July 14, 2024

Rising Health Awareness To Boost Growth Of Energy Bar Market

The Global Energy Bar Market is estimated to be valued at US$ 3.38 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Energy bars are portable, convenient snacks providing nutritional balance in restricted calories. They offer balanced nutrients like protein, carbohydrates, fiber, vitamins and minerals required to boost physical and mental energy levels. They are easy to carry snacks designed to fill nutritional gaps between meals. Energy bars come in different flavors and textures like crunchy, chewy, soft and are formulated with natural ingredients. They serve as alternatives to high calorie candies and snacks.

Market key trends:
One of the key trends in the energy bar market is the rise of plant-based protein bars. With growing consumer preference for sustainable and healthy ingredients, many brands have launched protein bars made from plant proteins like nuts, chickpeas, beans etc. Also, energy bars specially targeted for women are gaining traction. They offer balanced nutrition for women’s health along with prebiotics and probiotics. Moreover, energy bars are now available in various specialty flavors and formats like protein-packed snacks bars, breakfast bars and cereal bars to suit evolving taste preferences. Innovation in ingredients, flavors and formats is expected to drive the growth of the energy bar market over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barriers to entry in the energy bar market makes threat of new entrants moderate. New players need to develop strong brand image and distribution network to gain market share.

Bargaining power of buyers: Buyers have high bargaining power due to availability of various substitute products. They can easily switch to other snacks and convenience foods.

Bargaining power of suppliers:
Suppliers of raw materials like grains, nuts and seeds have moderate bargaining power because of availability of substitute ingredients.

Threat of new substitutes:
Emergence of new snacks and meal replacement products pose threat to energy bars. Innovation is key for players to sustain.

Competitive rivalry: Intense competition exists among established players.

Key Takeaways

The Global Energy Bar Market is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period 2023 to 2030, due to increasing health awareness and on-the-go consumption trends. The market size is estimated to be US$ 3.38 Bn in 2023.

North America dominates the global energy bar market share currently due to busy lifestyle and huge demand for nutritional and health beneficial products. Asia Pacific is expected to be the fastest growing market owing to rising income, growing awareness about health and fitness in developing countries.

Key players operating in the energy bar market are Nature Essential Foods Pvt Ltd, Lotus Bakeries, General Mills Inc., Clif Bar & Company, ProBar LLC, Post Holdings Inc., BumbleBar Inc., PepsiCo Inc., Eat Anytime, TORQ Limited, OTE Sports Ltd, Kind LLC, Science in Sports PLC, and Kellogg Company. These companies are focusing on new product launches and enhancing their distribution network to gain more customers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it