Nutrition Bars Market
Nutrition Bars Market (Product Type: Energy Bars, Protein-rich Bars, Meal Replacement Bars, and Low Carbohydrate Bars; Format: Extruded, Co-extruded, Double Layer, and Multilayer; Function: Weight Management, Sports & Fitness, Functional Food, and Others; Packaging: Wrappers, Boxes, and Others; Nature: Organic and Conventional; and Sales Channel: Institutional Sales, Modern Retail, Specialty Stores, Departmental Stores, Online Retail, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
- Food & Beverages
- 328 Pages
Social Media Marketing and Evolving Consumer Trends Boost Market Growth
The rapidly evolving consumer preferences are one of the key factors driving innovations across the food & beverages sector. At present, due to the steady rise in the number of health-conscious population around the world, along with the growing awareness pertaining to the benefits of nutrition bars, current trends suggest that the demand for nutrition bars is likely to grow at an impressive rate in the upcoming years. Due to the fast-paced lifestyle, especially in the urban regions of the world, increasing number of consumers is inclining toward on-the-go products to fulfill their nutritional requirements. Thus, nutrition bars have garnered considerable popularity in recent years.
In addition, a large number of players have gradually entered the global nutrition bars market over the past decade due to which, nutrition bars of different flavors, sizes, and nutritional content are available across various distribution channels. The digital boom in recent years is another factor that has played an imperative role in augmenting the popularity quotient of nutrition bars, as brands continue to promote their products via online sales channels, including social media, newsletters, and e-mail marketing. While the competition within the global nutrition bars market continues to grow, market players are expected to focus on packaging, pricing strategies, and marketing strategies to gain an advantage in the current market landscape.
At the back of these factors, the global nutrition bars market is expected to surpass the market value of US$ 1.8 Bn by the end of 2030.
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High Demand from Millennial Population to Propel Market
Over the past decade, the demand for nutrition bars, especially in developed regions has witnessed a noteworthy spike due to which, a broad range of nutrition bars are currently available in the market. While the consumption pattern pertaining to nutrition bars may vary from consumer to consumer, nutrition bars are increasingly being consumed to compensate for various nutrient deficiencies due to the lack of adequate intake of nutritious food. Moreover, a number of consumers is gradually replacing their regular breakfast with nutritional bars such as protein bars.
Although the popularity of protein bars is scaling newer heights, brands are increasingly focusing on minimizing sugar content and use of artificial ingredients in their products– a factor that is likely to fuel the nutrition bars market during the forecast period. In several regions of the world, nutrition bars have gradually emerged as a meal replacement alternative. Thus, the demand for nutrition bars is likely to grow during the assessment period. Moreover, the consumption of nutrition bars among athletes and sportsmen & women coupled with the growing number of paid partnerships with social media influencers is anticipated to boost the overall sales of nutrition bars worldwide.
Brands Focus on Launching New Products, Expanding Product Portfolio to Gain Market Share
Sensing the growing demand for nutrition bars worldwide, a number of players have entered the global nutrition bars market. In the current scenario, while the conventional nutrition bars continue to attract new consumers, several brands are increasingly focusing on catering to consumers with niche preferences, including gluten-free and plant-based products. For instance, That’s It recently launched a new line of nutrition bars of different flavors such as blueberry, banana, mango, etc. Several brands are increasingly focusing on improving the nutritional content of their products by incorporating various ingredients with high nutritional content. In July 2018, Aduna announced the launch of Superfood Energy Bars that are primarily made from dry fruits and nuts.
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COVID-19 Impact: Demand for Nutrition Bars Rise on Online Channels as Retail Sector Takes Hit
The onset of the novel COVID-19 pandemic is expected to affect the growth of the global nutrition bars market in 2020. Due to stringent lockdowns imposed by governments around the world, retail stores, malls, supermarkets, and other sales channels have been shut down or remain closed. However, several brands have turned their attention toward e-Commerce platforms to generate revenue and boost sales during the lockdown period. At present, as government lockdown restrictions are gradually being lifted in several nations, offline sales are on the rise.
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The global nutrition bars market is expected to grow at a moderate CAGR of 4% during the forecast period. The market growth is primarily driven by rise in the number of health-conscious consumers, increase in awareness pertaining to the benefits of nutrition bars, entry of new market players, and growth of digital marketing trend. In addition, as more number of sports personalities and social media influencers continues to endorse nutrition bars, the sale of nutrition bars around the world is likely to witness steady growth in the upcoming years. This is anticipated to drive the nutrition bars market during the forecast period.
Nutrition Bars Market: Overview
- In terms of value, the global nutrition bars market is expected to cross US$ 1.2 Bn in 2020, finds TMR (Transparency Market Research) in a latest study. As per the report, the market is estimated to surpass ~US$ 1.8 Bn by 2030, at a CAGR of ~4% during the forecast period.
- The nutrition bars market is anticipated to witness expansion owing to the increasing demand from ready-to-eat, functional food products, and gluten-free convenience food products. The global nutrition bars market is also driven by the rising demand for confectionery products.
Nutrition Bars: Market Frontrunners
- Energy bars, protein-rich bars, cs, and low carbohydrate bars are the key categories in terms of product type. Among these, protein-rich bars is the leading segment and in terms of value, in 2020, it holds ~ 52.6% of the overall market share.
