Snack Bar Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Product (Granola/Muesli, Fruit, Energy And Nutrition, Others), By Distribution Channel (Online, Offline (Supermarkets, Convenience Stores, Others)), And By Geography - Forecasts From 2022 To 2027

The global snack bar market is anticipated to grow at a CAGR of 4.75% over the forecast period to reach a total market size of US$19.936 billion by 2027, increasing from US$14.409 billion in 2020. 

Snack bars are referred to as replacers and a portion of healthy snack food that provides enough nutritional value. The high nutritional value of snack bars is making them famous among the young population, which is driving the growth of the market during the forecast period.

Expanding retailing business-like convenience stores

In recent years, convenience and departmental stores with supermarkets have witnessed an increase in sales. Established on the evolution of continence and other retail businesses in various parts of the world, the development and growth of convenience stores are directly related to economic growth, and the speed of urbanization is projected to propel the market over the forecast period. In addition, with the growing number of smartphone users, time spent on the internet is also increasingly driving the growth of e-commerce platforms which is also opening the scope of distribution of the snack bar.

Increasing household expenditure in developing countries

It is considered one of the prime drivers of the market's growth during the forecast period. According to the Organisation for Economic Co-operation and Development data, household spending in Mexico and Brazil has increased from US$ 1,276 billion and US$1,850 billion in 2012 to nearly US$ 1,635 billion and US$2,153 billion by the end of 2018. Both public and private players are investing heavily in developing countries to cater to the growing demand for snack bars on account of rapid urbanization and growing health awareness.

North America is holding a significant share in the market

By geography, the snack bar market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. North America is expected to hold a significant share in the market owing to the presence of major players coupled with the growing number of product launches in the countries like Canada and the United States. In addition, a growing number of health-conscious people and changing lifestyles are boosting the demand for the product. The rising availability of various flavours and trends toward consuming frequent meals due to hectic lifestyles are further expected to drive the market in the region.

The Asia Pacific to see a substantial growth

In the Asia Pacific region, due to changes in breakfast consumption patterns in the past couple of years and rising western influence in countries like China and India, the market is expected to witness substantial growth over the forecast period. Besides, growing consumer awareness regarding the health benefits of snack bars coupled with the product development of high fibre and multigrain bars has also triggered market growth opportunities in the region in the coming years. Besides, rising disposable incomes and living standards encourage Chinese and Indians to adopt the Western lifestyle. Growing demand for ready-to-make and ready-to-eat breakfast food and beverage products is augmenting the demand for snack bars across the region.

Furthermore, the rising number of supermarket chains and grocery stores in Mexico also contributes to the growth of the snack bars market by making it readily available to consumers. According to the National Association of Retailers (ANTAD), there were more than 2,658 store openings, out of which 85 percent were specialized stores, 10 percent were supermarkets, and four percent were department stores. Also, in 2018, Walmart announced the acquisition of Cornershop, Inc., a leading online marketplace for on-demand delivery from supermarkets and speciality food retailers in Mexico and Chile, to accelerate its growth in Latin America.

Competitive Insights

Market players are tapering down their strategies to specific regional markets and are focusing on various country-specific breakfast habits to target the customer base and promote their brand.

In addition, market players are investing heavily in research and development and product launch of innovative, fruit-flavoured, and high-fibre snack bars. For instance, in January 2020, UK-based Border moved into snack bars under Dark Chocolate Ginger products to capitalize on the boom in demand for food people can eat on the move.

Also, in July 2019, UK Sports nutrition company Grenade launched “Reload,” an oat-based protein bar high in fibre and low in sugar. In July 2019, Nooro’sexpandedits the CBD snack bar range by introducing two new flavours. Major market players in the global snack bar market have been covered along with their relative competitive position and strategies.

Key Developments

March 2022: With the nationwide release of CLIF Thins, a crispy, crunchy snack bar that is ideal for busy families, commuters, and individuals on the go, CLIF announced the extension of its snack category.

August 2020: SunOptaTM Inc. announced the countrywide introduction of ArborTM bar, the company’s take on the widely consumed snack bar category. The new certified organic arbor bars are made with five ingredients or less and contain natural fruit, and no added sugar. Apple + berries, apple + blueberries, and apple + raspberries are the three delectable flavours that the product offers.

May 2020: New Quest Snack Bars were introduced by Quest Nutrition, which is crispy, delicious, and low in carbohydrates and sugar. Quest Snack Bars, which are an extension of the company's original Protein Bar range, are ideal for everyday snacking occasions owing to their new crunchy texture and low sugar level.

July 2019: The introduction of YES! snack bars in a new recyclable paper wrapper have been announced by Nestlé.

Impact of the COVID-19 pandemic on Snack Bar Market

The COVID-19 pandemic led to the closure of significant industries, owing to the implementation of strict lockdown and social distancing rules. The closure of offline stores in the market led to an initial decline in sales. However, with the market eventually saw an increase in demand owing to the rise in snacking and stress eating activities. The market was also met by a growth in demand for healthy snack bars and foods. Moreover, with the withdrawal of COVID-19 protocols and the resumption of major industrial and commercial activity, the market is anticipated to rise in demand.

Snack Bar Market Scope:

Report Metric	Details
Market size value in 2020	US$14.409 billion
Market size value in 2027	US$19.936 billion
Growth Rate	CAGR of 4.75% from 2020 to 2027
Base year	2020
Forecast period	2022–2027
Forecast Unit (Value)	USD Billion
Segments Covered	Product, Distribution Channel, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	General Mills, Kellogg’s Company, Weetabix, The Quaker Oats Company, Kind Management Inc., Cliff Bar & Company, Earnest Eats, Mars, Oriole Healthy Foods, Hain Celestial
Customization scope	Free report customization with purchase

 

Segmentation:

• By Product
  • Granola/Muesli
  • Fruit
  • Energy and Nutrition
  • Others
• By Distribution Channel
  • Online
  • Offline
    • Supermarkets
    • Convenience stores
    • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

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