PUBLISHER: The Business Research Company | PRODUCT CODE: 1409805
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409805
“Snack And Nonalcoholic Beverage Bars Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on snack and nonalcoholic beverage bars market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for snack and nonalcoholic beverage bars? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The snack and nonalcoholic beverage bars market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Snack and non-alcoholic beverage bars represent establishments specializing in crafting and offering specialty snacks such as ice cream, frozen yogurt, cookies, popcorn, alongside non-alcoholic beverages such as coffee, juice, or soda.
The primary classifications within snack and non-alcoholic beverage bars are beverages and food items. Beverages encompass a variety of potable liquids excluding water, such as tea, coffee, beer, or milk. Various snack categories include frozen treats, savory bites, fruit-based snacks, confectionery delights, bakery products, and other snack varieties, each with different pricing tiers ranging from high-end to more economical options. These establishments operate through either chained outlets or independent outlets.
The snacks and non-alcoholic beverage bars market research report is one of a series of new reports from The Business Research Company that provides snacks and non-alcoholic beverage bars market statistics, including snacks and non-alcoholic beverage bars industry global market size, regional shares, competitors with a snacks and non-alcoholic beverage bars market share, detailed snacks and non-alcoholic beverage bars market segments, market trends, and opportunities, and any further data you may need to thrive in the snacks and non-alcoholic beverage bars industry. This snacks and non-alcoholic beverage bars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The snack and nonalcoholic beverage bars market size has grown steadily in recent years. It will grow from $391.09 billion in 2023 to $409.43 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The historical growth in snack and non-alcoholic beverage bars during the past period can be attributed to several key factors. These include shifts in consumer lifestyles and dietary preferences, an increasing demand for convenient on-the-go consumption options, a heightened awareness of health and nutrition among consumers, continuous innovations in flavor profiles and ingredients, as well as effective marketing and branding strategies implemented by businesses within this industry. These factors collectively contributed to the growth and development of snack and beverage bars.
The snack and nonalcoholic beverage bars market size is expected to see strong growth in the next few years. It will grow to $499.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The anticipated growth in the upcoming period is expected to be driven by several factors, including the increasing adoption of plant-based and functional ingredients within snack and non-alcoholic beverage bars, the growing influence of e-commerce and direct-to-consumer trends in the industry, the global integration of diverse flavors and culinary traditions, and the rising popularity of snacking as a social and leisurely activity. Key trends projected for this period encompass a heightened emphasis on sustainability and eco-friendly practices within these establishments, the expansion of non-alcoholic beverage varieties, the incorporation of functional ingredients to enhance product offerings, a focus on utilizing local and regional ingredients, and active engagement in social media and influencer marketing strategies to connect with consumers and promote products effectively.
The snack and non-alcoholic beverage bars market is poised for growth, primarily driven by the increasing demand for leisure and entertainment activities. As people engage in various leisure and entertainment pursuits such as sports, meditation, painting, and digital entertainment, the consumption of snacks, coffee, teas, and non-alcoholic beverages has witnessed significant growth. The U.S. Bureau of Labor Statistics reported a notable increase in leisure and sporting activities during the COVID-19 pandemic in 2020, with people aged 15 and older dedicating an average of 5.5 hours per day. This surge in leisure activities, accompanied by a preference for on-the-go snacks and beverages, is a key factor driving the growth of the snack and non-alcoholic beverage bars market.
Convenience foods are becoming increasingly popular, further contributing to the growth of the snacks and non-alcoholic beverage bars market. The demand for ready-to-eat foods, including frozen meals and snacks, has risen as consumers seek quick and convenient options in their busy lifestyles. The portability and accessibility of snack and beverage bars align with the trend of replacing traditional meals with convenient, nutrient-dense alternatives. In 2021, the Institute of Food Technologists reported a 5% increase in U.S. snack sales in the first half of the year compared to 2020. Additionally, frozen lunch products saw a 36.4% increase in sales, while frozen meals experienced a 26% growth. This trend underscores the growing preference for convenient food options, propelling the snacks and non-alcoholic beverage bars market.
