An energy bar is a supplemental bar that is generally made with cereals, micronutrients, and flavouring ingredients. Its primary purpose is to provide quick energy. However, energy bars may contain added nutrients and may be marketed as a functional food.
Market Statistics:
The global energy bar market was valued at US$ 3065.07 Mn in 2021 and is forecast to reach a value of US$ 4410.1 Mn by 2030 at a CAGR of 3.32% between 2022 and 2030.
North America held dominant position in the global energy bar market in 2021, accounting for 71.62% share in terms of volume, followed by Asia Pacific and Europe respectively.
Figure 1. Global Energy Bar Market Value Share (%), By Region, 2021
Recent Developments:
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 3065.07 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 20 to 20 CAGR: | 3.32% | 2030 Value Projection: | US$ 4410.1 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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 |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Drivers:
Growing demand for on-the-go snacking is driving growth of the energy bar market growth. According to the Coherent Market Insights analysis, in 2019, 75% of American bar consumers ate them as a snack while 60% replaced a traditional breakfast with the more portable option. Moreover, 30% of Americans say it’s hard to prepare meals, given their busy schedules. Also, 79% of US consumers have snacked on bars over the past 12 months, with 34% stating an increase in bar consumption as compared to the previous year. Convenience and the nutritional value of bars are among the top reasons for the growing bar consumption.
Increasing number of health and fitness center is another key factor propelling growth of the market. For instance, in recent years, health clubs and fitness centers have witnessed consistent growth, due to increases in health concerns and changes in lifestyle. The increase in health awareness and the need for adequate nutritional content in food have also fostered the demand for sports nutrition products.
Figure 2. Global Energy Bar Market Value Share (%), By Product Type, 2021
Market Restraints:
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, etc. 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 United States that use nuts as an ingredient must list the type of nut on the label.
High price of energy bar is expected to hamper the market growth. For instance, KIND Energy 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 USD 1.7 per bar.
Market Opportunities:
Increasing availability of allergy free ingredient bar is expected to serve major growth opportunities for the market over the forecast period. For instance, in October 2019, Spark Nutrition LLC, introduced its product line No Nuts! Which is nut-free protein + energy bars. It is manufactured in a 100% nut-free facility specializing in non- allergic product manufacturing.
Growing launch of energy bar in different flavour and texture by key players is again projected to bring bright market opportunities for the market players. For instance, in July 2020, General Mills launched its Nature Valley Packed Sustained energy bar that contains nut butters, nuts, seeds, and dried fruit and is creamy, crunchy and chewy in texture. It is also available in peanut butter & cranberry and almond butter & blueberry options.
Market Trends/Key Takeaways:
Growing trend of veganism plant-based and clean label energy bars is projected to uplift the market growth in the near future. As per a survey conducted by supermarket chain Veganz in 2020, the vegan population in the European region has doubled to 2.6 million from 1.3 million, 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.
Increasing availability of kid’s snacks bars is another key factor which is expected to shape the market positively. For instance, Perfect Bar™ launched Perfect Kids™ as the original refrigerated kids’ snack bar at Expo East 2018, which was later made available across Target stores in the United States. 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
Competitive Landscape:
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
Energy Bar are made of cereals, grains, flavoring ingredients, and added nutrients. Their primary purpose is to provide the body with energy in a short period of time. They may be considered functional foods, too, because they contain added nutrients. There are two main types of energy bars: those with added nutrients and functional ones. Generally, an energy bar contains a specific number of calories from carbohydrates, fats, and proteins. It also contains generous amounts of vitamins and minerals.
Market Dynamics:
Growing demand for healthy on-the-go snacking coupled with the increasing health conscious consumers worldwide are major factor driving growth of the energy bar market. Moreover, increasing availability of products in different flavors is again anticipated to foster market growth. Furthermore, growing demand for plant-based energy bar due to increasing trend of veganism is further expected to propel market growth. For instance, a study from DuPont Nutrition & Health, which included 1,000 US consumers, revealed that 52% are eating more plant- based foods. On a global scale, the study found that 65% of consumers are turning to plant-based options.
On the other hand, allergy triggered by ingredient used such as peanuts and other dry fruits is expected to restrict its consumption among consumers. Moreover, high price of bars is again projected to hamper the market growth.
Key features of the study:
Detailed Segmentation:
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