Asia-Pacific Snack Bar Market - Growth, Trends, and Forecasts (2023-2028)

During the time frame of the forecast, the Asia-Pacific Snack Bar Market is expected to register a CAGR of 6.25 %.

Due to the significant presence of youth and working consumers who have a hectic lifestyle in emerging countries, the consumption of snack bars has expanded in recent years in countries such as India, China, and Japan. Because of their numerous health benefits, natural and healthy convenience foods are in high demand, thereby propelling the demand for varied snack bars in the market. Moreover, increased demand for vegan snack bars is likely to boost the market. Consumers who lead a vegan lifestyle avoid any animal by-products and other conventional sources of protein.

With the increasing demand for the vegan lifestyle, consumers are getting keener on packaged meals with vegan characteristics, such as granola bars, cereal bars, and protein bars. In fact, free-from snack bars are increasing the demand for snack bars in the Asia-Pacific region. For instance, in August 2021, Prolgae Spirulina Supplies introduced its spirulina protein bars in India. The company claimed the products were vegan, gluten-free, soy-free, and non-GMO. However, a major factor restraining the growth of the snack bar market is the high price of these bars when compared to alternative snacks. Consumer preference for clean-label ingredients is evidently high, and their incorporation makes the products a bit expensive for consumers in economically weaker countries in the Asia-Pacific region.

Asia-Pacific Snack Bar Market Trends

Rising Demand for Convenient, Healthy and Free-From Snacking

Globally, the demand for convenience foods is growing at a faster pace due to changes in social and economical patterns, as well as increased expenditure on food and beverages, awareness about healthy foods, changes in meal patterns and existing food habits, and the desire to taste new products. On-the-go snacking is becoming extremely popular, especially among working-class people, teenage children, people living in hostels, and bachelors due to their hectic lifestyles. Moreover, the on-the-go snacking concept is closely associated with easy consumption and handling of products, which snack bars offer. As a result of the associated convenience of consumption, the demand for snack bars is increasing, aided by disposable packaging that prevents the bars from coming into contact with hands, keeping them clean so they can work simultaneously. Further, there has been a significant increase in the demand for good-for-health and free-from-food products among consumers in recent years. The free-from food market is expected to be driven by the pairing-up trend of food intolerance product claims, such as gluten-free, lactose-free, and allergen-free label claims, thereby driving the growth of the market. Manufacturers are catering to these trends by offering innovative products on the market. Tasti Products Ltd., for example, expanded its business operations in Australia in October 2021 with its latest product, Tasti Indulge Bar, a combination of oats and rice in three different flavors, namely Choc Caramel, Double Chocolate, and Cookies & Cream. The expansion is part of the company's strategy to hold a prominent share of the Australian snack bar market with gluten-free, healthy, and innovative snack bar products.

Energy Bars are Expected to Dominate the Market

Energy snack bar products are usually marketed as an ideal product for consumers involved in sports and workouts, owing to their muscle repair properties and their low-fat, low-fiber formulation, which makes them easy to digest and thus perfect workout snacks. Additionally, energy bars claim to have a higher crude protein content when compared to other protein bars, thus enticing consumers to demand additional protein content in their diet. Companies, like Kellogg’s, have products with high-protein content in snack bars and with multiple flavors as well, like caramel pretzel cashew protein, which includes ingredients such as soy protein isolate, soluble corn fiber, cashew, palm kernel, soy lecithin, and palm oil. Currently, rigorous research is being conducted in order to discover new ingredients that will impart better textural and nutritional properties to the energy bars. Consequently, manufacturers are introducing new ingredients to the energy bar market. For instance, in April 2021, Happy Bars, an energy bar brand in India, launched a protein bar with whey protein ingredients. Further, consumers are increasingly going health-conscious when it comes to bites in between meals. Thus, there is a growing awareness of the various health effects of artificial additives, such as color, flavor, sweeteners, and preservatives, which, in turn, has accelerated the demand for an organic energy bar, thereby driving the market's growth.

Asia-Pacific Snack Bar Market Competitor Analysis

The Asia-Pacific snack bar market is highly fragmented and competitive, with various global and regional players. Some of the prominent players in the market include Mondelez International Inc., Mars Incorporated, Nestle SA, PepsiCo Inc., and General Mills Inc., among others. Players operating in the market also consider various factors to make their products more appealing to customers. Hence, they offer products with clean label claims and innovative packaging designs. The manufacturers are focusing on different strategies, including product innovation, expansion, and mergers and acquisitions, in order to increase their presence in the market concerned. For instance, in February 2021, Mars launched its snack bar brand KIND in Australia. The product range has ingredients like fruits, nuts, and whole grains. These bars are gluten-free and contain no artificial colors, flavors, or preservatives. The new bars are available in variants such as dark chocolate nuts and sea salt, caramel almond & sea salt, peanut butter dark chocolate, almond & coconut, kind protein - crunchy peanut butter, and dark chocolate nut.

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