynamics.
By Type : Energy Bars, Candy Bars, Protein Bars, Oats Bars, and others.
By Flavor: Chocolates, Peanut Butter, Fruits Veggies, Savoury, Spices, and others.
By Distribution Channel: Store Based and Non-Store Based.
By Regions : Americas, Europe, Asia-Pacific, Middle East Africa, and Rest-of-the-World.
Global Food Bar Market -Regional Analysis
North America dominates the global food bar market. The largest market share attributes to the growing awareness for good health and benefits that food bars offer. Besides, factors such as high per capita income and preference for easy to carry, convenience food items drive the regional market growth. Moreover, the presence of the world’s largest sports industry and a number of athletes drive a huge share in the regional market. Heading with the rising trend of active lifestyle, the North American food bar market is estimated to draw significant accruals over the review period.
Europe stands second in the global food bar market, witnessing a massive demand for bars that can offer rapid muscle recovery, energy, weight loss, and healthy indulgence. Moreover, factors such as rising disposable income and increasing health eccentric populace impact the growth of the regional market, positively. Also, the influence of the media industry provides a huge impetus to regional market growth. The European food bar market is projected to grow at a modest CAGR during the forecast period.
Asia Pacific region is expected to rise as the fastest-growing market for food bars, globally. Improving economic conditions and the popularity of protein bars in countries like India China foster the growth of the regional market. Moreover, the growing population and increasing number of health-conscious populaces are driving the regional market growth. The APAC food bar market is estimated to grow with a phenomenal CAGR during the assessment period.
Industry/Innovation/Related News:
February 27, 2020 --- Bright Foods (the US), a leading food bar company, announced its move into the refrigerated protein bar category. Best known for its plant-based whole food bars is moving into new territory with the launch of ‘clean protein’ bars. The company states that looking at the substantial demand for products with cleaner labels and less sugar, it realized that there is enough space available for the refrigerated bar segment to play on the big trends. Bright Foods thanks to high pressure processing (HPP), which keeps its whole food bars packed with veggies and fruits, fresh through 90-110-day.
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