Organic Energy Bar Market | Regional Analysis by Forecast to 2024
Market Analysis
Global Organic Energy Bar Market is set to grow at a stable 6.1% CAGR over the 2017-2023 forecast period, according to a new report from Market Research Future (MRFR). The global organic energy bar market is mainly driven by the growing demand for healthy foods among the urban demographic, which plays a key role in the growth of the market for snack items such as energy bars. Growing awareness about the health contribution of dietary items is likely to play a leading role in driving the global organic energy bar market over the forecast period.
The urban population in developed regions such as North America has become a major driver for the market for energy bars, snack bars, and other such items, as these items offer a convenient and fulfilling snack option for busy urban customers. As urban users often find it hard to make time to prepare meals in the traditional manner, the demand for snack items that don’t overload the blood sugar content and also provide nutritional content is growing rapidly. This is likely to remain a major driver for the global organic energy bar market over the forecast period.
The increasingly favourable social perception of organic foods is likely to be a major driver for the global organic energy bar market over the forecast period. While organic foods present no notable improvements in nutritional content and studies have shown that organic farming is not notably better for the environment than conventional farming, the popularity of organically grown produce has grown, especially among high-income demographics who are increasingly preferring foods with an organic label.
In March 2019, Clif Bar used the popular appeal of organic produce to challenge its competitor, Kind Healthy Snacks, to include organic products in its snacks. While Clif Bar has incorporated organic foods into its products, Kind Healthy Snacks doesn’t currently offer organic products. This sparked a social media feud between the two companies, showing the commercial importance of the popular appeal of organic foods.
Competitive Analysis
Leading players in the Global Organic Energy Bar Market include Clif Bar & Company, Kellogg Company, Quest Nutrition LLC, Quaker Oats Company, McKee Foods Corporation, Atkins Nutritionals Inc., and General Mills Inc.
Product innovation to produce multiple flavours and compositions energy bars is likely to be a key strategy for players in the global organic energy bar market over the forecast period, as there is not much scope for price-based competition in the market. The increasing consumer demographic with gluten intolerance could also play a key role in the growth of the global organic energy bar market over the forecast period, as companies catering to this demographic stands to steal a march on its competitors and make significant profits.
Segmentation
Global Organic Energy Bar Market has been segmented on the basis of ingredient into fruits, cereals, nuts and seeds, sweeteners, and others. The cereal segment dominates the global organic energy bar market at present. However, fruits are likely to rise in popularity in organic energy bars over the forecast period due to the increasing demand for fruit-based energy bars and the presence of simple sugars in fruits, which allows for smooth digestion and absorption into the body.
The organic energy bar market is segmented on the basis of certification into 95% certified and 100% certified.
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The organic energy bar market has been segmented on the basis of distribution channel into store-based and non-store based. Store-based distribution is likely to dominate the global organic energy bar market over the forecast period due to the ease of storing organic energy bars in modern urban shopping centres. The store-based distribution channel segment has been further sub-segmented into supermarkets and hypermarkets, convenience stores, specialist retailers, and others.
Regional Analysis
North America is likely to dominate the global organic energy bar market over the forecast period, followed by Europe, due to the growing demand for organic food in North America. Europe is also a major consumer of organic products and is likely to retain a major share in the global organic energy bar market over the forecast period. Asia Pacific is likely to exhibit the highest growth rate over the forecast period due to the growing demand for organic energy bars, which remain a novelty in many parts of the region. China is likely to dominate the Asia Pacific market over the forecast period.
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