Snack Bars Global Market Report 2024

The snack bars market size has grown rapidly in recent years. It will grow from $23.85 billion in 2023 to $26.23 billion in 2024 at a compound annual growth rate (CAGR) of 10%. The expansion witnessed in the historical period can be attributed to several factors, including shifts in consumer lifestyles towards convenience, heightened health consciousness, the increased retail presence in convenience stores and online platforms, and the growth of nuclear families.

The snack bars market size is expected to see rapid growth in the next few years. It will grow to $38.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The projected growth in the forecast period can be attributed to the increasing awareness of health and wellness, a rising demand for on-the-go nutrition, the expansion of distribution channels, and the growing emphasis on catering to dietary preferences and lifestyle needs. Significant trends anticipated in the forecast period include the incorporation of healthy and functional ingredients, the introduction of plant-based and vegan options, a focus on clean labels and transparency in ingredients, a shift towards sustainability and eco-friendly packaging solutions, and an increase in personalization and customization options.

The upward trajectory of health and wellness trends is poised to drive the expansion of the snack bars market in the foreseeable future. Health and wellness encompass various dimensions of well-being, including physical, mental, emotional, and social aspects. This trend is gaining momentum due to factors such as heightened awareness of self-care importance and mounting concerns about the adverse effects of sedentary lifestyles on overall health. Snack bars offer convenient, portion-controlled options to maintain energy levels and fulfill nutritional requirements in health-conscious lifestyles. Many snack bars are crafted with nutrient-rich ingredients to deliver essential vitamins, minerals, fiber, and antioxidants that contribute to overall health and well-being. For instance, according to an online survey conducted by the International Food Information Council in May 2022, 52% of Americans aged 18 to 80 reported adhering to a specific diet or eating pattern in 2022, marking a significant increase from previous years (39% in 2021 and 43% in 2020). Thus, the rising health and wellness trends are fueling the growth of the snack bars market.

Key players in the snack bars market are concentrating on offering innovative snack bars utilizing high-protein ingredients like Solein to gain a competitive edge. Solein is a protein source derived from a natural, unmodified single-cell organism and is incorporated into snack bars to enhance their protein content, despite its unconventional cultivation method. For example, in January 2024, Fazer, a Finland-based food products company, introduced the Fazer Taste the Future snack bar, a limited-edition offering featuring Solein, a groundbreaking protein derived from air and developed by Solar Foods. The Fazer Taste the Future bar is vegan-friendly and palm oil-free, comprising 70% dark chocolate, hazelnut, dried strawberries, and crunchy oat puffs. With a 2% Solein content, the bar provides a source of iron, addressing a common deficiency in plant-based diets.

In August 2022, Mondelēz International, a US-based conglomerate specializing in confectionery, food, beverages, and snacks, acquired Clif Bar & Company for an undisclosed sum. This acquisition marks Mondelēz International's expansion into the global snack bar market, positioning the company to surpass $1 billion in snack bar sales. Additionally, the acquisition aligns with Mondelēz International's strategy to reshape its portfolio for sustained and sustainable growth. Clif Bar & Company, based in the US, is renowned for its production of energy foods, snack bars, and beverages.

Major companies operating in the snack bars market are Nestle SA, PepsiCo Inc., Mars Incorporated, Abbott Nutrition, Mondelez International, Associated British Foods PLC, The Kellogg Company, Amway Corp., Glanbia Plc., Post Holdings Inc., KIND LLC, General Mills Inc., Ocado Retail Limited, The Bountiful Company, GNC Holdings Inc., The Hain Celestial Group Inc., The Simply Good Foods Company, MadeGood, Enjoy Life Foods, Halo Foods, Purely Elizabeth, PROBAR, Square Organics, Oatmega Bar, SquareBar.

North America was the largest region in the snack bars market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the snack bars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the snack bars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Snack bars are defined as convenient, ready-to-eat food items typically consumed between meals, offering a quick and portable snack option. They are favored for their convenience, providing a swift source of energy and nutrition for consumption on the go.

The primary types of snack bar products include breakfast bars, granola or muesli bars, fruit bars, energy and nutrition bars, among others. Breakfast bars are tailored for convenience, serving as quick and easy morning meal options. They are available in various packaging formats such as plastic, cartons, and boxes, and are retailed through diverse distribution channels including supermarkets or hypermarkets, convenience stores, and online platforms.

The snack bars market research report is one of a series of new reports that provides snack bars market statistics, including snack bars industry global market size, regional shares, competitors with snack bars market share, detailed snack bars market segments, market trends, and opportunities, and any further data you may need to thrive in the snack bars industry. This snack bars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The snack bars market consists of sales of granola bars, protein bars, and energy bars. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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