Energy Bars Market Share, Insight, Report, Trends, Analysis, & Forecast

SKU: DMFB4160 | Last Updated On: Apr 19 2022 | Available Formats

Energy Bars Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Energy Bars Market is Segmented By Type (Meal-Replacement Bars, Activity Bars, Oat Bars, Endurance Bars, Others), By Nature (Organic, Conventional), By Flavor (Fruit, Nut, Chocolate, Others), By Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Convenience Stores, E-Commerce, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview:

The global energy bars market is estimated to reach a high CAGR of 6% during the forecast period 2022 - 2029

An energy bar is a healthy form of snack bars, composed of nutritional ingredients, to boost energy and endurance. Its high carbohydrate and sugar content, contributing to its high energy value, is the major trait that distinguishes it from other protein and snack bars. Energy bars come in various flavors and serves as a satisfying as satisfying snacks. The energy bar basically contains food energy and does not contain caffeine. A typical energy bar weighs between 50-85 grams and offers about 250 to 300 calories. The consumer demand for convenient and healthy on-the-go snack options has by far been the primary attribute for the sales of energy bars globally. Due to their small packaging and high energy content, they are the ideal solution for adults who need instant results. They also contain proteins and other nutrients and micronutrients required daily, packing a balanced diet in a small quantity.

Source: DataM Intelligence Analysis (2021)

Market Dynamics:

Demand for convenient and healthy on-the-go snacking

Globally, the demand for convenience foods is growing at a faster pace due to changes in social and economic patterns, increased expenditure of food and beverage, awareness about healthy foods, changes in meal patterns and existing food habits, and the desire to taste new products. On-the-go snacking is becoming extremely popular, especially among the working-class people, teenage children, people living in hostels, and bachelors due to their hectic lifestyles. Moreover, the on-the-go snacking concept is closely associated with the easy consumption and handling of products, which energy bars offer. Energy bars, which are packed into small quantities containing high amounts of instant energy and all the daily essential nutrients and micronutrients, have been widely adopted, propelling the market growth. In 2019, 75% of American bar consumers ate energy bars as a snack, while 60% replaced a traditional breakfast with a more portable option. Moreover, 30% of Americans admit it is hard to prepare meals, given their busy schedules. Thus, the demand for energy bars is increasing due to the linked convenience of consumption to boost the energy, aided by disposable packaging that prevents the bars from coming in contact with hands while also keeping them clean to work.

Further, the increasing demand for energy bars for different consumers' needs has led to various product innovations and increased use of healthy ingredients. Labeling these bars with properties, such as gluten-free, vegan, low fat, low calories, no added sugars, and sweeteners, is propelling the market growth.

Market Segmentation:

Increasing demand for protein-rich food boost the market growth

The composition of nutritional bars are carbohydrates, protein, natural sweeteners and fats. Athletes and sportspeople prefer protein-rich bars because they produce more than 30% protein compared to regular bars. Growing awareness towards health and well-being increases the demand for protein bars due to their health benefits and no harmful impacts on health. The continuous search for innovative and healthy food, protein bars provide convenience and essential nutrients for daily consumption. Moreover, gym culture and fitness routines are becoming increasingly popular across the world. Memberships in gyms and fitness centers have steadily increased over the last 8 to 10 years. As a result, there has been a significant increase in demand for performance nutrition foods such as protein bars. Protein bars are well-known for providing consumers with instant energy, making them an excellent choice for pre & post-workout meals for gym members. The millennials are known to be more involved in fitness and recreational activities, thereby increasing the demand for protein bars.

Geographical Penetration:

North America is expected to dominate the global energy bars market

In North America, the United States, being one of the most developed nations, demands highly convenient food, owing to its rapid lifestyle. According to the United States Department of Agriculture (USDA), consumers in the United States spend more than half of their food budget on convenient foods, including energy bars, thereby driving the consumption of energy bars in the country. Moreover, manufacturers are focusing on the health and wellness trend in the region, targeting young consumers and the working population. The changing lifestyle of consumers involving the consumption of smaller meals is further leading to the increased consumption of healthy snacks, which is expected to propel the demand for energy bars. As per government sources, the employment rate in the United States is at around 61% in 2019, which amounts to over 157 million people having a busy daily life and smaller breaks in between. With consumer spending increasing on packaged foods and there being no time to prepare meals, people are turning toward convenience foods, like energy bars, for their energy requirements on the go. Moreover, product launches with various label claims, such as “no artificial additive”, “high or added fiber”, and “reduced sugar”, achieved strong growth in the past few years. Expensive brands offering product composed of natural and organic ingredient is expected to increase sales of energy bars in North America.

Source: DataM Intelligence Analysis (2021)

Competitive Landscape:

The global energy bar market is highly fragmented and competitive, with various global and regional players. The major market share of energy bars is dominated by a domestic group of companies. Thus, the global market share is shared among companies like Kellogg’s, General Mills Inc., Clif Bar & Company, and Lotus Bakeries, among other domestic and global players. Product innovation was the most preferred strategy adopted by a majority of key players in the market studied. Moreover, players operating in the market also consider various factors to make their products more appealing to the customers. Hence, they offer products with vegan, clean-label claims, and innovative packaging designs. For instance, in 2020, KIND Healthy Snacks (KIND) launched KIND® Energy that provides sustained energy from whole grains. The product line's first ingredient, oats, contributes complex carbohydrates, the preferred nutrient for sustained energy. In July 2019, General Mills launched Nature Valley Wafer Bars, LÄRABAR plant-based energy bars, and EPIC Provisions Rise & Grind morning-inspired bars.

COVID-19 Impact: Pandemic had a positive impact on the global energy bars market

The COVID-19 pandemic resulted in the generation of opportunities for many private players to emerge in the markets to cater to the inflated demand for snack products, which benefited the manufacturers of energy bars. The need for innovative snacks is consistently high in developed countries due to the associated convenience of storing, quick usage, and accessible provision for nutrition and energy requirements. The staggeringly increased sales of products, like snacks, bars, and other convenience foods, were observed through online stores during the lockdown, which sustained the demand for energy bars in the market studied. Most people prefer to buy larger quantities at a time, as they fear running out of products. Thus, large basket sizes are a significant reason for the sustenance of snacks and bars across all regions. In August 2021, Fitsport Nutrition Foods, a Hyderabad-based company specializing in energy and protein bars, has ventured into the highly competitive US market with a bigger bar via a listing on Amazon US.

Why Purchase the Report?

  • Understand the current market scenario and viability of global energy bars over the forecast period
  • Visualize the composition of the global energy bars market in terms of type, nature, flavors and distribution channel to identify major players, growth potential, and market strategies
  • Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
  • Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
  • Excel data sheet with valuable data points of the global energy bars market – Regional and Country level segmentation
  • Product mapping in excel for the key products of all major market players
  • Market share analysis covering business revenues ($) and revenue share (%) of key market players

The global energy bars market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages

Target Audience:

  • Energy Bars Manufacturers
  • Food Processing Companies
  • Packaging Companies
  • Import and Export Companies
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals

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