The global Energy Bar Market is expected to surpass US$ 4.85 Billion by 2030, exhibiting a CAGR of 5.5% during the forecast period (2023-2030).
The energy bar is a supplemental food bar that is usually made with cereals, micronutrients and flavoring ingredients, and provides quick and sustained food energy. Most energy bars are also marketed as functional foods. As a dietary supplement, energy bars are usually made from complex carbohydrates. Some contain protein and a selection of vitamins and minerals. Energy bars are usually flavored to resemble baked goods.
Global energy bar market was valued US$ 3.21 Bn in 2022.
Global Energy Bar Market: Drivers
Increasing number of people participating in sports activities
Increasing number of people participating in sports activities is expected to boost sale of energy bar. According to the Bureau of Labor Statistics 2020, 19.3% of the U.S. population was engaged in sports and exercise each day in 2019. Male participation was higher (20.7%) than the participation rate of women (18%). This included participation in sports, exercise and other active leisure activities.
Global Energy Bar Market: Opportunities
Growing focus of key players on sustainable packaging
Growing focus of key players on sustainable packaging due to increasing environmental concern is projected to offer lucrative growth opportunities. For example, in 2022, Nature Valley launched first-ever store drop-off recyclable snack bar wrapper. Once recycled, the materials can be used to create new products like synthetic lumber and decking equipment.
Global Energy Bar Market: Restraints
Limitation Of Consumption-
Energy bars cannot be used as a substitute for whole-food sources, and excessive consumption of energy bars adds additional calories to the diet. This is expected to hamper the market growth.
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Global Energy Bar Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 outbreak affected millions of people. In addition to the severe implications on people's health and healthcare services, COVID-19 had a significant impact on businesses and world economies. The World Health Organization declared COVID-19 a pandemic on March 11, 2020. Owing to the above- mentioned factor, governments introduced multiple measures to slow down the spread of the virus. Some basic initiatives included- social isolation directives, limitations on business hours, and travel restrictions. Food and beverage products such as bakery products, confectioneries, dairy products, soft drinks, and snacks and bars have been kept back, as supermarkets have re-allocated stock priorities to staples and essential supplies due to the outbreak. This was mainly due to the mass lockdown instructions by several governments to avoid the spread of the pandemic in their respective countries.
On basis of type, conventional segment held dominant position in the global energy bar market in 2022, accounting for 84.00% share in terms of value. Increasing approval and launch of new products is expected to drive the segment growth during the forecast period.
Global Energy Bar Market- Trends
Increasing consumer spending on healthy food products
Increasing consumer spending on healthy food products due to growing disposable income is expected to be a major trend in the market. According to the United States Department of Agriculture, in 2021, agriculture, food, and related industries contributed 5.4%to U.S. gross domestic product and provided 10.5%of U.S. employment.
Expanding organized retail sector, especially across developing countries, is also anticipated to play significant role in overall development of energy bar market. According to the India Brand Equity Foundation, India's retail industry, nearly 60 shopping malls, encompasses a total retail space of 23.25 million square feet, are expected to become operational during 2023-25.
Global Energy Bar Market: 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
Global Energy Bar Market: Recent Developments
In November 2020, PepsiCo Inc. launched PantryShop.com and Snacks.com, two direct-to- consumer e-commerce platforms that feature the company’s portfolio of products. On PantryShop.com, consumers can buy bundles of products organized around a day part or activity. The Rise & Shine bundleincludes Tropicana Juices, Quaker Instant Oatmeal, and Life Cereal. The Workout & Recovery bundle includes Gatorade Whey Protein Bars, Energy Bars, Muscle Milk Protein Shake, and Propel Electrolyte Water.