PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1358113
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1358113
Global energy bar market was valued at US$ 3.21 Bn in 2022, and is expected to exhibit a CAGR of 5.3%, over the forecast period (2023-2030) to reach US$ 4.85 Bn by 2030.
Report Coverage | Report Details | ||
---|---|---|---|
Base Year: | 2022 | Market Size in 2023: | US$ 3.21 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 5.30% | 2030 Value Projection: | US$ 4.85 Bn |
Energy bars are made of cereals, grains, flavouring ingredients, and added nutrients. Their primary purpose is to provide the body with energy in a short period of time. These may be considered functional foods as these contain added nutrients. There are two main types of energy bars: those with added nutrients and functional ones. Generally, an energy bar contains a specific number of calories from carbohydrates, fats, and proteins. It also contains generous amounts of vitamins and minerals.
An energy bar is a supplemental bar that is generally made with cereals, micronutrients, and flavouring ingredients. Its primary purpose is to provide quick energy. However, energy bars may contain added nutrients and may be marketed as a functional food.
Growing demand for healthy on-the-go snacking, coupled with increasing health conscious consumers worldwide are major factor driving growth of the energy bar market. Moreover, increasing availability of products in different flavours is expected to drive the market growth. Furthermore, growing demand for plant-based energy bar due to increasing trend of veganism is further expected to drive the market growth. For instance, a study published by DuPont Nutrition & Health in 2018, that included 1,000 U.S. consumers stated that 52% consume more plant- based foods and on a global scale, the study found that 65% of consumers are turning to plant-based options.
Allergy triggered by ingredient used such as peanuts and other dry fruits is expected to restrict its consumption among consumers. Moreover, high price of bars is again projected to hamper the market growth.