As awareness in the area of health and fitness is rising, and so is increasing the preference for healthy snack options. And, thus is predicted to grow the global snack bars market at an impressive CAGR in the forecast period of 2019 to 2027.
More and more people are moving away from unhealthy options such as cookies and cakes, that are high in sugar and detrimental to health in the long-run. Thus, there can be expected an increase in the product’s popularity as go to snacks.
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A relatively new product in the food and beverages industry, snack bars are a product of the new-age. With urban population accounting for a large user-base, the need for newness in products is imperative. Here are a few trends that have impacted growth in the global snack bar market.
- 2018 – Super/Hyper markets held the spotlight in terms of market share. It is now seen that with the development of organized retail sector, there is ever more space for products to be more visible and more accessible to the consumers, ringing in positive news for the global snack bars market. Many such stores also offer lucrative discount schemes and promotions on a regular interval, driving in further growth.
- 2018 – PepsiCo came up with snack bars having fruits and vegetables in North America, which is a major market for snack bars. The use of vegetables can be seen as an attempt to differentiate the product in the highly competitive market
- 2019 – One of the major disruptors of the traditional snacking market, Hersheys, recently acquired minority stake in fast growing Irish protein snack bar brand, Fulfil. The deal provides Hersheys with an opportunity to expand its presence in Europe (where it is currently not in the top league) and Fulfil to do the same in the US market.
- 2019 – Nooro’s introduced 2 new flavours in its CBD snack bar range, tapping into consumer demand for healthy snack bars, taking the competition a notch higher.
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Global snack bars market is fragmented and competitive. There are both prominent global and influential local players.
- Snack bars are seen as meal replacements by people always on the go. As lifestyles get busier and number of nuclear families rises in developed nations market can be expected to grow positively.
- More people than ever are moving towards sports and athletics, augmenting the demand for smaller portions of highly nutritional food. Snack bars filled with fruits, nuts and cereals thus fuel market growth and keep hopes for future gains high.
- There is also an upsurge in demand for plant-based or Vegan snack bars. Last year, CliffBar and company launched a vegan granola bar. This year, Disney introduced a line of such snack bars called “Snacks with a Character”.
- The idea of travelling is not limited to living lavishly at the best of hotels and spending time within city limits anymore. Travel industry is therefore creating demand for snack bars with more people now hiking, trekking and visiting remote areas for fun and thrill.