Snack Bars Market Analysis Report By Product, By Distribution Channel And Segment Forecasts From 2019 To 2025

Industry Insights

The global snack bar market was sized at USD 20.15 Billion in 2018. It is expected to register growth with a CAGR of 6.64% during the forecasted years, 2019 to 2025. Growing awareness about personal health and wellbeing resulting in the rise of demand for healthy food products is expected to boost the market for snack bars during the forecasted period, 2019 to 2025. The rise in the popularity of packed food products which can be replaced by junk food is also anticipated to increase the growth rate in the upcoming years.

The snack bars can act as a replacement for heavy calories meals. An increase in the number of working populations coupled with the rising number of nuclear families in the urban cities has led to fewer cooking activities in households. Thus, the millennials are relying on products such as snack bars to meet their need for frequent meals. As these bars contain nutritional values, they are becoming popular across the globe.

The stuffing provided in them such as nuts, fruits, and cereals is attracting a large number of consumers which is fueling the demand for such products. The manufacturers have started manufacturing a variety of snack bars that serve a variety of purposes such as after-workout nutrition, diet, meal, and energy. This has increased the consumer acceptance of such products, thereby driving market growth.

An increase in awareness about personal health has led to a rise in activities like sports and athletics. Thus, the manufacturers have started producing various types of snack bars with new flavors, ingredients, and tastes. For instance, a major manufacturer, KIND bars, has recently launched bars with two-in-one flavored chocolates and strawberry extracts. These efforts taken by the manufacturers to launch new products as per the desire of the consumers are expected to drive the snack bar market growth.

Products Insights

In 2018, the segment for Granola/ muesli bars occupied the largest market share of 28.90% across the global market. As these snacks are being considered as a healthier alternative for chocolates and cookies, their demand is increasing at a faster rate. They are gluten-free and contain more fruit content which is attracting a large number of health-conscious consumers.

The segment for nutrition and energy bars is anticipated to have a moderate rate of growth during the forecasted period, 2019 to 2025. This growth is attributed to the rise in participation in various physical activities. As the demand for such bars is expected to surge in the upcoming years, the manufacturers have started introducing various products under their product line. For example, the Yoga bars are being manufactured using a variety of ingredients such as oats, multigrain, nuts, and chocolates.

Distribution Channel Insights

According to the distribution channel, the segment of supermarket/hypermarkets held the highest market share. This growth can be attributed to the rise in technical advances coupled with the development of the organized retail sector. Also, various strategies like shelf spacing in such stores are being used by the manufacturers to boost market growth in the upcoming years. Stores have also started providing various offers, discounts, and attractive packaging for such products.

The online segment is anticipated to be the fastest-growing distribution segment owing to the increasing awareness about e-commerce channels such as Amazon and Alibaba, which offer doorstep delivery for such products. Also, hassle-free shopping, a variety of brands for comparison, quick replacement options have attracted the majority of the millennials. Thus, the market growth for such products through an online mode of distribution is projected to grow at a faster pace over the forecasted years, 2019 to 2025.

Regional Insights

In 2018, the region of North America held the largest market share followed by Europe. Various factors such as an increase in the number of health-conscious people and their willingness to spend on such products have boosted the market demand across these regions. Also, the increasing trend of consumption of such products at workplaces and schools to cater to the need for frequent meals is anticipated to boost the market growth in the upcoming years. The region of Asia Pacific is expected to be the highest growing segment in the upcoming years owing to the increasing population. Countries like India and China are expected to contribute more to the consumption of such products during the forecasted years.

Snack Bars Market Share Insights

The market for snack bars is slightly dominated by a few key players. The major manufacturers include Kellogg’s, Quaker Oats, Alpen and Jordan, Nature Valley, Kind bars, Earnest Eats, etc. These manufacturers have started investing in R&Ds to develop a variety of products with new ingredients and flavors to cater to the increasing demand of the consumers. 

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global snack bars market report based on product, distribution channel, and region:

• Product Outlook (Revenue, USD Billion, 2015 - 2025)
    • Breakfast
    • Granola/ Muesli
    • Fruit
    • Energy and Nutrition
    • Others

• Distribution channel Outlook (Revenue, USD Billion, 2015 - 2025)
    • Supermarkets/ Hypermarkets
    • Convenience Stores
    • Online

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • U.K.
    • the Asia Pacific
        • India
    • Central and South America
        • Brazil
    • Middle East and Africa
        • UAE