The Global Energy Bar Market is estimated to be valued at US$ 3.38 Bn or in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Energy bars are convenient snack bars that provide carbohydrates for sustained energy. They are popular among athletes and active individuals for their high calorie and nutrient content. Energy bars come in various flavors and formulations to suit different needs.
Market key trends:
One of the major trends in the energy bar market is the growing demand for organic and natural ingredients. Consumers are increasingly preferring ingredients they can recognize and pronounce. Moreover, organic ingredients are perceived as more nutritious. Hence, many key players have launched organic variants of their popular energy bar brands or have introduced brands focused only on organic products. For instance, Clif Bar & Company offers organic energy bars made without genetically modified ingredients, artificial preservatives or flavors under its LUNA brand.
Segment Analysis:
The global energy bar market is fragmented into several segments based on flavor, product type, distribution channel, and region. Fruit flavor is expected to dominate the flavor segment of the energy bar market during the forecast period. This is mainly because fruit flavors are regarded as the most preferred and popular taste. In terms of product type, protein-packed energy bars are projected to hold the largest share in the market. This is attributed to the increasing consumer preference for protein-rich food products to gain more nutrition. The supermarkets/hypermarkets distribution channel is likely to dominate the market through 2030 owing to the high consumer reach of these stores.
Key Takeaways
The Global Energy Bar Market is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing health consciousness and premiumization trend among consumers.
Regional analysis
North America is projected to be the fastest growing as well as the dominating regional market during the forecast period. This is owing to the high demand for on-the-go functional food products in countries like the US and Canada.
Key players
Key players operating in the energy bar market are Nature Essential Foods Pvt Ltd, Lotus Bakeries, General Mills Inc., Clif Bar & Company, ProBar LLC, Post Holdings Inc., BumbleBar Inc., PepsiCo Inc., Eat Anytime, TORQ Limited, OTE Sports Ltd, Kind LLC, Science in Sports PLC, and Kellogg Company. The global energy bar market is fairly fragmented with the top five players accounting for around 30% of the total market share.
Read More - https://www.marketwebjournal.com/rising-health-awareness-to-boost-growth-of-energy-bar-market/
Comments
0 comment