Snack Bars Market

Market Overview

The global snack bars market size was valued at USD 24.4 billion in 2021 and is projected to reach USD 47.17 billion by 2030, registering a CAGR of 7.60% from 2022 to 2030.

 Snack bars are a popular choice for snacking because of their nutrient density and high-calorie content, as well as their light weight and portability. Snack bars are frequently combined with corn or honey syrup before condensing into a bar form. This makes transporting packed lunches and other items for hiking and outdoor activities easy. Beet, spirulina, orange, peanut butter, brownie, and red berries are a few of the more prominent flavour components that can be found in plant-based snack bars. Because of their versatility, cereals, fruits, and nuts are the ideal food format to deliver beneficial nutrients, bioactive compounds, and dietary fibre to customers. These products are frequently manufactured.

The Snack Bar Market is anticipated to be driven over the forthcoming years by an uptick in demand for vegan snack bars, which has increased the demand for smaller portions of food that is high in nutritional value. In addition, consumers' shifting lifestyles and food preferences, as well as the growing prevalence of nuclear families in developed countries, are expected to boost the market in the future. In addition, the key players in the global snack bar market have been responsible for several developments and new trends affecting the market's expansion.

Market Dynamics

Global Snack Bars Market Driver

New flavours introduced by manufacturers

A recently developed food category called a protein bar had been widely used as a dietary supplement. Because its main ingredient, proteins, can help build muscle, this convenient ready-to-eat protein source is becoming increasingly popular among fitness-conscious groups. It is a convenient post-workout snack for athletes, people involved in sports, and those doing heavy-duty work that necessitates vigorous physical activity. For weightlifters and athletes, consuming protein is essential to sustaining energy levels and improving performance. Therefore, increased global adoption of fitness activities is anticipated to boost product demand. Additionally, the major players in the market and other smaller players have a strong propensity for product innovation to satisfy the unique needs of athletes.

Increasing Trend of On-The-Go Breakfast/Meal Items

It is necessary to have healthy meal options because of lifestyle changes, longer travel times, and hectic schedules at work. At the same time, the demand for foods that can be prepared quickly and efficiently is rapidly growing. As a result, nutritious bars are a promising alternative to meals because they are portable, easy to eat and control hunger by acting as an instant energy source. Consequently, the high demand for healthy foods that have arisen as a direct result of the rise in the number of health clubs is anticipated to drive the demand for protein-rich bars in the distant future.

Global Snack Bars Market Restraint

Availability of Alternative Products and High Sugar Content

Many alternative products on the market provide supplemental protein, including protein, protein powders, protein shakes, and beverages with added protein. The market is also home to other goods like multivitamin bars and other snack bars that offer essential nutrition, which is anticipated to challenge the market's expansion. The demand for the product is also anticipated to be constrained by public awareness of the harmful health effects of artificial sweeteners and hydrogenated fats in the product. Additionally, the quality-restrictive regulatory environment for ingredients like flavours, colouring agents, sweeteners, and preservatives will probably make it difficult for the protein bar market to expand.

Regional Analysis

According to the region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.

North America, which accounts for the largest market share, is followed by Europe. The rise in health-conscious consumers and their altering lifestyles are driving up product demand. The regional market is also anticipated to benefit from the availability of various flavours and the trend toward eating smaller, more frequent meals due to a busy lifestyle. India contributes to a significant portion of the Asia Pacific market, the region with the fastest growth. Improving living standards, rising disposable income levels, and health concerns are anticipated to support market growth in this area.

Segmental Analysis

The global snack bars market is segmented by product, distribution channel and region. Based on product, the market is classified into Breakfast, Granola/Muesli, Fruit, Energy and Nutrition and Others. The largest market share worldwide was held by granola/muesli bars. These snack bars are a healthy substitute for sweets like cookies, cakes, and chocolates. These bars are in high demand worldwide because of their high fruit content and gluten-free ingredients. Over the years, nutrition and energy bars sales are anticipated to grow moderately. The growth is attributed to a rise in athletic and physical activity participation. Manufacturers are introducing various products in this category in light of the rising demand for these bars. As an illustration, Yoga Bar provides a broad range of protein and energy bars with various ingredients, including multigrain, oats, and chocolate with nuts.

The distribution channel bifurcates the market into Supermarkets/hypermarkets, Convenience Stores and Online. Supermarkets and hypermarkets held the majority of the market share. As the organised retail sector grows, shelf spacing is expanding, increasing consumer product visibility and accessibility. The global market is anticipated to grow as a result. The segment growth is also anticipated to be aided by these stores' attractive box packaging and promotions. Since people nowadays prioritise convenience over going to stores and physically collecting items, the online channel is anticipated to grow faster. The level of Development in the surrounding nations and the widespread use of online platforms also contribute to the segment's expansion. Additionally, these platforms enable comparison between different brands and their product prices, which is expected to further fuel the segment's growth.

Recent Developments

• In January 2021: think!, a brand of Glanbia Nutrition, expanded its keto protein bar collection by introducing two new flavours, chocolate mousse pie and chocolate peanut.
• In December 2021: RXBAR, a Kellogg subsidiary, launched its first plant-based product. RXBAR Plant contains 10 grams of protein and substitutes pea and almond protein for the brand's distinctive egg white protein.