Press release
Global Snack Bars Market Report: Growth Drivers, Trends, and Future Opportunities by 2033
Global Snack Bars Market
According to The Business Research Company's, The snack bars market size has grown rapidly in recent years. It will grow from $23.85 billion in 2023 to $26.23 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to changed consumer lifestyles towards convenience, raised health consciousness, expanded retail presence in convenience stores and online platforms, and growth of nuclear families.
The snack bars market size is expected to see rapid growth in the next few years. It will grow to $38.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to growing awareness of health and wellness, rising demand for on-the-go nutrition, expanding distribution channels, and demand for dietary preferences and lifestyle needs. Major trends in the forecast period include healthy and functional ingredients, plant-based and vegan options, a focus on clean labels and transparency, a shift towards sustainability and eco-friendly packaging, and a rise in personalization and customization options.
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Market Drivers and Trends:
The increasing health and wellness trends are expected to propel the growth of the snack bars market going forward. Health and wellness refer to the overall state of well-being, encompassing physical, mental, emotional, and social dimensions. There is a growing health and wellness trend due to several factors, including growing awareness of the importance of self-care and rising concerns about the impact of sedentary lifestyles on overall health. Snack bars provide convenient, portion-controlled options for maintaining energy levels and meeting nutritional needs in health-conscious lifestyles. Various snack bars are formulated with nutrient-dense ingredients to provide essential vitamins, minerals, fiber, and antioxidants that support overall health and well-being. For instance, in May 2022, according to the online survey of 1,005 Americans aging 18 to 80 conducted by the International Food Information Council, a US-based nonprofit organization, 52% of Americans reported that they followed a diet or eating pattern in 2022, which is a significant increase from the past few years (39% in 2021 and 43% in 2020). Therefore, increasing health and wellness trends are driving the growth of the snack bars market.
Major companies operating in the snack bars market are focusing on providing innovative snack bars using high-protein ingredients, such as Solein, to gain a competitive edge in the market. Solein in snack bars is a protein-sourced ingredient from a natural, unaltered single-cell organism and is used as an ingredient to boost the protein content, despite its unconventional cultivation method. For instance, in January 2024, Fazer, a Finland-based food products company, launched the Fazer Taste the Future snack bar, a limited-edition snack bar featuring Solein, a groundbreaking protein derived from air and developed by Solar Foods. Fazer Taste the Future bar is vegan-friendly and palm oil-free, comprising 70% dark chocolate, hazelnut, dried strawberries, and crunchy oat puffs. With 2% Solein content, the bar provides a source of iron, addressing a common deficiency in plant-based diets.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Nestle SA, PepsiCo Inc., Mars Incorporated, Abbott Nutrition, Mondelez International, Associated British Foods PLC, The Kellogg Company, Amway Corp., Glanbia Plc., Post Holdings Inc., KIND LLC, General Mills Inc., Ocado Retail Limited, The Bountiful Company, GNC Holdings Inc., The Hain Celestial Group Inc., The Simply Good Foods Company, MadeGood, Enjoy Life Foods, Halo Foods, Purely Elizabeth, PROBAR, Square Organics, Oatmega Bar, SquareBar
Snack Bars Market 2024 Key Insights:
• The snack bars market size is expected to see rapid growth in the next few years. It will grow to $38.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Increasing Health and Wellness Trends Is Driving The Snack Bar Market
• Product Innovations For Providing Protein Derivative
• North America was the largest region in the snack bars market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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