What Is The Scope Of The Global Snack Bars Market?
Snack bars refer to convenient, ready-to-eat food products typically consumed between meals as a quick and portable snack. Snack bars are popular for their convenience, providing a quick source of energy and nutrition for on-the-go consumption.
Snack Bars Global Market Report 2024 provides data on the global snack bars market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Snack Bars market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Snack Bars Sector?
The snack bars market size has grown rapidly in recent years, increasing from $23.85 billion in 2023 to $26.23 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. This growth can be attributed to changes in consumer lifestyles towards convenience, increased health consciousness, expanded retail presence in convenience stores and online platforms, and the growth of nuclear families. The market is expected to see rapid growth in the next few years, reaching $38.94 billion in 2028 at a CAGR of 10.4%. Future growth drivers include 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 include the use of 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.
Which Factors Are Boosting Growth In The Snack Bars Market?
The increasing health and wellness trends are set to drive the growth of the snack bars market. With a growing emphasis on holistic well-being, consumers are prioritizing health-conscious food choices, including snack bars fortified with essential nutrients. This trend is evidenced by a significant rise in diet adherence among Americans, as reported by the International Food Information Council in 2022. This increased focus on health and wellness is fueling demand for nutritious snack options, driving expansion in the snack bars market through 2028.
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What Key Areas Define The Segmentation Of The Global Snack Bars Market?
The snack bars market covered in this report is segmented –
1) By Product: Breakfast, Granola Or Muesli, Fruit, Energy and Nutrition, Other Products
2) By Packaging: Plastic, Carton, Box
3) By Distribution Channel: Supermarkets Or Hypermarket, Convenience Stores, Online
How Are Emerging Trends Reshaping The Dynamics Of The Snack Bars Market?
Companies in the snack bars market are focusing on innovation with high-protein ingredients such as Solein to stand out in the market. Solein is a protein ingredient derived from a single-cell organism and is used to enhance the protein content of snack bars. For example, in January 2024, Fazer, a Finland-based food company, introduced the Fazer Taste the Future snack bar, a limited-edition product featuring Solein, a novel protein developed from air by Solar Foods. This vegan-friendly, palm oil-free bar contains 70% dark chocolate, hazelnuts, dried strawberries, and crunchy oat puffs, and includes 2% Solein. The bar provides an iron source, addressing a common deficiency in plant-based diets.
Which Region Has The Fastest Expansion In The Snack Bars Market?
North America was the largest region in the snack bars market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the snack bars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
