Energy Bar Market Was Estimated USD 605 million in 2019 and is Expected to grow at a CAGR of 6.1% | Size, Share, Growth & Industry Forecast

Energy Bar Market

The Energy Bar Market was estimated around USD 605 million in 2019 and is predicted to grow at a CAGR of 6.1% over the forecast period (2020-2027).

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The factors driving the growth of Energy Bar Market includes growing prevalence of cardiovascular diseases and diabetes around the world, rising use of gluten-free and low-calorie ingredients by manufacturers, increase in the number of gym memberships and improvements in the living standards. According to the report published by National Library of Medicine, the number of Omanis living with type 2 diabetes mellitus were calculated around 190,489 in 2020, this figure is forecasted to reach 570,227 by the end of 2050, which will accelerate the demand for energy bar products in the approaching years. Moreover, easy availability of energy bar products at e-commerce platforms, busy lifestyles, growing awareness about the health benefits of energy bar products, rise in the launch of innovative products and increasing participation of people in sports related activities, are some of the additional factors supplementing the Energy Bar Market share. In addition, the increasing investments by leading players on research and development, growing demand for convenient food products, rapid urbanization, strategic alliances between key companies and rising population growth rates, are further propelling Energy Bar Market size.

However, increasing number of food allergies due to the consumption of energy bar products, is restricting the growth of Energy Bar Market

The leading players operating in the Energy Bar Market are PepsiCo, Inc., Abbott Nutrition Manufacturing Inc., Associated British Food, The Kellogg Company, Clif Bar and Co., General Mills, Inc., McKee Foods Corporation, QuestNutrition LLC, GlaxoSmithKline Plc., Inc., and PowerBar Inc., among others.

Based on Type, the Organic segment is predicted to grow at a significant CAGR during the forecast period

Growing adoption of advanced food processing technologies by manufacturers and increasing demand for chemical-free products, are some of the factors responsible for the segment's growth.

Based on Distribution Channel, the Online segment is projected to expand at a robust CAGR over the forecast period

Online stores offer wide range of energy bar products, provides attractive discount options and are open 24*7, are some of the factors propelling segment's growth.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

Growing demand for clean label products, increasing consumers inclination towards fitness and sprots related activities, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North American region.

Key Developments

In 2020, General Mills expanded its energy bar product portfolio by launching new Natural Valley brand. The company introduced packed sustained energy bar in two varieties i.e., peanut butter & cranberry and almond butter & blueberry.
In 2018, PepsiCo, Inc. completed the acquisition of plant-based energy bar company, i.e., Health Warrior Inc., which will expand its portfolio in the market. This acquisition is aimed to deliver a healthy nutrition bar category option for the consumers.

Market Segmentation

Segmentation by Type

Organic
Conventional

Segmentation by Distribution Channel

Hypermarkets/Supermarkets
Convenience Stores
Speciality Stores
Online
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada
Europe

United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.