Energy Bar Market Ready to Achieve Revenue US$ 4410.1 Mn during Forecast Period 2022-2030
Energy Bar Market |
An Energy Bar is a supplementary
bar made primarily of cereals, micronutrients, and flavouring ingredients. Its
primary function is to provide instant energy. Energy bars, on the other hand,
may contain additional nutrients and be marketed as a functional food. The growing
demand for on-the-go snacking is propelling the energy bar market forward.
According to Coherent Market Insights, 75% of American bar consumers
ate them as a snack in 2019, with 60% replacing a traditional breakfast with
the more portable option. Furthermore, given their hectic schedules, 30% of
Americans say it is difficult to prepare meals. Furthermore, 79% of US
consumers have snacked on bars in the last 12 months, with 34% reporting an
increase in bar consumption over the previous year. Convenience and the nutritional value of bars
are among the top reasons for the growing bar consumption.
Another important factor driving
market growth is the increasing number of health and fitness centres. For
example, health clubs and fitness centres have seen consistent growth in recent
years as health concerns and lifestyle changes have increased. The rise in
health consciousness, as well as the need for adequate nutritional content in
food, has fueled demand for sports nutrition products.
Health concerns, such as
allergies caused by energy bar ingredients, are expected to limit market
growth. Energy bars are made with a variety of ingredients, the most common of
which are oats, almonds, peanuts, various seeds and grains, coconut oil, honey,
soy, Choco chips, various fruits and dry fruits, and so on. According to the
Food Allergy Research & Education (FARE), between 25 and 40% of the
population is allergic to both peanuts and tree nuts. All pre-packaged foods in
the United States that contain nuts must list the type of nut on the label, as
required by the federal Food Allergen Labelling and Consumer Protection Act of
2004 (FALCPA).
The Global Energy
Bar Market Was Valued At US$ 3065.07 Mn In 2021 And Is Forecast To
Reach A Value Of US$ 4410.1 Mn By 2030 At A CAGR Of 3.32% Between 2022 And
2030.
The growing availability of
allergy-free ingredient bars is expected to provide significant growth
opportunities for the market during the forecast period. Spark Nutrition LLC,
for example, launched its No Nuts! product line in October 2019. Which
translates to nut-free protein + energy bars. It is made in a nut-free facility
that specialises in non-allergic product manufacturing. The increasing launch
of energy bars in various flavours and textures by key players is expected to
create new market opportunities for market participants. General Mills, for
example, will launch its Nature Valley Packed Sustained energy bar in July 2020,
which contains nut butters, nuts, seeds, and dried fruit and has a creamy,
crunchy, and chewy texture. It's also available with peanut butter and
cranberry or almond butter and blueberry.
The high price of energy bars is
expected to stifle market growth. KIND Energy, for example, is made with 100%
whole grains (oats, quinoa, buckwheat, amaranth, and millet) and 10 grammes of
protein. It is sold at a cost of USD 1.7 per bar.
Competitive Landscape- 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
Get
More Insights with Press Release- https://www.coherentmarketinsights.com/press-release/energy-bar-market-4445
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