A notable trend in the market is the emergence of strategic partnerships among major companies. In January 2023, Drinks Distilled, a UK-based beverages company, announced a partnership with Crossip, a non-alcoholic spirits brand, and Seed Library. This partnership aims to help consumers navigate the world of no, low, and reduced alcohol by providing diverse beverage options. Similarly, in December 2021, Strong Roots, an Ireland-based frozen foods company, formed a strategic partnership with McCain Foods Limited, a Canada-based frozen foods company. McCain invested $55 million USD in Strong Roots to acquire a minority stake, facilitating collaboration in addressing the global demand for healthy and natural food choices. This strategic partnership allows Strong Roots to expand its market presence with McCain's global reach, while McCain benefits from an extended product portfolio catering to health-conscious consumers seeking flavorful and natural meals. Strategic partnerships are thus playing a pivotal role in sustaining market positions and meeting evolving consumer preferences in the snacks and non-alcoholic beverage bars market.
Major players in the snacks and non-alcoholic beverage bars market are focusing on innovation by introducing new plant-based allergen-free nutrition bars. This strategy aims to gain a competitive edge in the market by catering to the increasing demand for healthier and allergen-free food options. For example, NEX-XOS Worldwide LLC, a U.S.-based shelf-stable foods company, launched OBAR by OMEALS in February 2023. OBAR is an innovative everyday bar that serves as a meal replacement or nutrition bar. These bars are plant-based, allergen-free, gluten-free, non-GMO, and contain minimally processed ingredients without preservatives or emulsifiers. With a shelf life of 5 years, OBARs provide a well-balanced nutrient combination, offering 300 calories per bar in two flavors, blueberry and chocolate.
In November 2023, The J.M. Smucker Company, a U.S.-based food company, made a strategic move by acquiring Hostess Brands Inc. The acquisition of Hostess Brands allows The J.M. Smucker Co. to expand its portfolio with popular sweet baked snacks, enhancing distribution capabilities and capitalizing on synergies. Hostess Brands, known for its expertise in sweet baked goods and snacks, complements The J.M. Smucker Co.'s strategic goals, aiming for sustained growth in the dynamic sweet baked goods category. This strategic acquisition positions the company to meet consumer preferences for diverse and appealing snack options in the market.
Major companies operating in the snack and nonalcoholic beverage bars market report are Starbucks Corporation, Whitbread plc, Luigi Lavazza SpA, Inspire Brands Inc., McDonald's Corporation, Coffee Day Enterprises Limited, PepsiCo Inc., Nestle SA, The Kellogg Company, Ediya Co. Ltd., General Mills Inc., Mars Incorporated, The Coca-Cola Company, Unilever plc, Calbee Inc., Barista Coffee Company Limited, ITC Limited, HALO Foods Co. Ltd., Gloria Jean's Coffees LLC, International Coffee & Tea LLC, JAB Holding Company, Stonegate Pub Company, Tully's Coffee Corporation, Brinker International Inc., Berkshire Hathaway Inc., BJ's Restaurants Inc., Danone SA, Monster Beverage Corporation, Red Bull GmbH, The Hershey Company, Mondelez International Inc., The Kraft Heinz Company, Keurig Dr Pepper Inc., Ocean Spray Cranberries Inc., Welch's Foods Inc., Arizona Beverages USA LLC, Bai Brands LLC, KeVita Inc., Vita Coco Company Inc. .
Asia-Pacific was the largest region in the snacks and non-alcoholic beverage bars market in 2023. North America is expected to be the fastest-growing region in the snack and non-alcoholic beverage bars market report during the forecast period. The regions covered in the snack and nonalcoholic beverage bars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the snack and nonalcoholic beverage bars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The snack and non-alcoholic beverage bars market consists of sales of snacks, non-alcoholic beverages, and other related goods including coffee beans, mugs, and coffee machines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.