Energy Bar Market Analysis By Industry Value, Market Size, Top Companies And Growth Forecast by 2028

Market Overview:
The Global Energy Bar market was valued at USD 3.06 billion in 2021 and is expected to reach USD 3.85 billion by the year 2028, at a CAGR of 3.32%.

Energy Bar is a bar-shaped food that is intended to boost physical energy, containing a combination of fats, carbohydrates, and proteins and fortified with vitamins and minerals. Energy bars that contain mostly fruit and nuts may be used as a snack. The basic purpose of an energy bar is to provide quick energy. Energy bars are a vital source of nutrition and available in a wide variety of flavors. Consumers around the world are highly aware of their health to focus more on their diet content, eat smaller portions, and increase the frequency of their meals. To fulfil these requirements, energy bars are convenient options for them. A typical energy bar weighs are between 30 and 50 g and which supply about 200-300 Cal (840-1,300 kJ), 3-9 g of fat, 7-15 g of protein, and 20-40 g of carbohydrates.

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Market Dynamics:
Driver:
Owing to fast-paced lifestyles and the need for instant energy among consumers and also increase demand for on-the-go snacking are driving the growth of the energy bar market growth. The increasing awareness of the importance of fitness and staying healthy is increasing participation in sports, health clubs, and gyms, as energy bars may be used as an energy source during athletic which is another important driving factor of the energy bars market.

Opportunities:
The main focus of consumers is to buy a good taste and texture of the energy so the growing launch of energy bars in different flavors and textures gives opportunities for the market players. Also increase in demand for allergy-free, nut-free snacks among consumers to fulfill this demand manufacturers have launched energy bars that are free from all allergy-causing ingredients.

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Market Segmentation
Segmentation Insights
Based on Product Nature, the conventional segment recorded a revenue of USD 2,520.10 million in 2020, and it is expected to register a high CAGR during 2021-2027. However, the organic segment is estimated to register the fastest growth, recording the highest CAGR during 2021-2027. Consumer demand for easy and nutritious on-the-go snack choices has been the primary driver of energy bar sales across the world. Moreover, consumers' evolving lifestyles, which include eating fewer meals, also contribute to a rise in snack consumption, which is expected to drive demand for conventional energy bars. Consumers are increasingly going health-conscious when it comes to bite-in-between meals. Thus, there is a growing awareness of various health effects of artificial additives, such as colour, flavour, sweeteners, and preservatives, which, in turn, has accelerated the demand for an organic energy bar.
• Organic
• Conventional

Based on Distribution Channel, the supermarkets/hypermarkets segment held the majority market share, amounting to 64.08%, in 2020, and is expected to register a high CAGR during 2021-2027. supermarkets/hypermarkets provide a super-sized shopping experience with suitable displays and assortments of indulgent snacking products. The proximity factor of these channels, especially in bigger cities and metropolitan areas, gives them an added advantage of influencing the snacking habits of consumers. Convenience stores around the world witnessed an increase in the sales of functional snacking options at the expense of indulgent ones, a trend that is set to boost the market sentiments for functional bars from such distribution networks.
• Supermarkets/ Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Other

Based on Product Type, the protein bar segment is accounted for the largest share in the market owing to the switching consumer preferences towards healthy and protein-based products included protein-based beverages. Increasing the consumption especially in youth and athletic, sportspersons has led to the demand for the protein energy bar in the market during the forecast period.
• Protein Bar
• Nutrition Bar
• Fibre Bar
• And Cereal Bar

Regional Insights
By Geography, North America held the largest market share of 72.34% in 2020. It is expected to register a CAGR of 2.32% over the forecast period. North America was followed by the Asia-Pacific region, which accounted for 18% of the market share and was valued at USD 534.25 million in 2020. The growing consumer inclination toward sports and workout activities has raised the demand for nutritional snack bars, as they provide an instant energy boost and satiate hunger after a workout. Thus, increased consumer demand for nutritious products and rising clean label claims on energy bar products have augmented market growth in the North American region.

Consumers in European countries have been looking for products that help them maintain their busy lifestyles and provide them with much-needed energy. There has been a growing demand for Energy bars with labels, like less or no sugar, no added flavors, gluten-free, and vegan, which help consumers meet their growing obesity concerns.

Asia Pacific region is expected to significant growth during the forecast period owing to high populations, consumer preferences towards the packaged and energy-based food. Growing demand for protein-based products in youth and athlete candidates has led the market growth for this product and is expected to continue during the forecast period.

Players Covered in Energy Bar market are:
• Nature Essential Foods Pvt Ltd
• Lotus Bakeries
• General Mills Inc.
• Clif Bar & Company
• ProBar LLC
• Post Holdings Inc.
• BumbleBar Inc.
• PepsiCo Inc.
• Eat Anytime
• TORQ Limited
• OTE Sports Ltd
• Kind LLC
• Science in Sports PLC
• Kellogg Company and others.

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Key Industry Developments
In 2020, KIND Healthy Snacks (KIND) introduced KIND Energy that supplies comfort energy from whole grains. The product line's first ingredient, oats, subscribes to complex carbohydrates, the chosen nutrient for comfort energy.
In October 2019, Post Holdings purchased its active sports nutrition business BellRing Brands Inc., which includes various brands such as Premier Protein, Dymatize, and PowerBar under its portfolio. The brand is operated on the New York Stock Exchange under the symbol BRBR.

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