According to a new report published by Allied Market Research, titled, “Energy Bar Market by Type, Nature, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2028,” The energy bar market size is expected to reach $1,010.9 million by 2028 at a CAGR of 6.4% from 2021 to 2028.
An energy bar is a healthy snack bar made up of nutritional ingredients that are designed to increase energy and endurance. The main feature that sets it apart from other protein and snack bars is its high carbohydrate and sugar content, which contributes to its high energy value.
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The rise in number of health-conscious consumers, increase in awareness of the benefits of energy bars, entry of new market players, and growth of digital marketing are the primary drivers of the market. Moreover, as more athletes and social media influencers continue to endorse energy bars, the global sale of energy bars is expected to rise steadily in the coming years. During the forecast period, these factors are expected to propel the growth of the energy bar market.
In 2020, the outbreak of the COVID-19 pandemic had an impact on the global energy bar market growth. Retail stores, malls, supermarkets, and other sales channels were closed or still remain close as a result of strict lockdowns imposed by governments across the world. However, several brands have shifted their focus to e-commerce platforms to generate revenue and increase sales during the lockdown. Offline sales are increasing at the moment as government lockdown restrictions are gradually lifting in several countries.
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The global energy bar market segmentation is done on the basis of type, nature, distribution channel, and region. On the basis of type, the market is categorized into protein bar, nutrition bar, cereal bar, and fiber bar. As per nature, it is divided into organic and conventional. According to distribution channel, it is fragmented into hypermarkets & supermarkets, convenience stores, specialty stores, and online sales channel.
By type, the protein bar segment garnered the highest energy bar market share in 2020 according to energy bar market forecast due to increased consumers’ preference for portable convenience foods. On the basis of nature, the organic segment is anticipated to dominate with the highest energy bar market share during the forecast period.
Depending on distribution channel, the specialty stores segment led the market in 2020. This is attributed to the fact that specialty stores offer options such as discounts and convenience of instant gratification. Region-wise, North America is expected to dominate the market. The growing demand for functional food, indulgence, meal replacement, and on-the-go snacking is driving the growth of the energy bar market in North America.
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Key Benefits For Stakeholders
This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global energy bar market from 2021 to 2028 to identify the prevailing market opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players.
The report includes analysis of the regional as well as the global market, key players, market segments, application areas, and growth strategies.
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Product launches, mergers & acquisitions, joint ventures, and geographical expansions are the key strategies adopted by players in the market. The key players in the global energy bar market industry include Brighter Foods Ltd, Cliff Bar & Company, General Mills Inc, Kind LLC, McKee Foods Corporation, NuGo Nutrition, Premier Nutrition Inc, Probar LLC, Quest Nutrition, and Kellogg Company.
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