The Global Energy Bars Market size is expected to reach $1.1 billion by 2027, rising at a market growth of 7.7% CAGR during the forecast period.
Energy bar refers to the supplement bars that provide food benefits, nutritive value, and energy. Fats, proteins, and carbohydrates are the key ingredients present in these bars. These energy bars are a great source of immediate energy and are mainly used as a replacement for meals. During training and workouts, energy bars provide energy that is generated from carbohydrates and protein present in the energy bars. These energy bars also provide the body with post-workout nutrition which is required to repair any minor muscle tear and build new muscles tissues which accidently take place during the training or workout session.
These energy bars are healthy and convenient on-the-go snacks due to this consumer demand is rising, thereby accelerating the global energy bar sales. Energy bars are feasible alternative for adults who are looking for instant results. This bar comes in a small package with a balanced diet consisting of micronutrients, other nutrients, and protein which are required on daily basis.
The factors boosting the market are increasing awareness of the benefits of energy bars, growth of digital marketing, entry of new market players, and a higher number of health-conscious consumers. Moreover, as the higher number of social media influencers and athletes continue to recommend these energy bars, due to this the sale of energy bars is expected to boost in the forecast period. Thus, these are the factors that is expected to act as a major driver in Energy bar market growth.
COVID-19 Impact Analysis
Various private players have entered the market during the covid-19 pandemic due to the rise in demand for snack products and so, these manufacturers benefitted from this hike in demand. In 2020, the energy bar market growth has been subsequently affected due to the covid-19 epidemic. Many retail stores, supermarkets, sales channels, and malls were closed and some are still close due to strict lockdown rules imposed by the government around the world. Various manufacturing brands have shifted to e-commerce platforms to generate revenues and boost their sales during the lockdown. In some countries, lockdown restrictions are gradually shifting due to which offline sales are increasing currently.
Energy requirements, quick usage, easy provision for nutrition, and convenience of storage and these factors are associated with the higher demand for innovative snacks mainly in developed countries. Online stores have witnessed outstanding sales of convenience foods, bars, and snacks during lockdown but the demand for energy bars remained uninterrupted.
Market Growth Factors:
The increasing number of R&D activities
Consumers have the opportunity to visit the retail outlets of companies. Nowadays, all these products are easily available in the malls which make it easy for customers to buy them. Global manufacturers are experiencing a lot of competition from regional players due to their higher spending on R&D. There has been a need for manufacturers to expand the scale of their R&D efforts as the food sector is speedily impacted by new technologies.
Health Benefits of energy bars
The smart labeling process is used by the manufacturers to hide the sugar content or high calorie in these bars by labeling them as added functional ingredients/elements or fortified over these energy or confectionary bars. Consumers perceive that consuming confectionary bars is expected to negatively affect their health and is expected to increase the health risks.
Market Restraining Factor:
Lack of availability
These energy bars are not easily available in the market. The demand for these products is getting restricted due to the low availability of these bars. Most people prefer grocery stores for essential and non-essential goods. But these energy bars are not available over basic grocery stores which make it difficult for customers as they have accessibility to these grocery stores.
Nature Outlook
Based on Nature, the market is segmented into Organic and Conventional. Based on the nature, the organic segment is expected to likely to lead the energy bar market with the highest shares during the forecast period. Consumer awareness of chemical-free products, rise in consumer spending capacity, food technologists endorsing organic food bars over conventional bars, increase in organic snack start-ups, product penetration through major retail sector and online platform, increase in population that prefers organic food and use of advanced technology for energy bars is expected to boost the growth of the segment.
Type Outlook
Based on Type, the market is segmented into Protein Bar, Nutrition Bar, Cereal Bar and Fiber Bar. On the basis of type, the protein bar segment has acquired the highest market share among the global energy bar market in 2020. The factor responsible for the increase in market share is the rise in consumer preference for portable convenience foods.
Distribution Channel Outlook
Based on Distribution Channel, the market is segmented into Specialty Stores, E-commerce, Hypermarkets & Supermarkets and Convenience Stores. Based on the distribution channel, the specialty store segment obtained the maximum revenue share of the market during 2020. Specialty stores offer various discounts as well as firsthand experience of products and these are the major reasons driving this segment.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The North America market dominated the Global Energy Bars Market by Region in 2020. The Europe market is experiencing a CAGR of 7.3% during (2021 - 2027). Additionally, The Asia Pacific market is showcasing a CAGR of 9% during (2021 - 2027).
