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The next 10 years to see the lustre around the Nut Butter Bar Market amidst advancements in technology
Nut Butter Bar Market Forecast and CAGRAccording to the latest research by Persistence Market Research, the nut butter bar market is set to have a steady growth during 2021-2031. Demand for nut butter bars is expected to increase in the food & beverage industry. The health-consciousness among the consumers is one of the driving factors behind the growth of the nut butter bar market.
With the large number of companies offering various flavours and coming up with new product development in the nut butter bar segment, there are wide opportunities for the key players.
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What is Driving Demand for Nut Butter Bar?
The increasing preference for healthy and nutritionally beneficial products in the market is driving the nut butter bar market across the globe. One factor which is driving the growth of the nut butter bar market is the increasing popularity of on-the-go breakfasts.
These nut butter bars are also consumed in between meals. The acceptance of nut butter bars not only for breakfast but for lunch and as snacks item has increased the demand for nut butter bars. Nut butter bars also give a more prolonged release of energy.
The nut butter bars are customized according to the region in which they are served, by the manufacturers. The nut butter bars are not only nutritious and safe for health but are also appetizing, which makes the nut butter bars an all-time eating option.
Nut butter bar makers are also innovating and coming up with new variations to increase the market share by adding new protein-rich ingredients such as nuts, puffed rice, oats, and others. The conversion of a nut butter bar from a snack to a food item that can be eaten at any time of the day has increased the market growth of nut butter bars.
The increase in the purchasing power parity is also expected to drive the market growth of nut butter bars in snacks. The growing use of different types of nuts like hazelnuts, almonds, and cashew in snacks bar owing to the good source of vitamins, fibers, and minerals is anticipated to increase the product demand. The increase in the spending capacity of customers along with the restless lifestyle of consumers would increase the nut butter bar market.
These nut butter bars are popular among athletes, sportsman and young adults as it gives longer release of energy. These nut butter bars are high in proteins and vitamins and help in appetite suppression, weight management, and improved digestive health. The demand for these products is, therefore, gaining attraction among the athletes.
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What is the Effect of Covid-19 on the Nut Butter Bar Market?
The COVID-19 pandemic severely impacted the end-use industries of the nut butter bar market. Hence, there has been a significant drop in the demand for nut butter bars across the globe. Though, the online shops are the ones that are helping this nut butter bar industry to stay afloat in this pandemic situation.
The disruption in the supply chain has also impacted the market due to which there is a delay in the operations and an imbalance in supply and demand. However, change in lifestyle, increasing health awareness and people's interest in buying nutritional bars from an online retail store are some of the factors due to which there is a steady growth in the nut butter bar market.
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