ENERGY BAR MARKET ANALYSIS

Global energy bar market was valued at US$ 3.21 Bn in 2022, and is expected to exhibit a CAGR of 5.3%, over the forecast period (2023-2030) to reach US$ 4.85 Bn by 2030.

Energy bar is a type of supplement bar that not only provides energy but also provides nutritional value as well as food benefits. Energy bars contain carbohydrates, fats, and proteins that provide instant energy and are often used as meal replacement bars. Protein and added carbohydrates in an energy bar can provide energy required to get through the process of workout or training. Post-workout nutrition is important  to build new muscle and repair any small muscle tears that occur during the workout.

Global Energy Bar Market- Impact of Coronavirus (COVID-19) Pandemic

During COVID-19, many private players entered the energy bar market to capitalize on growing demand for snack products. Demand for innovative snacks was high in eveloped countries due to the convenience of storage, rapid consumption, and easy provision of nutrition and energy needs. During the lockdown period, online stores witnessed increase in sales of snacks, bars, and other convenience foods to meet the growing demand for energy bar. Most of  consumers preferred to buy in bulk due to fear of product shortages. Thus, the large basket size of energy bar market continued to be a major factor in the survival of the snacks and bars market in all regions.

Figure 1. Global Energy Bar Market Value Share (%), By  Type, 2022

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Global Energy Bar Market: Drivers

• Growing demand for convenience and on-the-go snacking: Growing demand for on-the-go snacking is driving the global energy bar market growth. For instance, according to Euro Monitor Survey conducted in 2022, South Asia people has the most robust snacking habits The survey revealed that in Latin America, Colombia had the highest number of outside-the-home snackers with 37%. Brazil was close behind at 36%. As a comparison, and for perspective, fewer than 30% of consumers in the U.S. were focused on snacking while shopping for food.

• Increasing number of health & fitness center: Increasing number of health and fitness center is another key factor propelling growth of the market. For instance, there has been increase in number of health clubs and fitness centers due to increasing health concerns and changes in lifestyle. Growing health awareness and the need for adequate nutritional content in food has boosted demand for sports nutrition products.

Global Energy Bar Market: Restraints

• Allergy caused by ingredient of energy bar: Health issues such as allergy triggered by ingredients used in energy bar is expected to restrict the market growth. Energy bars are made with various ingredients with the most commonly used being oats,  almonds, peanuts, different seeds and grains, coconut oil, honey, soy, choco chips, various  fruits, and dry fruits, and others. According to the Food Allergy Research & Education (FARE), about 25 to 40% of people are allergic to both peanuts and tree nuts. As a requirement of the Federal Food Allergen Labelling and Consumer Protection Act of 2004 (FALCPA), all pre-packaged foods in the U.S.  that uses nuts as an ingredient, must list the type of nut on the label. Counterbalance: Before consumption of any type of energy bars, individuals must consult with his/her health care provider or allergist, to confirm if the particular individual is allergic to any type of food items. This can prevent the occurrence of allergies and also, if caused, proper diagnosis can also be availed.

• High price of energy bar: High price of energy bar is expected to hamper the market growth. For instance, KIND Energy a product of kind snacks is made with 100% whole grains from oats, quinoa, buckwheat, amaranth, and millet, and 10 grams of protein.  It is retailed at a price of US$ 1.7 per bar. Counterbalance: Energy bars are used to provide quick and convenient energy, usually in the form of carbohydrate, fats, and proteins. These contain added protein dietary fibers and other nutrients, which are generally not gained by the body in a short span. Such functional foods leads to its high pricing.

Figure 2. Global Energy Bar Market Value Share (%), By Region, 2022

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Global Energy Bar Market- Trends:

• Rising demand for plant based products: Growing trend of veganism plant-based and clean label energy bars is expected to drive the market growth in the near future. According to thesurvey conducted by upermarket Chain Veganz in 2020, the vegan population in the European region has doubled to 2.6 million from 1.3 million in year 2020, which represents around 3.2% of the population. This reflects huge market opportunity and potential for plant-based energy bars. Also, the plant-based food and beverages market is growing at a rate of over 8% during the forecast period in Europe.

• Avability of snack bar for kids: Increasing availability of kid’s snacks bars is another key factor that is expected to drive  the market growth. For instance, Perfect Barlaunched Perfect Kidsas the original refrigerated kids’ snack bar at Expo East 2018, which was later made available across target stores in the U.S The snack bar boasts of clean- food credentials of USDA organic, non-GMO project-verified, and low-GI. The product has a cookie-dough- like texture and taste.

Global EnergyBar Market: Market Segmentation

On the basis of type, global energy bar market is segmented into conventional and organic. Conventional segment held largest share of 84% due to rising consumer spending capacity, use of advanced technology for bar processing, food technologists endorsing organic food bars over conventional bars, and product penetration through major retail sectors and online platforms.

Global Energy Bar Market: Regional Analysis

Global energy bar market was valued at US$ 3.21 Bn in 2022, and is estimated to reach a value of US$ 4.85 Bn by 2030 at a CAGR of 5.3% between 2023 and 2030. North America held a dominant position in the global energy bar market in 2022, accounting for 71.62% share in terms of volume, followed by Asia Pacific and Europe respectively. Growing demand for functional food, indulgence, meal replacement, and on-the-go snacking is boosting energy bar market growth in North America.

Global Energy Bar Market: Recent Developments

• In January 2021, Clif Bar & Company, a company that produces energy foods and drinks, launched a new thin and crispy energy snack bar named CLIF BAR Thins. It is available in three flavors- chocolate chip, chocolate peanut brownie, and white chocolate macadamia nut. The products contain 100 calories, 5 g of sugar, and plant-based organic ingredients like rolled oats.
• In July 2020, General Mills Inc., a manufacturer and marketer of branded processed consumer foods, launched Nature Valley Packed, a new, sustained energy bar with ingredients like creamy nut butter, crunchy nuts, and seeds such as almonds, sunflower seeds, pumpkin seeds, or peanuts, and chewy cranberries or blueberries
• In May 2022, Kellogg's, a food manufacturing company, collaborated with Landor & Fitch, a packaging design company, to develop a new packaging system that complemented the brand's current offerings. The new packaging was rolled out in regions such as the U.K, Ireland, Benelux, France, Italy, Portugal, Spain, the Middle East, and North Africa.
• In August 2021, General Mills, Inc., a manufacturer and marketer of branded processed consumer foods, launched performance protein bars from cinnamon toast crunch and golden grahams brands. These bars contain less sugar and provide up to 20 g of protein in around 63 g of bar weight.

Global Energy Bar Market: Key Companies

• Key players  in the global 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

*Definition: An energy bar is a supplemental bar that is generally made with cereals, micronutrients, and flavoring ingredients. Its primary purpose is to provide quick energy. However, energy bars may contain added nutrients, and may be marketed as a functional food. Energy bars are also very popular in the sports nutrition industry because sports involve a lot of energy consumption. Energy bars are easy to use, and provide instant energy for athletes.