Global Snack Bars Market: Overview
As awareness in the area of health and fitness is rising, and so is increasing the preference for healthy snack options. And, thus is predicted to grow the global snack bars market at an impressive CAGR in the forecast period of 2019 to 2027.
More and more people are moving away from unhealthy options such as cookies and cakes, that are high in sugar and detrimental to health in the long-run. Thus, there can be expected an increase in the product’s popularity as go to snacks.
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Global Snack Bars Market: Notable Developments
A relatively new product in the food and beverages industry, snack bars are a product of the new-age. With urban population accounting for a large user-base, the need for newness in products is imperative. Here are a few trends that have impacted growth in the global snack bar market.
- 2018 – Super/Hyper markets held the spotlight in terms of market share. It is now seen that with the development of organized retail sector, there is ever more space for products to be more visible and more accessible to the consumers, ringing in positive news for the global snack bars market. Many such stores also offer lucrative discount schemes and promotions on a regular interval, driving in further growth.
- 2018 – PepsiCo came up with snack bars having fruits and vegetables in North America, which is a major market for snack bars. The use of vegetables can be seen as an attempt to differentiate the product in the highly competitive market
- 2019 – One of the major disruptors of the traditional snacking market, Hersheys, recently acquired minority stake in fast growing Irish protein snack bar brand, Fulfil. The deal provides Hersheys with an opportunity to expand its presence in Europe (where it is currently not in the top league) and Fulfil to do the same in the US market.
- 2019 – Nooro’s introduced 2 new flavours in its CBD snack bar range, tapping into consumer demand for healthy snack bars, taking the competition a notch higher.
Global snack bars market is fragmented and competitive. There are both prominent global and influential local players.
Key players in the global snack bars market include
- Nature Valley
- Alpen and Jordan
- Quaker Oats
- Kind Bars
Global Snack Bars Market: Key Trends and Drivers
- Snack bars are seen as meal replacements by people always on the go. As lifestyles get busier and number of nuclear families rises in developed nations market can be expected to grow positively.
- More people than ever are moving towards sports and athletics, augmenting the demand for smaller portions of highly nutritional food. Snack bars filled with fruits, nuts and cereals thus fuel market growth and keep hopes for future gains high.
- There is also an upsurge in demand for plant-based or Vegan snack bars. Last year, CliffBar and company launched a vegan granola bar. This year, Disney introduced a line of such snack bars called “Snacks with a Character”.
- The idea of travelling is not limited to living lavishly at the best of hotels and spending time within city limits anymore. Travel industry is therefore creating demand for snack bars with more people now hiking, trekking and visiting remote areas for fun and thrill.
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Global Snack Bars Market: Geographical Analysis
North America holds a considerable market share and will continue to hold it for a long time as can be seen in health and fitness facts of the region. There has been a steady increase in market share of North America’s health club industry, from USD 24.4 billion in 2012 to USD 32.57 billion in 2017. Moving focus to the United States alone gives meaningful insights. For instance, as per IHRSA, the health and fitness industry is worth USD 30 billion and is growing 3-4% every year with no signs of a slow-down. Therefore, it can be safely said, that with health taking center-stage in the North American homes, the snack bar market is destined to grow..
However, the fastest growing region will be APAC, with India topping the charts. Here again, it is the rise in awareness regarding health and in disposable income contributing to this growth in a big way.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.