The Food Bar Market is predicted to grow at a CAGR of 5.08%. In the forthcoming years, the Market Value is evaluated to touch USD 7.05 Billion by the studied forecast period 2021-2028. An organic bar is basically a food or a snack with high nutritive value. It is enriched with high minerals and vitamins that enhance physical energy. The food bars are manufactured through organic methods and free from any artificial chemicals.
In the year 2020, the Food Bar Market recorded revenue of USD 1,254.65 Million. Thus, the significant drivers such as rising disposable income and demand for packaged and safe snacks are boosting the market value. Thus, the Asia-Pacific region is predicted to have the fastest CAGR due to this region in the studied forecast period.
The increase in the COVID-19 disease played a crucial role in boosting the sales of food bars. Several small businesses emerged to meet the rising demand for convenience foods. With the online shift of business, the market growth shot up during the period of lockdown. Its benefits such as high energy content and convenient packaging were best for transportation to several regions. Therefore, COVID-19 led to the improvement of Food Bar Market Growth which will be beneficial for the future as well.
The increasing demand for consumers for packaged food or snacks is the crucial driver for the Food Bar Market Growth. Also, the availability of various flavours such as chocolate, milk, peanut butter, etc. will have a good impact upon the market. Furthermore, the improvement in the retail infrastructure will positively boost the Market.
The rapid change in the choices of consumers is evaluated to hinder market growth. Also, the availability of local snack products and substitutes will hamper the growth of the Food Bar Market in the upcoming years.
The rising awareness for consumption of healthy and organic food is considered to offer new for Food Bar Market. Also, the growing demand for dietary food products will further lead to substantial market growth.
The high costs of raw materials that are essential for the production of food bars will be a significant challenge for the Market Growth. Also, the disruption in the supply chain caused by the spread of COVID-19 disease is evaluated to slow the growth of the Food Bar Market.
The Compound Annual Growth Rate (CAGR) according to the Market Analysis is evaluated to reach around 5.08%. As a result, the value of the Market is predicted to reach around USD 7.05 Billion by the studied forecast period 2021-2028. The drivers, opportunities as well as restraints will lead to substantial growth in the future years.
Value Chain Analysis
The value chain of the Market is predicted to have significant growth. Specifically, the rising awareness of healthy and organic products among middle and low-income regions has a positive impact. Also, with the rising Food Bar Market Trends, the market is estimated to observe substantial growth.
The segments of Market Size are divided into flavours, types, and distribution channels. On the basis of flavours, the Market is divided into Peanut Butter, Spices, Savoury, Fruits, Chocolates, and Others. It is evaluated that the Peanut Butter Segment will have a robust growth in the future years.
On the basis of type, the Market is divided into Oats Bars, Candy Bars, Protein Bars, Energy Bars, and Others. The sub-segment of protein bars is estimated to witness the fastest growth in the future years.
On the basis of distribution channel, the Market is divided into Non-Store Based and Store-Based.
Geographically, the Food Bar Market Size is divided into Europe, Asia-Pacific, Americas, and Africa, and the Middle East. According to the Market Analysis, by MRFR, it is evaluated that the Asia-Pacific region will witness the fastest growth in the studied forecast period. Majorly, countries such as India and China will boost the market growth. It is due to the rising awareness and increasing consumption of organic food.
Along with that, the Americas will further dominate the market in the future years. Specifically, the North American region consisting of countries such as the US and Canada is projected to have the largest Food Bar Market Share.
Furthermore, Europe is also predicted to have a gradual growth in the studied forecast period. The high demand and increasing consumption of good quality and organic food are crucial reasons behind the growth.
Lastly, Africa and the Middle East region are also predicted to observe steady growth as compared to previous years. The rising disposable income and increasing demand for safe food are leading to spiking growth.
There are various companies playing a crucial role in the Food Bar Market. These key players apply various market strategies to improve their business portfolios. They do mergers, collaborations, new product launches, partnerships, acquisitions, etc. Some key players in the Market are listed below.
Cliff Bar & Company in 2018 announced the launch of its three new products called BAR Sweet & salty, Smoothie Filled Energy Bar, CLIF, and CLIF Energy Granola.
Post Holdings in 2019 announced the acquisition of BellRing Brands Inc., which has brands such as PowerBar, Dymatize, and Premier Protein.
The report overview of the Food Bar Market Outlook is as follows.
Report Score and Segmentation
The report gives valuable information regarding the Food Bar Market Forecast for the studied forecast period 2021-2028. The report covers information such as drivers, opportunities, market value, challenges, etc. Furthermore, the information provided in this report is gathered from secondary and primary sources.
By Distribution Channel
Sugar-free food bars are gaining acceptance in the food bar market.
Canada, France, Belgium, Germany, and Italy are the major food bar exporters.
The chocolate flavor would dominate the food bar market.
The protein bar segment would lead the food bar market ahead.
Growing health awareness would lead the food bar market ahead.