by Energy bars are a convenient snack that provides nutrients to sustain energy levels between meals or activities. Energy bars provide convenience as they can be easily packed and consumed on the go. They contain a mixture of cereals, nuts, dried fruits and other ingredients that supply calories to keep someone powered through an athletic endeavor or workday.
The global Energy Bar Market is estimated to be valued at US$ 3.38 Billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The Energy Bar Market Demand is being driven by growing health consciousness among individuals. With increasing awareness about maintaining a balanced diet and lifestyle, consumers are drawn towards snacks like energy bars that offer nutrition along with convenience. Furthermore, busy work schedules leave little time for proper meals, resulting in the growing popularity of portable food items like energy bars. The hectic lifestyles have made consumers favor easy to carry snack options for on-the-go consumption without compromising on health. As a result, energy bars with ingredients like nuts, grains, and dried fruits are gaining prominence as they strike the right balance between nutrition and convenience.
SWOT Analysis
Strength: Energy bars are highly portable and convenient to consume. They provide quick energy and satisfy hunger on-the-go.
Weakness: Energy bars often have high sugar and calories content which can hamper weight management goals. They also have limited protein and nutrients compared to whole foods.
Opportunity: Rising health-consciousness and active lifestyles are driving demand for functional and nutritious snacking options. The market offers opportunities for producers of protein-rich and low-sugar energy bars.
Threats: Changing consumer preference towards fresh and whole foods pose challenges. Strict regulatory norms regarding labelling and ingredients also threaten certain players.
Key Takeaways
The global Energy Bar Marketis expected to witness high growth over the forecast period of 2023 to 2030 on account of increasing health consciousness and busy lifestyle. The market size for energy bar is projected to reach US$ 3.38 Billion in 2023.
Regional analysis
North America currently dominates the global energy bar market and is expected to continue its dominance over the forecast period. Rising health awareness coupled with growing spending capacity on healthy snacks and food products are major drivers in the region. The Asia Pacific region is projected to witness the fastest growth on account of changing lifestyles, expanding middle-class population, and rising willingness to spend on convenient snack options.
Key players
Key players operating in the energy bar market are Simpson Strong-Tie Co., Inc., Fast-Stairs Inc., Pylex Products, Dolle USA, Universal Forest Products, Inc., Regal Ideas Inc., Arke Stairs, The Iron Shop, EZ Stairs & Century Aluminum Railings. The global market is highly fragmented with the presence of both international as well as regional players. Leading companies are focusing on new product developments, expanding their distribution networks, and strategic partnerships to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
