Snack bars are nutritious and can be consumed quickly and this makes them suitable for quick breakfast, lunch and snacks between meals. Therefore, due to the increasing popularity of the snack bars in Asia-Pacific region it is expected to grow with an overall CAGR of 5.8% for the forecast period 2018 - 2023.
Asia-Pacific region is considered to be the fastest growing market for snack bar due to change in life style and increase in disposable income which is increasing the inclination of customers towards new healthy and quick snacking options. Although in many regions, it is still considered a niche product. Also, less awareness of the product decreases the buying capacity. However, with the changing scenario and increasing western influence leading to the enhanced market, share of snack bar industry for Asia-Pacific region by the end of the forecast period.
Australia, India, Japan and China are the major regions in Asia-Pacific in the snack bars market where snack bars are considered as the most convenient snacking items. In Australia, snack bar market is witnessing a shift towards more wholesome product offerings as consumers have become increasingly concerned about the negative health aspects associated with conventional snack bars. There is a huge demand for natural healthy snacks such as granola/muesli bars as it is perceived as being a more natural alternative traditional snack bar. In Japan, the convenience of snack bars meets the needs of increasing number of Japanese consumers who live busy lifestyles and are looking for quick solutions for diet. Snack bars continued to have only low sales in China, mainly due to limited product awareness but it is expected to grow exponentially in the forecast period 2018 - 2028. The concept of snack bars is still relatively new in India as consumers did not purchase these for breakfast purposes, but rather a healthier version of a chocolate bar.
There are various companies in the snack bar market that have various products. However, the market is fragmented and different companies capture different region in Asia-Pacific. Nestlé Australia Ltd. was the leading company in snack bars in 2015, due to the dominant position of the iconic Uncle Tobys brand, which for most Australians is synonymous with snack bars. VV Group is the dominant player in china for snack bars and accounted for over 77% retail value share in 2015. Otsuka Holdings continued to lead snack bar market in Japan in 2015 with a retail value share of 36% due to the strong presence of the company’s brands Calorie Mate and Soy Joy. Naturell India Pvt. Ltd. maintained its leading position of snack bar market in India in 2015 with 68% value share.
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