(MENAFNEditorial) Fortified Energy Bar Market: By Ingredients Type (Fruits, Cereal, Nut and Seeds, Sweeteners and others), Certifications (95% Certified and 100% Certified), Nutrients (Proteins, Fat, Carbohydrates, Minerals and Others) and Region - Forecast till 2023
Market Overview:
Fortified Energy Bar Market is projected to grow at CAGR of 5.6% backed by growing demand for healthy energy bar, various nutrients and increasing variety of fortified energy bar are the key growth drivers responsible for the growth of global fortified energy bar market. Growing awareness about healthy lifestyle and energy bar enriched with various nutrients has also boosted the sales of fortified energy bar.
Globally with huge demand for healthy fortified energy bar, this market will continue to grow, due to increasing health awareness in recent years. Key players are investing in R & D for innovating product line as fortified energy bar market's growth is directly proportional to the scope of innovation due to highly competitive market. Moreover, key players are also investing in partnership with various food chains as the main focus area is to grow the consumer base. Due to the increasing working class population and disposable income, there is rise in the demand for healthy and fortified energy bar.
Increasing number of health conscious consumers in developed economies, is one of the driving forces for this market. Key players are also investing in R & D so as to focus on development of new product line with improved formulations. Fortified energy bar such as plain energy bar, flavored energy bar, and others, are consumed by many consumers as it helps in enhancing digestive system, strengthens the defense systems of the body which are faced by many consumers now-a-days, hence consumers are trying to find natural remedies for health problems. Fortified energy bar is loaded with animal protein, vitamins, minerals, probiotics and prebiotics therefore it is good for skin and hair. Hence, this market will grow at a CAGR of 5.6 %
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The major competitors in this market are inclined to increase their footprint across the world by acquiring local and regional players. Apart from this, the companies are introducing their products in the developing economies in order to penetrate the untapped market. Major players are also investing in R & D initiatives especially to develop superior & high quality products by including healthy ingredients such as fruits, cereal, nut & seeds, sweeteners, and others. This factor will help them to penetrate the emerging fortified energy bar markets and fulfil the growing demand. Improving economic conditions and impact of western culture on Asia Pacific region is driving the growth of this market, especially in countries like India and China, where China dominated the market followed by India.
Latest Industry Updates:
Dec 2017 Kellogg's recently has acquired the RXbars Company for a hefty $600 million. The cereal maker says the 'unique and innovative company, known for its simple labels with ingredients printed on the front, will continue to operate independently.
Nov 2017 Nottingham Charity has launched a free vending machine for homeless people to use. The machine itself is stocked with things like fresh fruit, sanitary towels, socks, energy bars, and sandwiches. It is accessible 24/7 under the canopy outside the back entrance of Broadmarsh shopping centre.
Nov 2017 Mars, the owner of confectionery brands including Snickers, M & M's and Galaxy has acquired a minority stake in Kind, the maker of healthy nut bars.
Nov 2017 Hearthside Food Solutions in Downers Grove has completed its transaction to acquire Standard Functional Foods Group Inc. of Nashville, Tennessee, in an effort to grow its nutrition and energy bar business.
Major Key Players:
This report includes a study of strategies such as mergers and acquisitions, product launches by the major fortified energy bar market players. It further includes product portfolios, developments of leading major players which includes
- Clif Bar & Company (U.S.)
- General Mills, Inc. (U.S.)
- Kellogg Company (U.S.)
- Atkins Nutritionals, Inc. (U.S.)
- Quest Nutrition, LLC (U.S.)
- McKee Foods Corporation (U.S.) and
- Quaker Oats Company (U.S.)
Global fortified energy bar market is highly concentrated in North America. Key manufacturers are focusing on expanding their product line by providing a varied product line with various flavors, combinations and attractive packaging.
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Segments:
Fortified Energy bar market has been segmented on the basis of ingredients type such as proteins, fat, carbohydrates, and others. Fortified energy bar dominates the market, because of its enrichment in various nutrients.
On the basis of certifications, the market is segmented into either 95% certified or 100% certified.
On the basis of nutrients, this market is segmented into proteins, fat, carbohydrate, and others.
On the basis of distribution channel, this market is segmented into store based such as hyper and super markets, specialist retailers, convenience stores, and others.
Regional Analysis:
The global Fortified energy bar market is segmented into North America, Europe, APAC, and Rest of the World (RoW). North America is dominating the global market followed by Europe. New product innovations by the key players are driving the North American market in which the U.S. is the major contributor. Inclination towards functional food among the European population is a major factor contributing for the growth of European market.
Asia Pacific is expected to be the fastest growing market over the forecast period. In Asia pacific region, India and China are the major contributors responsible for the growth of fortified energy bar market. The growing population along with rise in disposable income and the increasing number of health conscious individuals is driving the market of this region. Moreover, growing health awareness among the population will drive the growth of fortified energy bar in rest of the world.
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