Cardinal Matrix - Energy bars Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; The Kellogg Company and General Mills, Inc. are the forerunners in the Energy Bars Market. Companies such as The Simply Good Foods Company, Premier Nutrition Company, LLC, and Clif Bar & Company are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Brighter Foods Ltd. (The Hut Group), The Kellogg Company, General Mills, Inc., Kind LLC, McKee Foods Corporation, The Simply Good Foods Company (Atkins Nutritionals, Inc.), Clif Bar & Company, NuGo Nutrition, Probar LLC, and Premier Nutrition Company, LLC.
Recent Strategies Deployed in Energy bars Market
Mergers and Acquisitions:
- May-2019: McKee Foods took over baked goods producer, Prairie City Bakery. This acquisition aimed to build a great brand with quality, better products that satisfy special retail customer requirements.
- Oct-2017: The Kellogg Company took over Chicago Bar Company, maker of RXBAR. Under this acquisition, RXBAR is expected to continue to operate independently and RXBAR is expected to be an excellent strategic fit for Kellogg as the company pivot to growth.
Product Launches and Product Expansions:
- Jun-2021: The Kellogg-owned Rxbar introduced its first plant-based protein bar, available in two flavors. This bar contains 10g of plant protein in place of the brand’s signature egg whites, which also comes in chocolate chip and peanut butter variants.
- Apr-2021: Simply Good Foods introduced its latest innovation, the new Quest Candy Bites, and Quest Candy Bar. The Quest Candy Bar is available in Gooey Caramel along with Peanuts, which is perfect for all the snacking occasions, or a dessert. These bars are an addition to the strong portfolio of Quest products.
- Mar-2021: EPIC, the snack brand of General Mills launched its first bar made from beef, EPIC Beef Barbacoa-Inspired Bar. This bar provides consumers a path to support farmers working to decrease carbon emissions and a reason to learn about enhancing soil health & sequestering carbon.
- Jan-2021: The Kellogg’s unveiled new ‘healthy’ snacks bars made with real fruit and vegetables. These bars are made with vegetables, fruit, and whole grains and are available in two flavors including orange & carrot and strawberry, raspberry & beetroot.
- Dec-2020: The Kellogg launched new cereal bars, which provide Kellogg’s Froot Loops and Frosted Flakes in an easy hand-held form. This new Frosted Flakes and Froot Loops portfolio are made with cereal pieces and is similar to a half serving of cereal by weight.
- Oct-2020: Kind Healthy Snacks (Kind) launched Kind Energy, a bar that offers sustained energy from whole grains. This launch expands Kind's energy bar category, which is made of ingredients like oats, which offer the complex carbohydrates that are preferred nutrients for sustained energy.
- Oct-2020: Premier Protein, a Premier Nutrition LLC company unveiled a highly anticipated, unique flavor, Cinnamon Roll. This flavor comes in 160 calories, 30g of protein, 1g of sugar, and 24 vitamins & minerals, which is the perfect way for protein lovers everywhere to include this fall season and also staying on track with their health & wellness objectives.
- Jul-2020: Nature Valley, a brand of General Mills launched Packed. This bar is a sustained energy bar made with a blend of almonds, pumpkin seeds, cranberries, sunflower seeds, peanuts, and blueberries.
- May-2020: Quest Nutrition launched new Quest Snack Bars, which are crunchy and indulgent bars with less sugar and carbs. These bars are built on the brand's original Protein Bar line and are perfect for snacking occasions, with the crunchy texture, 10g of protein, and only 1-2 grams of sugar per bar.
Scope of the Study
Market Segments Covered in the Report:
By Nature
- Organic
- Conventional
By Type
- Protein Bar
- Nutrition Bar
- Cereal Bar
- Fiber Bar
By Distribution Channel
- Specialty Stores
- E-commerce
- Hypermarkets & Supermarkets
- Convenience Stores
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Brighter Foods Ltd. (The Hut Group)
- The Kellogg Company
- General Mills, Inc.
- Kind LLC
- McKee Foods Corporation
- The Simply Good Foods Company (Atkins Nutritionals, Inc.)
- Clif Bar & Company
- NuGo Nutrition
- Probar LLC
- Premier Nutrition Company, LLC
Unique Offerings from the Publisher
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Table of Contents
Companies Mentioned
- Brighter Foods Ltd. (The Hut Group)
- The Kellogg Company
- General Mills, Inc.
- Kind LLC
- McKee Foods Corporation
- The Simply Good Foods Company (Atkins Nutritionals, Inc.)
- Clif Bar & Company
- NuGo Nutrition
- Probar LLC
- Premier Nutrition Company, LLC
Methodology
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