Market Definition
Energy bars are supplement bars that offer energy, along with nutritional value and food benefits. These bars are a perfect replacement for meals as they are enriched with proteins, carbohydrates, and fats. The protein and added carbohydrates in the bar act as energy boosters during a workout or training. It also supplies post-workout nutrition to build new muscle tissue and repair any minor muscle tears that occur during the workout sessions.
Market Insights
The Global Energy Bar Market is projected to grow at a CAGR of around 5.6% during the forecast period, i.e., 2023-28. The market is primarily driven by increased expenditure on food and beverage, growing health consciousness, substantial shifts in meal patterns & existing food habits, and predominantly the shifting taste preferences worldwide. Developed countries like the USA have demonstrated the maximum adoption of these bars. In fact, more than half the population here is already snacking on the bars, with many of them subconsciously upscaling their average consumption of the energy bars.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 5.6% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| South America: Brazil, Argentina, Rest of South America | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa, Egypt, Rest of MEA | |
| Key Companies Profiled | Brighter Foods Ltd, Clif Bar & Company, General Mills, Inc., Kind LLC, McKee Foods Corporation, NuGo Nutrition, Premier Nutrition Inc., Probar LLC, Quest Nutrition, The Kellong Company, Others. |
| Unit Denominations | USD Million/Billion |
Further, the energy bar industry has witnessed swift growth in the historical period due to the increasing trends for on-the-go snacking. Another prominent factor propelling the market ascension is the mushrooming of health clubs and fitness centers across major cities owing to the gradual lifestyle upgradation and escalating health concerns. These aspects have paved the way for more sports nutrition products to surface in stores, thereby enthralling market expansion in the coming years.
Key Trends in the Market
With a growing propensity for plant-based products owing to the trending veganism in the Western region, the demand for clean-label energy bars has soared in recent years and is expected to prevail in the same trend in the coming years. As per a survey run by supermarket chain Veganz in 2020, the vegan population in the European region has duplicated to 2.6 million from 1.3 million, accounting for around 3.2% of the population. This aspect is expected to put forth a suitable stage for the market players to showcase their potential and come up with more plant-based energy bars in the coming years.