- Double layer is the key format segment of the global nutrition bars market that holds ~44.3% of the overall market, in term of value
- The nutrition bars market is also analyzed on the basis of function among which, sports & fitness segment holds the maximum share of 54.3% in terms of value
- Wrappers, boxes, and others are the categories based on packaging. Wrappers is the key segment and is anticipated to grow at a CAGR of 3.7% during the forecast period.
- In terms of nature, conventional nutrition bars hold 95.8% of the overall market share
- Based on sales channel, the nutrition bars market has been classified into institutional sales, modern retail, specialty stores, departmental stores, online retails, and others. In terms of value, the modern retail segment holds the leading market share of 38.6% in 2020.
- The global nutrition bars market covers North America, Latin America, APAC, and MEA (Middle East & Africa). Among these regions, North America holds the major market share with ~62.1%, and followed by APAC with ~22.7% of the total market share.
Nutrition Bars Market: Trends
- Smart labeling to gain traction in confectionery market: Manufacturers use smart labeling on their products mentioning fortified or added functional ingredients/elements present in confectionery bars to conceal the presence of high calories or sugar levels. In order to eradicate the general perception about associated health risks regarding the consumption of confectionery, it is anticipated that manufacturers would work to add functional ingredients/elements into their final offerings to gain consumers, along increase their nutrition bars market share.
- Increased number of offerings under wellness segment: Product pointing specific infirmities are likely to increase in terms of launch of novel products. Some key manufacturers have already started offering products under specific wellness segment, such as digestion enhancement, diabetes-friendly, and cognitive enhancement, among others. This trend is expected to take the main stage during the forecast period and gain strong traction over the rapid increasing functional food market, and also to gain strong brand equity.
Nutrition Bars Market: Strategies
- Key players operating their business in the global nutrition bars market are introducing various innovative ingredients-based products, the sourcing of ingredients, along with health beneficial properties
- Moreover, manufacturers are also focusing on the acquisition of small-scale regional players for their business expansion
- In 2017, Prinsen Food Group B.V. acquired a German company, Gustav Berning, one of the largest producers of high quality (protein) food bars in Europe. Both companies have their own R&D facilities and large-scale production facilities for the expansion of the Active Nutrition product range.
- Product Launches and Key Innovations: The nutrition bars manufacturers are launching products according to the rising trend in the market such as organic, vegan, and others
- In January 2017, SternLife GmbH & Co. KG launched vegan organic bars making organically grown dates as a foundation for these bars. These bars were launched in two flavors: Cocoa with superfood hempseed and spicy lemon with ginger and chili. This development was carried out in order to target vegan athletes and sports persons.
Target Region for Nutrition Bars Market
- As of 2020, North America holds the maximum market share and estimated to remain the leading nutrition bars market during the forecast period, followed by APAC
Nutrition Bars Market: Players
- The prominent players operating in the global nutrition bars market, as profiled in the analysis, includes
- Glanbia Plc.
- Nutrition & Santé SAS
- Atlantic Grupa D.D.
- B.V. Vurense Snack Industrie
- Artenay Bars
- Prinsen Food Group B.V.
- SternLife GmbH & Co. KG
- anona GmbH
- Halo Foods Ltd.
- Leader Foods OY
- Frankonia Schokoladenwerke GmbH
- Bedouin S.A.S
- Viba Sweets GmbH, among others
Nutrition Bars Market – Scope of the Report
Transparency Market Research (TMR) has recently published a market study on the nutrition bars market. It provides a detailed assessment of key market dynamics, including drivers, trends, opportunities & restraints, and detailed information about the nutrition bars market structure. The market study presents exclusive information about how the nutrition bars market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) have been elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the nutrition bars market during the forecast period.
The study is intended to offer a holistic market overview to stakeholders in the nutrition bars market, including manufacturers, suppliers, distributors, and investors and to help them develop winning growth strategies. Stakeholders in the nutrition bars market, which include investors, industry experts, researchers, and journalists, and business researchers, can leverage the information and data presented in TMR’s study.
The study also includes statistics and facts related to macro as well as microeconomic factors that are impacting the expansion of the market. It also offers actionable insights into future trends in the nutrition bars market. Furthermore, small businesses and new entrants in the nutrition bars market can make use of the information presented in this study based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in TMR’s Nutrition Bars Market Report
- Which region will continue to remain the most profitable regional market for nutrition bars market players?
- Which factors will induce a change in the demand for nutrition bars during the assessment period?
- How will the changing trends impact the nutrition bars market?
- How can market players capitalize on the low-hanging opportunities in the nutrition bars market in developed regions?
- Which companies are leading the nutrition bars market?
- What are the winning strategies of stakeholders in the nutrition bars market to catapult their position at the forefront?
Nutrition Bars Market – Research Methodology
In TMR’s study, a unique research methodology is used to conduct extensive research on the growth of the nutrition bars market and identify future growth parameters. This research methodology is a combination of primary and secondary research to help analysts ensure the accuracy and reliability of conclusions.
Secondary sources referred to by analysts for compiling the nutrition bars market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary source.
Information acquired from primary and secondary sources has been compiled in a comprehensive manner. This also acts as a validation from companies in the nutrition bars market, which makes TMR’s projections more accurate and reliable.
Nutrition Bars Market – Segmentation
TMR’s study on the nutrition bars market offers information divided into important segments — product type, format, function, packaging, nature, sales channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.