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.
Energy bars are convenient meal replacement options that provide essential nutrients, calories and energy. They contain a mixture of carbohydrates, protein, vitamins and minerals that aid in boosting energy levels and endurance.
Market key trends:
One of the key trends in the Global Energy Bar Market Size is the increasing demand for protein-rich energy bars. Rising health consciousness and changing dietary patterns have heightened the demand for protein-rich food and snacks. Protein is vital for muscle recovery and development. Hence, many players are focusing on developing energy bars with higher protein content to cater to the nutritional needs of health-conscious consumers who prefer low-sugar, high-protein options. For instance, Clif Bar & Company launched Clif Bar Protein Bars that contain about 15-18 grams of protein to meet the daily protein requirement of active individuals.
Segment Analysis:
The energy bar market has been witnessing rising popularity of organic and plant-based energy bars. Consumers are increasingly looking for clean label products made with natural ingredients. To cater to this demand, key players have launched various organic and vegan protein bar varieties free of artificial flavors, colors and sweeteners. For instance, Clif Bar & Company offers varieties made with only organic oats, fruits and nuts. Similarly, Nature Essential Foods’ nutritious energy bars come with organic dates, roasted seeds and coconut to fuel the body in a healthy way.
SWOT Analysis:
Strength: Energy bars provide a convenient source of nutrition on-the-go. They deliver carbohydrates, protein and other nutrients in a single packaged item.
Weakness: Some energy bars are highly processed and high in sugar content which isn’t considered a healthy snack option. They also have shorter shelf-life than baked snacks.
Opportunity: Rising awareness about nutrition and performance benefits of eating energy bars before and after workouts or activities presents an opportunity.
Threats: Competition from alternative snacks which are perceived as more natural like trail mixes, granola bars, dried fruits etc. Rising prices of raw materials can squeeze profit margins.
Key Takeaways:
The Global Energy Bar Market is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period of 2023 to 2030 due to increasing health consciousness among consumers. The market size for 2023 is estimated to be US$ 3.38 Bn.
North America dominates the market holding around 40% share owing to high consumer spending on sports nutrition and active lifestyles in countries like the US. Europe accounts for 30% share led by countries like Germany, UK and France where demand for on-the-go nutrition is rising.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it