The new report by Expert Market Research titled, ‘Global Energy Bar Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2023-2028’, gives an in-depth analysis of global energy bar market, assessing the market based on nature, distribution channel and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 4.80%
The increasing demand for energy bars has led to different kinds of product innovations and increased use of healthy ingredients to satisfy a range of consumer requirements.
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Adding labels such as gluten-free, vegan, low-fat, low-calorie, no added sugar and sweeteners to these bars drives market growth.
Energy Bar Industry Definition and Major Segments
Energy bars are bars that provide energy, nutritional value and food benefits. They contain carbohydrates, fats and proteins that help provide immediate energy and are often used as meal replacements.
The protein and added carbohydrates in the bar can provide energy through workout or training. It also provides the post-workout nutrition the body needs to build new muscle tissue and repair any minor tears occurring during the workout.
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Based on its nature, the energy bar market can be divided into:
The distributional channels in the industry can be segmented into:
- Convenience Stores
- Specialist Retailers
- Online Retail
Others The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Energy Bar Market Trends
Overall, convenience food demand is rising more rapidly because of changing social and economic patterns, greater spending on food and drinks, higher knowledge of healthy foods, changes in meal patterns and current food habits, and a desire to try new items. Due to hectic lifestyles, on-the-go snacking has grown in popularity, particularly among working-class people, teens, hostel dwellers, and bachelors.
The demand for energy bars is therefore increasing due to the associated convenience of consumption to boost energy supported by disposable packaging that prevents the bars from meeting hands while keeping them clean to work at the same time.
The segment of specialty stores led the market in 2020. This is because specialty stores offer options like discounts and instant gratification convenience. The market is expected to dominate North America. The growing demand for functional food, indulgence, replacement of meals and on-the-go snacks is driving the growth of the North American energy bar market.
Key Market Players
The major players in the market are Kellogg Company (NYSE: K), General Mills, Inc., Clif Bar & Company, Abbott Laboratories, Quest Nutrition LLC, Probar, LLC and among others.
The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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