New York, May 19, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Energy Bar Market – Growth, Trends, COVID-19 Impact, and Forecast (2021-2026)” – https: // www .reportlinker. com / p06074760 /? utm_source = GNW
The need for innovative snacks is consistently high in developed countries, due to the associated convenience of storage, quick use, and easy supply for nutritional and energy needs.
The meteoric increase in sales of products like snacks, bars and other ready meals was seen in online stores during the lockdown, which supported demand for energy bars in the market studied. Most people preferred to buy larger quantities at a time, fearing that they would run out of products. Thus, the large size of the baskets has remained an important reason for the sustenance of snacks and bars in all regions.
Consumer demand for convenient and healthy snack options to take out has been by far the leading attribute of energy bar sales around the world. In addition, due to its small packaging and high energy content, it is an ideal solution for adults who need instant results. It also contains proteins and other nutrients, as well as micronutrients needed daily, which allows to prepare a balanced diet in small quantities.
In addition, the growing demand for energy bars for different consumer needs has led to various product innovations and increased use of healthy ingredients. Labeling these bars with properties like gluten free, vegan, low fat, low in calories, no added sugars and sweeteners, is propelling market growth.
Companies like The Kellogg Company, PepsiCo Inc., Quest Nutrition LLC, and ClifBar & Company are among the established players in the market. Market players follow various strategies like product innovation, expansion and other strategies to increase their market penetration.
Main market trends
Request for convenient and healthy snacks on the go
Globally, demand for ready-to-eat food is growing at a faster rate due to changes in social and economic models, as well as increased spending on food and drink, awareness of healthy food , changes in eating habits and taste new products. Snacking on the go is becoming extremely popular, especially among the working class, teenagers, hostels and singles due to their hectic lifestyles. In addition, the concept of snacking on the go is closely associated with the ease of consumption and handling of products, offered by energy bars. Energy bars, which are packaged in small quantities containing large amounts of instantaneous energy and all essential daily nutrients and micronutrients, have been widely adopted, thus propelling the growth of the market. In 2019, 75% of American bar consumers ate them as a snack while 60% replaced a traditional breakfast with the more portable option. In addition, 30% of Americans admit that it is difficult to prepare meals, given their busy schedules.
Thus, the demand for energy bars is increasing due to the convenience of consumption, to increase energy, aided by disposable packaging that prevents the bars from coming into contact with the hands, keeping them clean for work, simultaneously.
North America Dominates the Global Energy Bars Market
In North America, the United States, one of the most developed countries, requires very convenient food, because of its fast-paced lifestyle. According to the United States Department of Agriculture (USDA), American consumers spend more than half of their food budgets on convenient foods, including energy bars, resulting in the consumption of energy bars in the country. In addition, the manufacturers are focusing on the health and wellness trend in the region, targeting young consumers and the working population. The lifestyle change of consumers involving the consumption of smaller meals is further leading to increased consumption of healthy snacks, which is expected to boost the demand for energy bars. According to government sources, the employment rate in the United States is around 61% in 2019, which represents more than 157 million people with busy daily lives and smaller breaks in between. With consumer spending on packaged foods increasing and lack of time to prepare meals, people are turning to convenience foods, like energy bars, for their energy needs on the go.
In addition, the launch of products with various label claims, such as âno artificial additivesâ, âhigh in fiber or addedâ and âreduced in sugarâ, has seen strong growth in recent years. Expensive brands offering products with natural and organic ingredients are expected to increase sales of energy bars in North America.
Competitive landscape
The global energy bar market is highly fragmented and competitive, with various global and regional players. The major energy bars market share is dominated by a national group of companies. Thus, the global market share is shared among companies such as Kellogg’s, General Mills Inc., Clif Bar & Company and Lotus Bakeries, among other domestic and global players. Product innovation was the most preferred strategy adopted by a majority of key players in the market studied. Moreover, the players operating in the market also take into account various factors to make their product more attractive to the customers. Therefore, they offer products with vegan claims, clean labels and innovative packaging designs. For example, in July 2019, General Mills launched Nature Valley Waffle Bars, LÃRABAR Plant-Based Energy Bars, and EPIC Provisions Rise & Grind Morning Bars.
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