Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Energy Bar Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
The Global Energy Bar Market is expected to grow at a CAGR of around 6.5% from 2020 to 2027 and reach the market value of over US$ 1,011.2 Mn by 2027.
North America is expected to have the largest global market share because it is the largest producer and consumer of energy bars. The market for organic energy bars is being driven by rising consumer demand for convenient and healthy energy-boosting food products in the region. Increasing consumer demand for sports nutrition, as well as product innovation by food manufacturers, such as the addition of different flavors to energy bars, is driving market growth for organic energy bars.
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Countries such as China and Australia generate the majority of revenue in the Asia Pacific region. During the forecast period, Asia-Pacific is expected to have the highest CAGR in the organic energy bar industry. Consumers in the region are increasingly interested in organic and energy-boosting food products. Furthermore, many customers prefer gluten-free products. Many food processing industries have begun to offer gluten-free energy bars as a result of market research. Throughout the assessment period, these factors are expected to fuel the market for organic energy bars.
The demand for flavored energy bars has grown rapidly and continues to grow at a rapid pace. Preference for fusion flavor and nut flavor has increased significantly in developed markets, resulting in increased demand for ethnic flavoring. The increasing popularity of energy foods, drinks, and gels has resulted in the incorporation of more distinct flavour profiles, driving the global market for energy gel growth. With the emergence of modern retail formats, a new format for operations in large format malls in the form of food courts and specialty stores has emerged. These food courts and specialty stores provide consumers with easy access to food and beverages during shopping and entertainment activities, as well as the option of selecting a different product by comparing it on the spot. These improved retail formats have aided companies in providing their energy bar products to consumers in a more effective manner.
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The increasing complexity of health care and the growing number of health-conscious people are expected to drive the energy bar market over the forecasted years. In addition, rising demand for energy foods, beverages, and a wide range of other products is propelling market growth. Furthermore, the growing sports nutrition industry and growing interest in health and wellness are expected to have a positive impact on market growth. There are certain constraints and challenges that can stymie market growth. The high cost of energy bars in comparison to traditional snack bars is likely to stifle market growth.
The global energy bar market is segmented based on type, nature, and distribution channel. By type, the market is segmented as protein bar, nutrition bar, cereal bar, and fiber bar. Based on nature, the market is classified into organic and conventional. Further, distribution channel is segregated as hypermarkets & supermarkets, convenience stores, specialty stores, and online sales channel.
Some of the leading competitors are PowerBar, Honey Stinger, Clif Bar & Company, Gatorade, General Mills, Inc., Humm Foods, Inc., and among others
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Some of the key observations regarding the energy bar market include:
- In April 2016, PowerBar announced relaunching of new products and refreshed packaging. Already off to a strong start this year, the brand debuted a new protein shake and launched a new line of reduced sugar protein bars. New Simple Fruit Energy Food, a real fruit puree, will hit stores next to the sports gels in April with additional nutrient-dense foods rolling out in 2016 and beyond.
- In May 2021, Clif Bar & Company announced launching of a new CLIF® advertising campaign: “Let’s Move the World.” With a goal to inspire more people to move more often, “Let’s Move the World” embraces the spirit of adventure and celebrates the openness to try, the energy to do, and the nutrition it takes to move the world.
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Content Source: https://www.globenewswire.com/news-release/2021/06/22/2251238/0/en/Energy-Bar-Market-Value-Anticipated-To-Reach-US-1-011-2-Million-By-2027-Covering-COVID-19-Analysis-Acumen-Research-and-Consulting.html