SAN FRANCISCO, June 11, 2019 /PRNewswire/ -- The global snack bars market size is projected to reach USD 31.60 billion by 2025 expanding at a CAGR of 6.64% from 2019 to 2025, according to a new report by Grand View Research, Inc. Changing consumer lifestyles and food patterns are expected to drive the demand for convenient food products, such as snacks bar. The richness of fiber and iron in granola/muesli bars has made it the dominant product segment of the global market. Whereas, increasing awareness about the health benefits offered by energy and nutrition bars lists it as the fastest-growing product segment.
Key suggestions from the report:
- North America led the global snack bars market in 2018. The region is said to maintain its dominance over the forecast years due to the strong presence of prominent companies
- Asia Pacific it is expected to witness the fastest market growth from 2019 to 2025 due to increasing health consciousness and product awareness in emerging economies like India
- The industry is highly competitive. Key companies including Nature Valley, Kellogg's, Alpen And Jordan, Quaker Oats, Kind Bars, Cliff Bars, Earnest Eats, Mars, Oriole Healthy Foods, And the Hain Celestial Group
Read 110 page research report with TOC on "Snack Bars Market Size, Share & Trends Analysis Report By Product (Breakfast, Energy & Nutrition, Granola/Muesli, Fruit), By Distribution Channel (Convenience Store, Online, Super/Hypermarket), And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/snack-bars-market
Supermarkets/hypermarkets hold the dominant market share as these stores have a variety of products at discounted prices. However, the online distribution channel is projected to emerge as the fastest-growing segment over the forecast period. Developed countries, such as U.S, Japan, and China, have well-established markets for healthy bars. On the other hand, emerging countries like India can offer new growth opportunities for the global market. Increasing population and awareness regarding health and fitness programs is also likely to boost the market.
Business expansions and product launches are the major strategies adopted by key companies in this market. For instance, a Russian company called Bio Food Lab will expand its business in emerging countries of APAC. Kellogg's launched special K-bars. Availability of substitutes of these nutritious foods in the market may have a negative impact on the market growth. North America is the dominant regional market followed by Europe.
Asia Pacific is said to be the fastest-growing region due to rising popularity of sports as career option and increasing disposable income and number of nuclear families in the region. Companies such as Quaker Oats, Kellogg's, Nature Valley have a prominent share in the market Manufactures are focusing upon improving a variety of snack bars. The merger of KIND Bars with Mars; a prominent player in the market, has increased its presence of these products to drive the product variety in the market.
Grand View Research has segmented the global snack bars market on the basis of product, distribution channel, and region:
- Snack Bars Product Outlook (Revenue, USD Billion, 2015 - 2025)
- Energy and Nutrition
- Snack Bars Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
- Convenience Stores
- Snack Bars Regional Outlook (Revenue, USD Billion, 2015 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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