According to a new report by Expert Market Research titled, “Global Snack Bars Market Share, Size, Report and Forecast 2024-2032″, the global snack bars market size is projected to grow at a CAGR of 4.6% between 2024 and 2032. Aided by the changing consumer eating habits and a rising emphasis on healthy snacking, the market is expected to grow significantly by 2032.
Snack bars, encompassing a variety of nutrition, granola, cereal, and energy bars, have become an integral part of the modern consumer’s diet. These bars are increasingly favoured for their convenience, nutritional value, and diverse flavour profiles. The market’s expansion is significantly attributed to the growing awareness of health and wellness, leading to a surge in demand for snack bars as a healthy, on-the-go snack option.
A major factor propelling the snack bars market demand is the shifting consumer preference towards nutritious and convenient snack options. The fast-paced lifestyle of the contemporary population has fostered a demand for quick and healthy eating options. Snack bars, being portable and nutrient-dense, perfectly align with this need, thereby gaining widespread popularity, especially among working professionals, athletes, and health-conscious consumers.
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As per the snack bars market analysis, the increasing prevalence of dietary restrictions and health consciousness has spurred the innovation of snack bars with specific health benefits. This includes high-protein bars for muscle building, low-calorie bars for weight management, and bars with added vitamins and minerals for overall health enhancement. Manufacturers are continually experimenting with ingredients and flavours to cater to diverse dietary needs and preferences.
The global snack bars market growth is also influenced by the rising trend of clean label and organic products. Consumers are increasingly scrutinising ingredient lists, seeking products free from artificial additives, preservatives, and genetically modified organisms (GMOs). This shift is compelling manufacturers to reformulate their products using natural, organic, and non-GMO ingredients, thereby broadening the market’s consumer base.
In addition, the growing popularity of plant-based diets has led to a surge in the demand for vegan snack bars. These bars, made with plant-based proteins and devoid of any animal-derived ingredients, align well with the ethical and dietary preferences of the vegan population, which further contributes to the snack bars market size.
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Market Segmentation
The market can be divided based on product type, distribution channel, and region.
Market Breakup by Product Type
• Cereal Bars
o Granola/Muesli Bars
o Others
• Energy Bars
• Others
Market Breakup by Distribution Channel
• Supermarkets/Hypermarkets
• Convenience Stores
• Speciality Stores
• Online
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global snack bars market. Some of the major players explored in the report by Expert Market Research are as follows:
• Kellogg Company
• Nestlé S.A.
• PepsiCo, Inc.
• Associated British Foods PLC
• General Mills Inc.
• Clif Bar & Company
• Others
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