Changing food preferences worldwide will enhance the market growth.
The global snack bars market is growing substantially, anticipated to expand at a CAGR of 6.9% throughout the forecast period from 2019 to 2027, starting from US$ 21.67 Bn in 2018.
The surge in changing food preferences coupled with growing health consciousness among consumers are expected to drive the global snack bars market. In addition, the rapidly growing snack food sales around the globe is further anticipated to boost market demand. Global snack food sales were valued at around US$ 3.7 Bn in 2018 and are projected to expand at a CAGR of over 5% during the forecast period. The surge in consumer inclination towards high nutritional value products is expected to enhance the snack bars' market growth. In addition, changing lifestyles among millennials and increased physical activities are key factors projected to drive the market demand over the forecast period.
The increasing demand from emerging economies such as India, China, Brazil, Indonesia, U.A.E., and others is another factor anticipated to enhance the market growth. In addition, major market players' new product launches and rising demand for ready-to-eat products are other key factors projected to boost the market growth. For instance, In January 2018, Clif Bar & Company launched LUNA Rica bar. The aforementioned bar was the first nutrition bar for Women. Furthermore, the numerous benefits of snack bars, such as cholesterol control, boosts energy, a great source of vitamin E, protein & fiber, help in weight reduction, and others, are further expected to support market growth in years to come.
Market Synopsis
Distribution Channel Analysis
Development of organized retail to spur the segment growth.
The hypermarkets/supermarkets accounted for the largest share of the global market in 2018. The segment contributed around 40% of the global market share in the same year. The growth of the organized retail sector coupled with a rising number of hypermarkets/supermarket stores worldwide are contributing to segment growth. As a result, global retail sales were valued at over US$ 24 Tn in 2018 and are expected to reach US$ 30 Tn by 2023. Increasing shelf space and attractive discounts offered are expected to drive the market growth substantially over the forecast period.
Growing preference for online shopping anticipated enhancing the segment revenue.
The online sales segment is expected to expand at a rapid pace over the forecast period owing to the growing trend of online shopping coupled with growing internet penetration worldwide. In addition, major market players have also started online shopping websites, such as KIND LLC, Clif Bar & Company, Earnest East, and others is also anticipated to enhance the segment growth during the forecast period.
Regional Analysis
Changing consumer lifestyle is projected to enhance the North America growth.
In 2018, North America dominated the global snack bars market and accounted for over 40% market share in same year. The change in consumer lifestyle and rising health consciousness among the population are the major factors for regional dominance. Busy lifestyle and availability of a variety of snack bars are some major factors expected to enhance regional growth. The presence of major market players such as The Kellogg Company, Clif Bar & Company, Kind L.L.C., and others is another key reason to drive the North American snack bars market further. Major market players are launching new and innovative products in the North American market. For instance, In February 2018, PepsiCo launched three snack bars in the U.S. named- Naked Fruit, Veggie, and Nut Bars. These bars are no preservatives, an excellent source for iron and vitamins A, C & E.
Rising health consciousness is expected to boost Asia Pacific growth.
On the contrary, Asia Pacific is expected to grow at the fastest CAGR over the forecast period owing to the region's rising health consciousness and rapid urbanization. In addition, the surge in changing lifestyles and growing inclination towards healthy food are some other factors expected to enhance regional growth throughout the forecast period.
Key Industry Developments:
In August 2019, Hershey acquired a minority stake in Europe-based Fulfil Nutrition. The acquisition will help Hershey to expand its confectionery products in Europe, and Fulfil Nutrition will enhance its geographical presence in the U.S.
In June 2018, Clif Bar & Company launched three bars for summer named CLIF Fruit Smoothie Filled, CLIF Energy Granola, and CLIF Bar Sweet & Salty in the U.S.
In September 2019, Mars, Inc. acquired a significant share in Germany-based foodspring. The acquisition will help Mars, Inc. to enhance its geographic presence.
This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Segmentation Product Type (2017–2027; US$ Bn)
Breakfast Bars
Granola/muesli Bars
Fruit Bars
Energy and Nutrition Bars
Others
Distribution Channel (2017–2027; US$ Bn)
Hypermarkets/Supermarkets
Convenience Stores
Online Sales
Specialty Stores
Others (Independent Retailers, etc.)
Geography (2017–2027; US$ Bn)
North America (U.S., Canada)
Europe (U.K., Germany, France, Rest of Europe)
Asia Pacific (Japan, China, India, Rest of Asia Pacific)
Rest of the World (Latin America, Middle East & Africa)
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better market understanding of the overall snack bars market. In addition, the global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
Frequently Asked Questions
The market for Snack Bars is expected to reach US$ 21.67 Bn in 2028.
The Snack Bars market is expected to see significant CAGR growth over the coming years, at 6.9%.
The report is forcasted from 2019-2027.
What is the base year considered for Snack Bars Market?
Nature Valley, The Kellogg Company, The Quaker Oats Company, Kind L.L.C., Clif Bar & Company, Earnest Eats, Mars Inc., The Hain Celestial Group, Inc., PepsiCo are some of the major players in the global market.
