Energy Bar Market (By Type: Protein Bar, Nutrition Bar, Cereal Bar, Fiber Bar; By Nature: Organic, Conventional; By Distribution Channel: Hypermarkets & Supermarkets, Convenience Stores, Specialty Stores, Online Sales Channel) - Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027
The global energy bar market is expected to grow at a CAGR of around 6.5% from 2020 to 2027 and expected to reach the market value of around US$ 1,011.2 Mn by 2027.
Energy bars are quick, easy, and portable, claim to be healthy, and can be as tasty as a standard chocolate bar. According to the IRI Snacking Survey, 60% of consumers want their snacks to give them a boost of energy, as energy bars appear healthy and natural - after all, many are packed with fiber and protein in the form of dried fruit and nuts.
Market Dynamics
Rising demand for healthy and organic snacks with high nutritional value, as well as rising demand for sports nutrition, is expected to drive organic energy bar global market growth. Energy bars serve as a meal replacement and a quick snack food for consumers who lead busy lives. Furthermore, it can be used to replace high-calorie foods such as chocolate, cakes, and cookies, and it can aid in weight maintenance. These factors are expected to drive organic energy bar market growth over the forecast period. The wide range of products offered by market players, as well as the availability of organic energy bars in retail stores and online stores, are driving the global organic energy bar market forward.
Energy bars, on the other hand, cannot be used as a substitute for whole-food sources because they lack all of the necessary ingredients, and excessive consumption of energy bars adds extra calories to the diet, which are the main factors limiting the market. However, the rise in the number of food allergies as a result of specific food products, combined with various regulations regarding specific ingredients, is expected to act as a restraint on the growth of the energy bar market, while a lack of product preference may pose a challenge to the growth of the energy bar market.
Market Trends
Building the ideal energy bar
The energy bar industry is flourishing. According to a report released by the Institute of Food Technologists, in order to create the perfect energy bar, the right cues must be designed into products and packaging to signal the benefits promised by the brand. Furthermore, marketers must ensure that a brand's and its products' positioning can be translated into sensory qualities/features of products and packaging that serve as cues signaling important benefits. For example, if “sustained energy” is a key benefit of an energy bar, it is critical that the product design excludes fruit. This approach is gaining traction as a means of not only guiding product developers, but also inspiring research chefs and innovation team members working in the early stages of product development. These early stage translation decisions are critical to project success because they direct downstream research toward specific product requirements for sensory qualities/features. This includes flavor and ingredient suppliers who are looking to turn client briefs into profitable business opportunities. This technique has proven useful to package designers as a means of identifying visual, tactile, and auditory cues from packaging that are critical in the subconscious communication of the brand's benefits. Furthermore, marketers are discovering this value approach to address line extension opportunities-identifying chief benefits sought as motivators of choice within moments where their brand is currently playing-and brand extension opportunities-identifying new moments to target as the greatest opportunity to grow their brand.
COVID-19 impact analysis on global energy bar market
The ongoing health crisis caused by COVID19 has impacted people from all walks of life. Nations' top priority has been to protect the lives of disease victims as well as frontline health responders. As the pandemic crisis worsened and nations began instituting lockdowns, supply chains experienced something entirely new: systemic demand shocks, in which people stocked up on consumer staples to comply with movement restrictions, in some cases buying months' worth of goods in a single day.
According to a report released by the United Nations Industrial Development Organization, comparing production between December 2019 and June 2020 in 62 countries that account for roughly 90% of global manufacturing value added, UNIDO figures show that more than half of those countries experienced a protracted economic downturn between January and March and April and June 2020.
Market Segmentation
The global energy bar market is segmented based on type, nature, and distribution channel. By type, the market is segmented as protein bar, nutrition bar, cereal bar, and fiber bar. Based on nature, the market is classified into organic and conventional. Further, distribution channel is segregated as hypermarkets & supermarkets, convenience stores, specialty stores, and online sales channel.
Protein bars account for the largest market share in the global energy bar market. Protein can be used for a variety of purposes, including vegetarian diet supplementation. This is a growing market as a greater proportion of young people identify as vegetarians, resulting in high preference among an ever-growing consumer base.
The organic segment is expected to dominate the global energy bar market during the forecast period. This is due to an increase in organic snack start-ups, consumer awareness of chemical-free products, an increased preference for organic food product, increase in consumer spending capacity, use of advanced technology for bar processing, food technologists endorsing organic food bars over conventional bars, and product penetration through major retail sectors and online platforms.
The specialty stores segment leads the global energy bar market in terms of distribution channel. This is because specialty stores provide options such as discounts and the convenience of instant gratification. This is one of the most important factors influencing the global energy bar market's growth.
Regional Landscape
North America dominates; Asia Pacific registers fastest growing CAGR for the global energy bar market
According to Euromonitor International, the total snack bar market in North America is growing, with revenues expected to exceed US$8 Bn by 2020. Consumers are increasingly interested in nutrition bars; convenience, nutritional benefits, and great taste are key factors driving the global energy bar market.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the global energy bar market. India is one of the prominent countries in APAC that is fostering the growth of the global energy bar market. Consumer demand for convenient and healthy on-the-go snack options has been by far the most important factor driving energy bar sales in the country. Furthermore, energy bars are perceived to be more expensive in India when compared to regular snack bars. This has created an opportunity for Indian players such as Patanjali to develop energy bars at a lower cost.
Competitive Landscape
The prominent players of the global energy bar market involve PowerBar, Honey Stinger, Clif Bar & Company, Gatorade, General Mills, Inc., Humm Foods, Inc., and among others
Market Segmentation
Market By Type
Protein Bar
Nutrition Bar
Cereal Bar
Fiber Bar
Market By Nature
Organic
Conventional
Market By Distribution Channel
Hypermarkets & Supermarkets
Convenience Stores
Specialty Stores
Online Sales Channel
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
Frequently Asked Questions
What will be the market value of the energy bar market?
Energy bar market is expected to reach a market value of around US$ 1,011.2 Mn by 2027.
At what CAGR, the energy bar market is expected to grow during the forecast period (2020-2027)?
The energy bar market is expected to grow at a CAGR of around 6.5% from 2020 to 2027.
Which is the leading segment in the energy bar market?
Based on type, protein bar segment is the leading segment in the overall market.
What are the key drivers of the energy bar market?
Rising demand for healthy and organic snacks items with high nutritional value and growing demand for sports nutrition is one of the prominent factors that drive the demand for energy bar market.
Which are the prominent players in the energy bar market?
PowerBar, Honey Stinger, Clif Bar & Company, Gatorade, General Mills, Inc., Humm Foods, Inc., and among others.
Which region held the highest market share in the energy bar market?
North America is anticipated to grab the highest market share in the regional market
Which region is expected to be the fastest growing market over the forecast period?
Asia Pacific is expected to be the fastest growing market in the forthcoming years
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