(MENAFN- GlobeNewsWire - Nasdaq) Newark, March 20, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 336.72 Million in 2022 energy balls market will reach USD 624.39 Million by 2032. People's eating habits have been significantly impacted by changing lifestyles, shifting behaviours, and increasing consumer knowledge and awareness. Another critical element driving the need for convenience snacks in consumers' daily meals is busy lifestyles and demanding personal and professional obligations. Modern life is stressful; thus, eating habits have changed to favour ready-to-eat foods or on-the-go nourishment that can be swiftly taken anywhere. Moreover, the market for energy balls will benefit from the rising popularity of functional foods. Functional foods and beverages consumption is considered highest in wealthy areas like North America, Europe, and others. Sales of energy balls are fuelled by the demand for functional foods or snacks, driven by two key factors: increased consumer awareness of the advantages of functional foods and higher disposable incomes.
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Key Insight of the Energy Balls Market
Asia-Pacific became the market leader for energy balls globally in 2022, with a share of 32.82% and an estimated value of USD 110.51 Million.
Asia-Pacific emerged as the market leader for energy balls globally with a share of 32.82% and an estimated value of USD 110.51 Million in 2022. It results from several reasons, including rising per capita disposable income and expanding consumer demand for nutrient-dense food products in countries like China and India. It is also a result of millennials' greater health consciousness.
Nonetheless, North America is anticipated to be the energy ball's most significant market during the projected period. The United States dominates North America and is expected to continue to generate the most revenue in the years to come because of the relatively high consumption of products with a high protein concentration in the region.
The conventional segment had the highest market share of 64.27% and was valued at USD 216.40 Million in 2022 in the energy balls market.
In the market for energy balls, the conventional segment held the largest market share at 64.27% and was valued at USD 216.40 Million in 2022. However, it is anticipated to expand at the highest CAGR of 8.54% during the projected period.
The nut-based segment had the highest market share of 29.33% and was valued at USD 98.75 Million in 2022 in the energy balls market.
In the market for energy balls, the nut-based segment held the largest market share at 29.33% and was valued at USD 98.75 Million in 2022.
However, the chocolate-based segment is anticipated to expand at the highest CAGR of 8.26% over the projection period.
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Market Dynamics
Driver: Rising consumer awareness regarding health and nutrition
Consumer awareness of the potential risks of fake medicines is growing in many developed countries worldwide. Energy balls are becoming increasingly prevalent worldwide as health awareness has grown. The nutritional benefits of nuts, cereals, and fruits are also popularly known to consumers, in addition to the help of a lifestyle-related diet, such as higher antioxidant levels and lowered risks of metabolic diseases like obesity and diabetes. Moreover, energy balls contain vitamins and minerals like calcium, iron, zinc, and vitamins A, B, E, and B12.
Restraint: Cost of production
Energy balls are expensive to produce because there is less production per unit of input, more significant labour expenses, and growing competition that reduces profit margins. These factors are projected to prevent the growth of the energy balls market.
Opportunity: Increasing emphasis on naturally sourced ingredients
Currently, manufacturers are focusing more on developing energy balls that are healthier and more nutrient-dense. These products can contain more organically obtained nutrients than their chemically produced alternatives since manufacturers emphasise natural ingredients without compromising the nutritional value.
Challenge: Demand and supply gap
As the information system and data available to producers are not as precise and comprehensive as those of the food industry and general agriculture in countries with developed markets, there is a lack of a proper balance between supply and demand.
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Some of the major players operating in the energy balls market are:
. Bounce Foods ltd
. Windmill Organics
. Betty Lou's Inc.
. Boostball
. Made In Nature, Inc.
. DELICIOUSLY ELLA LTD.
. Nutri-Brex
Key Segments cover in the market:
By Nature:
. Conventional
. Organic
By Flavour:
. Nut-based
. Chocolate-based
. Fruit-based
. Others
By Region
. North America (U.S., Canada, Mexico)
. Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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