by Energy bars are nutritious snacks that provide instant energy. They are packed with calories, carbohydrates, protein, vitamins, and minerals to help sustain energy levels between meals or during exercise. Popular ingredients used in energy bars include oats, honey, nuts, chocolate chips, dried fruits, and caramel. Their compact size and highly portable packaging make them a convenient snack option. Energy bars help maintain blood sugar levels and curb appetite. They provide a filling alternative to traditional candy bars or junk food. The global popularity of fitness trends, sports training, and outdoor recreational activities have increased the demand for better nutrition sources while on-the-go. Energy bars fulfill this need advantageously.
The global Energy Bar Market is estimated to be valued at US$ 3.38 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the key trends in the energy bar market is the launch of vegan and plant-based options. With increasing preferences for sustainable and ethical products, many consumers are opting for energy bars made entirely from plant-based ingredients. Companies are innovating with ingredients such as pumpkin seeds, almonds, pistachios, dates, cranberries and coconut to provide nutrient-dense alternatives for vegans and flexitarians. For example, Nature Valley recently launched plant-based energy bite packs made without any animal products. Another notable trend is the increased availability of specialty energy bars formulated for specific activities or health benefits. There is a wide variety now available for endurance sports, muscle gain, weight loss, immunity-boosting etc. This customized approach helps consumers meet their personalized nutritional requirements. Energy bar manufacturers are also utilizing all-natural colors, flavors and sweeteners to cater to the growing demand for clean label products with simple recognizable ingredients.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the energy bar market is moderate. New entrants require substantial capital to build manufacturing facilities and distribution channels. However, there are low costs associated with producing and marketing energy bars.
Bargaining power of buyers: The bargaining power of buyers is high in the energy bar market. Buyers have a variety of product choices from various brands. Buyers can also negotiate lower prices through bulk purchasing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw materials such as grains, nuts, and dried fruits are commoditized and available from many global suppliers. However, switching costs are low for suppliers.
Threat of new substitutes: The threat of substitutes is high. Energy bars compete with other snacks and foods that provide similar functionality and nutrition. Products such as trail mix, granola bars, and protein bars pose threats.
Competitive rivalry: The competitive rivalry is high given the numerous local and global brands competing for shelf space and consumer spending in the growing market.
Key Takeaways
The global Energy Bar Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size for energy bars was valued at US$ 3.38 Bn in 2023 and is anticipated to reach over US$ 5 Bn by 2030, exhibiting a CAGR of 5.5%.
Regional analysis: North America dominated the global energy bar market in 2023 and is expected to grow at a CAGR of around 4% during the forecast period. High health awareness and increasing consumption of healthy snacks are driving demand in the region. Asia Pacific is expected to be the fastest-growing regional market owing to rising disposable incomes and changing lifestyles in countries such as China and India.
Key players: Key players operating in the energy bar market are Simpson Strong-Tie Co., Inc., Fast-Stairs Inc., Pylex Products, Dolle USA, Universal Forest Products, Inc., Regal Ideas Inc., Arke Stairs, The Iron Shop, EZ Stairs & Century Aluminum Railings. These companies are focusing on new product launches and innovations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
