Snack Bars Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Snack Bars Market is Segmented by Product Type (Cereal Bars, Energy Bars, and Other Snack Bars), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, and Other Distribution Channels), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers market size and forecast in value (USD million) for the above segments.

Market Snapshot

Snack Bars Market Summary
Study Period: 2016 -2027
Base Year: 2021
Fastest Growing Market: South America
Largest Market: North America
CAGR: 4.45 %

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Market Overview

The snack bars market is projected to register a CAGR of 4.45% during the forecast period (2022-2027).

During the COVID-19 pandemic, snacks, including snack bars, nuts, crisps, confectionery, and soft drinks, were considered risk categories in the food sector as supermarkets re-allocated stock priorities toward staples and essential supplies. This measure was taken mainly due to the mass lockdown initiatives imposed by the governments of several countries to avoid the spread of the virus. However, according to General Mills Inc., as of 2020, consumers have been stacking long shelf-life items like cereals, snack bars, baking flours, and soup, leading to the stabilization of their sales to an extent. Further, the pandemic resulted in the generation of opportunities for many private players to emerge in the markets and cater to the inflated demand.

Over the medium term, consumers' demand for convenient and healthy on-the-go snack options is expected to be the primary reason for the sales of snack bars globally. The changing lifestyles of Americans and Europeans, involving the consumption of smaller meals, are leading to the increased consumption of snacks. Hence, snack bars, being the healthier option, are witnessing increasing demand. Snack bars have opportunities within the functional ingredients, reduced sugar, savory spins, and plant protein categories. The trending innovations in the market also involve modifications in packaging and the launch of targeted-consumer products.

However, a major factor restraining the market’s growth is the high price of these bars compared to alternative snacks. Consumer preference for clean-label ingredients is high, which makes the products a bit expensive for consumers in economically weaker countries.

Scope of the Report

Snack bars are snack foods containing cereals, fruits, nuts, and flavor ingredients intended to supply quick energy and protein. The snack bars market is segmented by product type, distribution channel, and geography. For each segment, the market sizing and forecast have been done based on value (in USD million).

By Product Type
Cereal Bars
Granola/Muesli Bars
Other Cereal Bars
Energy Bars
Other Snack Bars
By Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Specialty Stores
Online Stores
Other Distribution Channels
By Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
Spain
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
United Arab Emirates
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Demand for Plant-based and Functional Snack Bars

The shifting consumer behavior from animal products is mainly due to people’s growing concerns about animal welfare, personal health, and sustainability. The intake of animal protein is associated with high cholesterol levels, fat, and calories, which increases the risk of cardiac diseases, high blood sugar levels, and obesity. Hence, people are inclining toward vegan protein sources, creating a good platform for the growth of plant-based snack bars. Some of the prominent flavor components for plant-based snack bars include beet, spirulina, orange, peanut butter, brownie, and red berry. For instance, in July 2021, the UK-based food brand 'Oggs' launched a range of four new vegan snack bars, including Chocolate Tiffin Bar, Gooey Brownie Bar, Millionaire’s Shortbread, and Flapjacks bars. These products were made using the brand’s patented vegan liquid egg alternative, aquafaba, instead of dairy.

Snack Bar Market 1

North America Holds the Largest Market Share

North Americans are progressively becoming health conscious, which is generating the demand for healthy foods. The region's snack and cereal bar manufacturers are successfully meeting the rising consumer demand for nutritious dietary snacks. Due to the high competition in the snack bars market in North America, manufacturers are launching variants of snack bars to differentiate their products. Repositioning products is the key strategy to serve a wide range of consumers and strengthen the consumer base to gain increased market share. Protein and fiber form the key components of these snack bars. Millennials and baby boomers are the major consumers of snack bars in the United States. In August 2021, India-based Fitsport Nutrition Foods launched its range of THOP energy and protein bars in the United States via a listing on Amazon, United States. The company aims to expand in the North American snack bar market with its vegan snack bar offerings.

Snack Bars Market2

Competitive Landscape

The snack bars market is intensely competitive due to the presence of multinational and regional players. These players have been differentiating their products and adopting various strategies to gain an edge over their industry rivals. Kellogg’s, General Mills Inc., Clif Bar & Company, Mars Incorporated, and Post Holdings Inc. are some of the major giants in the snack bars market with a global presence. Key players in the market have wide distribution networks across the world. They have also been focusing on expanding their product portfolios by understanding the various requirements in the segment.

Major Players

  1. The Kellogg Company

  2. Clif Bar & Company

  3. General Mills Inc.

  4. Post Holdings Inc.

  5. Mars Incorporated

CL_Global Snack Bars Market.png

Recent Developments

In September 2021, Mondelez India, a manufacturer of Cadbury chocolates and Oreo cookies, entered the “nutritious, guilt-free” snacking segment by launching snack bars through an extension of the “Cadbury Fuse” brand. The new range of snack bars titled "Cadbury Fuse Fit" has been placed in the mid-premium segment, primarily targeting urban consumers.

In February 2021, Nature Valley launched its first plastic film wrapper designated as Store Drop-Off recyclable by How2Recycle with the brand’s iconic Crunchy granola bar. The brand's new packaging is an initiative toward achieving its commitment to 100% recyclable packaging by 2025.

In November 2020, Mars Incorporated acquired KIND LLC. for USD 5 billion, three years after the former took a minority stake in the latter.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Cereal Bars

        1. 5.1.1.1 Granola/Muesli Bars

        2. 5.1.1.2 Other Cereal Bars

      2. 5.1.2 Energy Bars

      3. 5.1.3 Other Snack Bars

    2. 5.2 By Distribution Channel

      1. 5.2.1 Supermarkets/Hypermarkets

      2. 5.2.2 Convenience Stores

      3. 5.2.3 Specialty Stores

      4. 5.2.4 Online Stores

      5. 5.2.5 Other Distribution Channels

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 Spain

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 The Kellogg Company

      2. 6.4.2 Associated British Foods PLC

      3. 6.4.3 General Mills Inc.

      4. 6.4.4 Nestle SA

      5. 6.4.5 PepsiCo Inc.

      6. 6.4.6 Post Holdings Inc.

      7. 6.4.7 Clif Bar & Company

      8. 6.4.8 Mars Incorporated

      9. 6.4.9 HALO Foods

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability
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Frequently Asked Questions

The Snack Bars Market market is studied from 2016 - 2027.

The Snack Bars Market is growing at a CAGR of 4.45% over the next 5 years.

South America is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

The Kellogg Company, Clif Bar & Company, General Mills Inc., Post Holdings Inc., Mars Incorporated are the major companies operating in Snack Bars Market.

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