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

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