Global Snack Bars Market Share, Analysis And Forecast To 2031

(MENAFN- Straits Research) The Global Snack Bars market was valued at USD 24.4 billion in 2021 and is projected to reach USD 47.17 billion by 2030, registering a CAGR of 7.60% from 2022 to 2030.
Due to their nutrient density, high-calorie content, and lightweight and portability, snack bars are popular for snacking. Before forming bars, snack bars are frequently combined with corn or honey syrup. This makes it simple to transport lunches and other items for hiking and other outdoor activities. Beet, spirulina, orange, peanut butter, brownie, and red berries are among the more prominent flavour components in plant-based snack bars. Cereals, fruits, and nuts are the optimal food format for delivering beneficial nutrients, bioactive compounds, and dietary fibre to consumers due to their adaptability. This item is frequently manufactured.
In the coming years, the Snack Bar Market is anticipated to be driven by an increase in demand for vegan snack bars, which has increased the demand for smaller portions of nutritious food. In addition, changing consumer lifestyles and food preferences, as well as the rising prevalence of nuclear families in developed nations, are anticipated to stimulate the market in the coming years. In addition, the key players in the global snack bar market have been responsible for several innovations and new market trends.
Market Dynamics
New flavours introduced by manufacturers are driving the market.
Protein bars, a recently developed food category, were widely used as a dietary supplement. This convenient, ready-to-eat protein source is gaining popularity among fitness-conscious groups because its primary component, proteins, can aid muscle growth. It is a convenient post-exercise snack for athletes, sports enthusiasts, and people whose jobs require intense physical activity. Protein consumption is essential for weightlifters and athletes to maintain energy levels and enhance performance. Increased global adoption of fitness activities is therefore anticipated to increase product demand. In addition, market leaders and smaller competitors have a strong propensity for product innovation to meet the unique needs of athletes.
Rising Trend of On-The-Go Breakfast/Meal Items
Changes in lifestyle, longer travel times, and hectic work schedules necessitate the availability of nutritious food options. Simultaneously, the demand for foods that can be prepared quickly and efficiently is growing rapidly. As a result, nutritious bars are a promising alternative to meals due to their portability, ease of consumption, and ability to satisfy hunger by providing instant energy. In the distant future, the high demand for healthy foods that have arisen due to the increase in the number of health clubs is expected to drive the demand for protein-rich bars.
Regional analysis of the Global Snack Bars Market
The market is segmented into North America, Europe, Asia Pacific, Central & South America, the Middle East and Africa. Europe follows North America, which accounts for the largest market share. The increasing number of health-conscious consumers and their transforming lifestyles drive product demand. The regional market is also expected to benefit from the availability of different flavours and the trend toward eating smaller, more frequent meals due to a hectic lifestyle. India contributes significantly to the Asia-Pacific market, the fastest-growing region in the world. Improving living standards, rising disposable income levels, and health concerns are anticipated to contribute to market expansion in this sector.
Key Highlights

The Global Snack Bars Market was valued at USD 24.4 billion in 2021 and is projected to reach USD 47.17 billion by 2030, registering a CAGR of 7.60% from 2022 to 2030.
The Global Snack Bars Market is segmented by product, distribution channel and region. Based on product, the market is classified into Breakfast, Granola/Muesli, Fruit, Energy and Nutrition and Others. The largest market share worldwide was held by granola/muesli bars.
The distribution channel bifurcates the market into Supermarkets/hypermarkets, Convenience Stores and Online. Supermarkets and hypermarkets held the majority of the market share.
According to the region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. North America, which accounts for the largest market share, is followed by Europe.

Competitive analysis of the Global Snack Bars Market
The major players in the Global Snack Bars Market are

General Mills Inc. (U.S.)
The Simply Good Foods Company (U.S.)
The Kellogg Company (U.S.)
Clif Bar & Company (U.S.)
Glanbia Plc. (Ireland)
GNC Holdings Inc. (U.S.)
Mars, Incorporated (U.S.)
Mondelez International (U.S.)
POST HOLDINGS INC. (U.S.)
Amway Corp. (U.S.)
The Bountiful Company (U.S.)

Recent Development by the key Players

In January 2021: think!, a brand of Glanbia Nutrition, expanded its keto protein bar collection by introducing two new flavours, chocolate mousse pie and chocolate peanut.
In December 2021: RXBAR, a Kellogg subsidiary, launched its first plant-based product. RXBAR Plant contains 10 grams of protein and substitutes pea and almond protein for the brand's distinctive egg white protein.

Segmentation

Product Outlook (Revenue, USD Billion, 2015 - 2025)
Breakfast
Granola/Muesli
Fruit
Energy and Nutrition
Others


Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)

Supermarkets/Hypermarket
Convenience Stores
Online


Region

North America
Europe
Asia Pacific
Central & South America
Middle East & Africa

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