The Report Titled on “Global Energy Bar Market – Segmented by Distribution Channel and Geography – Growth, Trends, and Forecast (2019 – 2023)”, Delivers Information studies of the current situation (with the base year being 2019) and the growth prospects of global Energy Bar Forecast market 2019-2023.
“Energy Bar Market Report 2019-2023” helps the consumer to take business decisions and to understand strategies of major players in the industry. The report also calls for market-determined results deriving feasibility survey for consumer needs. Global Energy Bar Market Report ensures qualified and verifiable aspects of market data operating in the real-time scenario. The analytical studies are conducted ensuring consumer needs with a complete understanding of market capacities in the real-time scenario.
The Key Players covered in this study:-
General Mills, Inc., The Kellogg Company, QuestNutrition LLC, Probar LLC, Nutrition, Inc. (Pureprotein), Clif Bar & Company, The Gatorade Company, PowerBar, Inc., Abbott Nutrition Manufacturing Inc, Hormel Foods Corporation, Glaxosmithkline Plc, Natures bounty Co.
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Overview of Energy Bar Market Report:
The global energy bar market was at USD 5.1 billion in 2017 witnessing a CAGR of 4.9%, during the forecast period, 2019-2023. The global energy bar volume sale is expected to witness a CAGR of 2.7%, during the forecast period. North America surpassed a volume consumption of 180 million Kg of energy bar in 2017 with US the largest market.
The leading countries for Energy Bar consumption are US, Mexico, Japan, and Australia. North America is expected to grow at a faster pace due to high demand for cultured dairy products. Energy Bars are the supplement bars composed of cereals and high energy-providing nutrients such as protein, carbohydrates, vitamins, minerals, and other ingredients, which provide instant energy to the body. Energy bar market includes sports nutrition bars and snack bars designated to meet both daily and sports nutrition needs. Growing demand for functional food, indulgence, meal replacement, on-the-go snacking are various factors fueled the Energy Bar market growth.
On-the-go Snacking and Athleticism on Rise
The penetration of energy bar is higher between the age group of 18-44 years rather than those aged 45 or older. Consumption pattern as a meal replacement or breakfast option to supplement their diet. Rising gym going population to maintain health & fitness globally are more likely to consume nutrition bar. About 30% of the US consumer finds it difficult to prepare healthy meal/breakfast. More than half of UK adult struggle to get time for healthy eating. Consumers are increasingly going health conscious when it comes to bite in between meals. An on-the-go snacking industry, which is a billion dollar market, recorded a growth rate of 10% between 20110-2016. Featuring healthy benefits with convenience and nutritional component while on-the-go snacking fueled the nutrition bar market. Health & Wellness is the key trend driving dietary snack bar consumption pattern. High in energy and fiber content with clean label claim offers potential growth opportunity owing to increased consumer concern for natural ingredients. A company, such as Cliff energy bar targets athletes and gym going population, highlighting energy boosting component of the product.
North America Driving sales
Energy and nutrition bar continued its growth during the forecast period with US and Mexico the largest market. Energy Bar market size in US grew from USD 2.8 billion in 2014 to over USD 3 billion in 2019. The total snack, nutrition, and energy bar sale in US valued at USD 6.2 billion in 2014, rose 30% from 2009-2014. Increased consumer demand for nutritious product and rising clean label claims on product accelerated the market growth in the region. Product launch with various label claim, such as âno artificial additiveâ, âhigh or added fiberâ and âreduced sugarâ achieved strong growth in the past five years. Expensive brands offering product composed of natural and organic ingredient is expected to increase sales. Targeting emerging countries with larger young population, such as China, India is the potential energy bar market opportunity.
â¢ Feb 2019 – Alterra Mountain Company and Clif Bar announced a three-year strategic partnership. The new partnership named Clif Bar as the official energy bar of 11 location. The former company operates recreation, hospitality, real-estate development, food & beverage, and retail businesses
The global Energy Bar market is competitive with large number of existing multinational players. Innovative product launch and clean label ingredients are the various strategy adopted by these players. Private label brands provides tough competition to the existing players with their flavored product offerings.
Major players include – NATURES BOUNTY CO., KELLOGG NA CO, GLAXOSMITHKLINE PLC, GENERAL MILLS, INC., CLIF BAR & COMPANY, amongst others.
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Market Segment by Regions, regional analysis covers
- North America (the United States, Canada, and Mexico)
- Europe (Germany, France, UK, Russia, and Italy)
- Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
- South America (Brazil, Argentina, Colombia, etc.)
- The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)