Nutritional Bar Market Trend | Global Overview and Forecast to 2023
Market Analysis
Nutritional bars are gaining popularity among the working-class population. The trend is prognosticated to continue over the next couple of years. However, the availability of different substitutes is projected to hold the expansion of the global nutritional bar market in the upcoming years.
Market Research Future (MRFR)’s new study reveals that the global nutritional bar market is set to strike a moderate growth rate during the forecast period. The increasing awareness about healthy food habits has accelerated the consumption of nutritional bars. Additionally, the changing lifestyle of the population due to urbanization and increased disposable income has intensified the demand for nutritional bars as a meal replacement snack owing to its rich nutritional content.
The key players are endeavoring to introduce flavor innovations along with the addition of healthier ingredients such as omega-3 for capitalizing on the growth opportunities. This, in turn, is expected to catalyze the expansion of the nutritional bar market. The product has gained popularity as a healthy snack among the sports enthusiasts, which is likely to augment the nutritional bar market over the assessment period.
Major Key Players
Some of the key players profiled in this report are Kashi Company (U.S.), Quaker Oats Company (U.S.), Atkins Nutritionals, Inc. (U.S.), Clif Bar & Company. (U.S.), General Mills Inc. (U.S.), Kellogg Co. (U.S.) and Mars Incorporated (U.S.)
Market Segmentation
By Type, the Nutritional Bar Market Trend has been segmented into protein bars, meal-replacement bars, snacks bars, whole food bars, and others. Among these, the protein bars segment is currently dominating the market owing to its rich protein content which is highly in demand by the health-conscious consumers. Meanwhile, the meal-replacement bars segment is expected to expand at a relatively higher CAGR over the assessment period.
By flavor, the global nutritional bar market has been segmented into chocolate, fruits, peanut butter, savory, spices, and others. The chocolate segment holds the pole position at present. The fruits and peanut butter segments are projected to exhibit steady growth through the forecast period.
By distribution channel, the nutritional bar market has been segmented into store-based and non-store based.
Regional Analysis
By region, the global Nutritional Bar Market has been segmented into North America, Europe, Asia Pacific and the Rest of the World. Asia Pacific is one of the largest markets for nutritional bars. The exponential population coupled with the economic growth of the region is expected to drive the growth of the nutritional bar market in the upcoming years. Furthermore, the increasing awareness about healthy food habits is another significant factor responsible for fueling the demand for nutritional bars in the region.
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North America is an important growth pocket of the global nutritional bar market. The consolidation of the major key players such as Mars, Kellogg, Atkins Nutritionals, etc. is projected to impact the growth of the regional market positively. Furthermore, the shift in consumer behavior towards a healthy lifestyle is poised to intensify demand in the nutritional bar market. Europe is likely to register a healthy growth over the next couple of years. The growth trajectory of the market is guided by the flavor innovations added to the product portfolios by the key players.
Industry Developments
In August 2018, Herbalife Nutrition, a global nutrition company, has launched Herbalife24 ACHIEVE Protein Bar which is a convenient snack for long-lasting energy.
In October 2018, one brands, producer of protein snacks, has launched new white chocolate truffle protein bar.
In October 2018, NutreeLife, based in Preston, England, has launched a new product line “Live Well” which is claimed to be the first vegan protein bar snack bar in Great Britain.
In October 2018, Mars Wrigley Confectionery, a global leader in the confectionery industry, will be rolling out new variations of Mars and Snicker bars in the U.K. from January 2019. The new bars will be containing high protein and less sugar.
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