india-snack-bar-market
Published

MAY 2018

India Snack Bar Market - Segmented by Product Type, Distribution Channel and Geography – Growth, Trends, and Forecast (2018 - 2023)

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Market Insights

The India snack bar market is expected to reach USD 185 million by 2023, witnessing a double-digit CAGR, during the forecast period. The India snack bar sale has recorded a historic CAGR of 20.1%, during the past five years. Snack bar is still a niche category in India, which accounts for less than 1% of the global snack bar market.

The cereal and granola bar segment is the fastest-growing, after the energy bar segment, in India. Rising health & wellness trend among the population, increased purchasing power, and indulgence are the various factors that fuel the snack bar market growth. Expanding distribution channel in Tier I cities is further accelerating the growth of the snack bar market. Competition from the savory and snack market and breakfast cereals is the major restraint for the market.

Energy Bar in High Demand

Energy bar sale in India is expected to grow at a faster rate, of 25%, over the forecast period. Energy bar includes sports nutrition bars and snack bars designated to meet both daily and sports nutrition needs. Growing demand for energy-boosting functional products among young population is driving the market. Energy bar is a perfect combination of nutrition and taste, which is fueling the market growth. Consumers are likely to spend more on healthy snack products driven by the changing lifestyles and dietary intake. Consumers are increasingly becoming health conscious when it comes to a bite between meals, featuring healthy benefits with convenience and nutritional component, while on-the-go snacking fueled the nutrition bar market. Health & wellness is the key trend driving the energy bar consumption pattern. Granola and muesli bar is the second largest category, followed by other cereal bars.

Convenience stores led the sales, with a share of more than 50% in the distribution channel segment. Expanding retail chain in the country offers a potential growth opportunity to the market. Online retail grew faster at a rate of 28% during 2012-2017. Supermarket/hypermarket is the second largest retail channel in India, which is growing at a faster pace, offering a growth opportunity for nutritional bar sale.

                                              

Key Developments

  • November 2017- Russian companies planned to expand in the Indian snack bar market. For instance, BioFoodLab’s Snack bar, which sells its snack bar in 14 countries in Europe and Asia, targeted India as its new market distribution

There is growing competition in the India snack bar market, with a large number of International players entering the market. Rite Bite, Nature Valley, and Alpen are the top brands in the market. Product launch in different flavors, such as the popular chocolate flavor, targeting athletes, women, and diabetic people is the primary strategy adopted by the market players. Companies introducing hybrid product mix of snack bar and biscuit is the key challenge for the market. For example, Danone India that launched Protinex Bytes, has targeted to capture the healthy snack market. Many biscuit players, such as Britannia, are planning to enter the cereal bar market.

Major Players: Naturell (India) Pvt Ltd, Nestlé SA, Nature's bounty co., Kellogg NA Co., and General Mills Inc., among others.

Reasons to Purchase the Report

  • Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
  • Market dynamics, along with growth opportunities of the market in the years to come
  • Market segmentation analysis, including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
  • Country-level analysis integrating the demand and supply forces that are influencing the growth of the market
  • Market value (USD million) and volume (million kg) data for each segment and sub-segment
  • Distribution channel sales analysis, by value
  • Competitive landscape involving the market share of major players, along with the new product launch and strategies adopted by players in the past five years
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet in excel

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