The global energy bar market size is estimated to be valued at $29,447.10 million by 2028, surging from $13,495.89 million in 2020, at a noteworthy CAGR of 10.50%.
Covid-19 Impact on Energy Bar Market Share
The global market for energy bar is estimated to experience a moderate growth amidst the COVID-19 pandemic. This growth is the result of disruption in supply chain and manufacturing of energy bars. Also, complete avoidance of social life and massive shutdown have decreased the demand for energy bar decreased. Therefore, demand for energy bar has decreased in pandemic times.
However, certain key players in energy bar market are adopting certain strategies and innovations for staying upfront in the competitive environment. For instance, in June 2020, Clif Bar & Company, an American company that produces energy foods and drinks, announced that they are operational with all food safety measures. Also, company donated 4 million bars such as CLIF kid Bars, LUNA, and CLIF bars to families and front line workers that are in need. All such factors are predicted to positively impact the global energy bar market trends amid the pandemic.
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Due to the COVID-19 pandemic, people are adopting healthy snacking for boosting immunity and get balanced nutrition. These factors are anticipated to create lucrative investment opportunities in the market during the forecast period.
Global Energy Bar Market Analysis
The enormous growth of the global energy bar market is mainly attributed to increasing gym culture and fitness routines since the last 9-10 years. Also growing demand for nutritional foods such as healthy energy bars for providing instant energy are some of the factors that drive the market for energy bar. Also, energy bars are the best option for pre & post-workout meals, thereby increasing the demand for energy bars. Moreover, companies such as Cliff Bar & Company, American company that produces energy foods and drinks, offers various energy bars for gym and athletes population. Therefore, such aspects will highlight the market for energy bar market.
The cost of energy bar is high due to which not many people can afford energy bars. Furthermore, high manufacturing cost and processing equipment cost are some of the factors that may create a negative impact on the market during the forecast period.
The increasing adoption of allergy free energy bars may create huge opportunities for the market in the future. Moreover, growing emergence of energy bars that are nut free for patients that are allergic to certain cereals and nuts are some of the elements that propel the energy bar market.
Furthermore, the companies involved in the global energy bar are following effective strategies and launch of innovative products to grow in the market. For instance, Spark Nutrition LLC, nutritional product company, announced in October 2019, that they have introduced nut free energy bars that are 100% nut free, specializing in non-allergic product manufacturing. Such technological advancements may further lead to lucrative market opportunities in the market in the upcoming years.
Global Energy Bar Market, Segmentation
The global energy bar market size is segmented based on type, distribution channel, and region.
The type segment is further classified into protein bar, nutrition bar, cereal bar, and fiber bar. Among these, the nutrition bar type sub-segment is anticipated to have the fastest growth and surpass $8,862.55 million by 2028, with an increase from $3,792.38 million in 2020.
The market growth can be attributed to growing demand for nutrition bars that provides nutrition and instant energy to the consumers. Moreover, nutritional bars contain fats, proteins, nutrition, and carbohydrates; this will provide immediate energy to consumer and it is the best source of meal replacement. Moreover, nutrition bar is used in post-workout nutrition for repairing muscles and building up of new muscle. These factors may create a positive impact on the segment throughout the forecast period.
The distribution channel segment is further divided into specialty stores, hypermarkets & supermarkets, online sales channel, and convenience stores. The specialty stores sub-segment is anticipated to have a dominating sub-segment in the global market and register a revenue of $12,043.11 million in 2028 during the analysis timeframe.
This growth is the result of rising preferences for specialty shops because they provide large number of energy bars and people can buy best type of energy bars as per their preference of brands. Moreover, specialty shops offer products under a narrow category, so that people preferring specific shops for specifics products can shop from here. Thus, these are some of the key factors boosting the demand for energy bar.
The energy bar market share for the North American region is projected to witness dominant share. This market generated a revenue of $5,384.86 million in 2020 and is further projected to reach up to $11,366.58 million by 2028.
The demand for energy bar is streaming in the North America region especially because of factors such as increasing number of fitness freak people in the region. According to Glanbia nutritionals, a provider of innovative nutritional solutions in 2019, 79% of US consumers preferred bars as a snacking option and it increased by 34% from that is from 2015-2019. Moreover, increasing demand for nutrition bars along with granola bars is anticipated to boost the market in the North America region.
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Key Players in the Global Energy Bar Market
Some of the leading global energy bar market players are
- General Mills Inc
- Cliff Bar & Company
- Kind LLC
- McKee Foods Corporation
- Kellogg Company
- Brighter Foods Ltd
- NuGo Nutrition
- Premier Nutrition Inc
- Probar LLC
- Quest Nutrition.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.