Snack Bars Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030

Key Market Insights

Changing food preferences worldwide will enhance market growth

The global snack bars market is growing substantially, anticipated to expand at a CAGR of 6.9% throughout the forecast period from 2022 to 2030, starting from US$ 23.16 Bn in 2021.

The surge in changing food preferences coupled with growing health consciousness among consumers are expected to drive the global snack bars market. The rapidly growing snack food sales around the globe is further anticipated to boost market demand. The global snack food sales were valued at around US$ 3.18 Bn in 2021 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. Changing lifestyle among millennial and increased physical activities are some 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. New product launch by major market players coupled with rising demand for ready-to-eat products is some other key factors projected to boost the market growth. For instance, In January 2020, Clif Bar & Company launched LUNA Rica bar. The aforementioned bar was the first nutrition bar for Women. The numerous benefits of snack bars such as cholesterol control, boosts energy, a great source of vitamin E, protein & fiber, helps in weight reduction and others are further expected to support market growth in years to come.

Distribution Channel Analysis

Development of organized retail to spur the segment growth

The hypermarkets/supermarkets accounted for the largest share in the global market in 2021. The segment contributed to 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/supermarkets stores worldwide are contributing to segment growth. The global retail sales were valued over US$ 24 Tn in 2020 and expected to reach US$ 30 Tn by 2023. Increasing shelf space coupled with attractive discounts offered is expected to drive the market growth substantially over the forecast period.

Growing preference for online shopping anticipated to enhance 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. Major market players had 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 2021, North America dominated the global snack bars market and accounted for over 40% market share in the same year. The change in consumer lifestyle accompanied by rising health consciousness among the population are the major factor 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 LLC and others is another key reason anticipated to further drive North America snack bars market. Major market players are launching new and innovative products in the North American market. For instance, In February 2020, PepsiCo launched three snack bars in the U.S. named- Naked Fruit, Veggie and Nut Bars. These bars are no preservatives, 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 rising health consciousness and rapid urbanization in the region. 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 2021, 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 to the U.S.
• In June 2020, Clif Bar & Company launched three new bars for summer named CLIF Fruit Smoothie Filled, CLIF Energy Granola, and CLIF Bar Sweet & Salty in the U.S.
• In September 2021, Mars, Inc. acquired a significant share in Germany based Foodspring. The acquisition will help Mars, Inc. to enhance its geographic presence.

List of Companies Covered:

• Nature Valley
• The Kellogg Company
• The Quaker Oats Company
• Kind LLC
• Clif Bar & Company
• Earnest Eats
• Mars, Inc.
• The Hain Celestial Group, Inc.
• PepsiCo
• Fulfil Nutrition
• Nooro

Historical & Forecast Period

This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Snack Bars market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Snack Bars market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Market Segmentation

Product Type

• Breakfast Bars
• Granola/muesli Bars
• Fruit Bars
• Energy and Nutrition Bars
• Others

Distribution Channel

• Hypermarkets/Supermarkets
• Convenience Stores
• Online Sales
• Specialty Stores
• Others (Independent Retailers, etc.)

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Snack Bars market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2030.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Snack Bars market?
• Which is the largest regional market for Snack Bars market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Snack Bars market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Snack Bars market worldwide?