Nutrition Bars Market: Introduction
A latest study of TMR (Transparency Market Research) on the nutrition bars market comprises global industry analysis, along with opportunity assessment for 2020-2030. The complete revenue generated from the global nutrition bars market is expected to stand at over US$ 1.2 Bn in 2020 that is estimated to expand at a CAGR of 4%, to cross US$ 1.8 Bn by 2030.
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Improvement in Sensory Quality of Nutrition Bars to Support Sales
The common perception that healthy food products comes at the cost of taste and flavor has been blurred out across the globe, as key players have improved their product portfolio to a point that taste is not a negative issue for nutrition bars. The improved quality of ingredients as well as the launch of novel processing technology have shaped the availability of nutrition bars in attractive compositions and flavors; some of them are only exclusive to bar offerings. This is anticipated to drive the global nutrition bars market during the forecast period. Moreover, some key manufacturers of confectionery products have transformed their product lines into functional products by launching high protein ingredient-based products to increase per unit servings of protein to entice newer customers while holding the older ones.
In 2016, Mars Inc. introduced a high protein version of Mars and Snickers bars. In 2017, it has added a high-protein version of its Bounty bar to the range, targeting the nutrition bars market, and making a high protein claim such as the 51 g, 192 calorie bar contains 19 g of proteins.
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Organic Functional Bar Offerings to Tap New Consumers
The organic functional bar offerings in Europe region are expected to expand customer base of that who strictly follow organic-based food and beverage diet. This also increases consumer loyalty. This can be attributed to the recent trend of major players investing heavily in procuring organic-based ingredients. Furthermore, the segment is portrayed as premium, which helps manufacturers fragment out their offerings and tap premium users, and gain a larger profit margin in the nutrition bars market.
High Demand from Millennial Population to Propel Market
Over the past decade, the demand for nutrition bars, especially in developed regions has witnessed a noteworthy spike due to which, a broad range of nutrition bars are currently available in the market. While the consumption pattern pertaining to nutrition bars may vary from consumer to consumer, nutrition bars are increasingly being consumed to compensate for various nutrient deficiencies due to the lack of adequate intake of nutritious food. Moreover, a number of consumers is gradually replacing their regular breakfast with nutritional bars such as protein bars.
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Although the popularity of protein bars is scaling newer heights, brands are increasingly focusing on minimizing sugar content and use of artificial ingredients in their products– a factor that is likely to fuel the nutrition bars market during the forecast period. In several regions of the world, nutrition bars have gradually emerged as a meal replacement alternative. Thus, the demand for nutrition bars is likely to grow during the assessment period. Moreover, the consumption of nutrition bars among athletes and sportsmen women coupled with the growing number of paid partnerships with social media influencers is anticipated to boost the overall sales of nutrition bars worldwide.
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