Food bars are high in fiber and protein, which includes candy bars, protein bars, energy bars, oats bars, and others. They are consumed as a healthy alternative for snacks and are available in different flavors such as chocolate, fruits, peanut butter, savory, spices, and others. Among the different food bars, the energy bars are loaded with carbs and sugar mainly used for quick boost during long distance training sessions of an athlete. Whereas protein bars are high in protein content and are best used as a meal replacement.
Market Forecast
Food bars collectively include candy bars, protein bars, energy bars, oats bars, and others. The trend of consuming food bars as a snack between the meals is gaining popularity among all age groups, which is a major driving factor of the food bars market. Moreover, changing lifestyle and increasing number of working population is adding fuel to the growth of food bars market.
Increasing population of health conscious individuals is propelling the growth of food bars market across the globe. However, availability of a large number of product substitutes in the market may impact the market growth negatively. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 4.2% of food bars market during the forecast period 2017-2023.
Downstream Analysis
On the basis of type, the food bars are segmented into candy bars, energy bars, protein bars, oats bars, and others. However, protein bars are growing at the fastest rate than the others. Protein bars are rich in protein content and its market is driven by the rising population of health conscious individuals focusing on nutritional level of the food.
On the basis of flavors, the food bars are segmented into chocolates, fruits, peanut butter, savoury, spices, and others. Chocolate flavor dominates the global market. On the other hand, the peanut butter segment is expected to experience a steady growth over the forecast period.
Based on the distribution channel, the food bars are segmented such as store based and non-store based channel. However, food bars are mainly sold through grocery wholesalers, retail stores, and food service providers.
Competitive Analysis
The major players in the food bars market
- Atkins Nutritionals, Inc. (U.S.)
- Clif Bar & Company. (U.S.)
- General Mills Inc. (U.S.)
- Kellogg Co. (U.S.)
- Nestle (Switzerland)
- Quaker Oats Company (U.S.)
- CAVEMAN FOODS (U.S.)
Regional Analysis
The global food bar market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Asia Pacific is dominating the global food bars market and is expected to be the fastest growing market over the forecast period. In Asia pacific, India and China are the major contributors to market. Growing population along with rising disposable income and the increasing number of health conscious individuals are driving the market of this region.
In North America, the U.S. holds the major share of food bars market. Moreover, growing health awareness people likely to drive the European market. Additionally, continuous innovations projected to positively impact the market in rest of the world.
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