Rising awareness about adopting a healthy lifestyle is fueling the global energy bar market growth. The COVID-19 pandemic has positively impacted the market. The Asia Pacific market is likely to observe considerable growth in the near future.
NEW YORK, Oct. 13, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Energy Bar Market by Type (Protein Bar, Nutrition Bar, Cereal Bar, and Fiber Bar), Distribution Channel (Specialty Stores, Hypermarkets & Supermarkets, Online Sales Channel, and Convenience Stores), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
The Global Energy Bar Market is expected to garner $29,447.10 million by 2028, growing at a CAGR of 10.50% from 2021 to 2028. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
The market is segmented on the basis of type, distribution channel, and region.
The protein bar sub-segment of the type segment is anticipated to hold maximum share of the market by gathering $12,031.47 million in the estimated period. This growth is mainly owing to the growing preference of consumers for healthy foods that help in balancing protein deficiencies in the body and are stress-free to carry.
The specialty stores sub-segment of the distribution channel segment is expected to undergo rapid growth and garner $12,043.11 million in the estimated period. This growth is mostly because specialty stores offer great discounts as well as convenience for consumers.
Among region, the Asia Pacific region market is projected to grow remarkably and hit $8,097.95 million in the projected period. The growth of this region market is primarily due to surging trends of gym workouts and different yoga exercises, and growing awareness about healthy living among people in this region.
The key factor fueling the growth of the global energy bar market is the surging adoption of energy bars as they are a quick and healthy means of nutrition especially for youngsters and people with busy lifestyle. In addition, the growing innovations in different flavours and textures in energy bars is expected to open doors to innovative opportunities for the market growth in the projected period. However, high cost of energy bars is expected to obstruct the market growth during the forecast period.
Positive Impact of the COVID-19 Pandemic on the Energy Bar Market:
The COVID-19 pandemic has made a positive impact on the growth of the global energy bar market in 2020. In the COVID-19 pandemic period, the demand for healthy foods has significantly surged, which has boosted the market growth. However, owing to the lockdown restrictions on manufacturing companies and other industries, the production and supply of energy bars has been significantly disrupted. This has caused slight downfall in the market growth.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For instance, in July 2020, Nestlé, the world's largest food & beverage brand, launched an innovative range of its YES! snack bars. Each bar in this product line contains 10 grams of plant protein from a delightful natural combination of peas and nuts.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
They are focusing on advanced product developments and merger & acquisition. These are some of the strategies conducted by the startups as well as established business organizations.
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