The nutritional bar is a healthy blend of taste and nutrition which is fueling the demand in the global market. Market Research Future (MRFR) has recently published a report on global nutritional bar market which unfolds that the market will exhibit a healthy growth throughout the forecast period 2017 to 2023.
The nutritional bar market will grow moderately over the next couple of years due to the initiatives being undertaken by the market stalwarts for making the snack healthier, for instance, the omega-3 ingredient which is good for the heart is propelling the growth of the market. Also, the wide range of product offerings made available to the consumers to choose from has catapulted the market growth by increasing demand.
Changing lifestyles and food habits are pushing the inclination towards the nutritional bar as a meal replacement which is driving the market expansion. The nutritional bars are rich in the vital nutrients required by the body and also helps in weight management. Therefore, it has become a popular choice mostly among the adults of under 40 age group.
Some of the factors that will restrict the market expansion during the assessment period are the availability of substitutes, sugar concentration in some bars, etc.
MRFR has profiled the key players for providing a better insight into the market. Some of the players profiled are Atkins Nutritionals, Inc. (U.S.), General Mills Inc. (U.S.), Kashi Company (U.S.), Mars Incorporated (U.S.), Clif Bar & Company. (U.S.), Kellogg Co. (U.S.), and, Quaker Oats Company (U.S.). The players compete to retain their prominence in the market by employing strategies such as product line diversification, acquisitions & mergers, adapting with changing market trends, the introduction of innovative flavors according to changing customer preferences, etc.
OTE Sports has launched milk chocolate peanut protein bar and the gluten-free duo bars to their line of scrumptious and healthy food. They have fitness centers in the U.K. and also have specialists for improving training experience. The introduction of nutritional bars is an addition to their food products available for supporting the health goals of their customers.
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Global Nutritional Bar Market Segmentation:
By type, the nutritional bar market has been segmented into protein bars, meal-replacement bars, snacks bars, and, whole food bars. The rise in awareness about the benefits of dietary intake will accelerate growth in protein bars segment which will account for maximum share in the market. The meal-replacement bars segment is set to witness amplifying demand throughout the projection period.
By flavor, the market is segmented into chocolates, fruits, peanut butter, savory, and, spices. The chocolates segment will steer the market growth with its dominance prevailing over the market during the assessment period. Peanut butter segment will be highly in demand and is expected to grow at the fastest pace by 2023.
By distribution channel, the nutritional bar market has been segmented into store based, and, non-store based. The non-store based segment has mostly penetrated the market for nutritional bars, and the trend will continue over the next couple of years.
By region, the market for nutritional bar market has been segmented into North America, Europe, Asia Pacific, and, Rest of the World (RoW). Asia Pacific holds a significant share in the global market owing to the proliferating rate of consumption. The region accounts for 60% of the worldwide population and has been witnessing a boom in the economy. Other factors such as urbanization, rising standards of living, etc. when coupled with the exponentially growing population are accelerating market expansion in the region. The major revenue generators in the market include India, and, China. The rising count of patients suffering from obesity, heart diseases, blood cholesterol, etc. is also catalyzing the inclination towards a healthy replacement of harmful eating habits.
The market in North America accounts for major share in the market value. The expansion of the market in this region can be ascribed to the rising health concerns among the people. Approximately, two out of three adults in the U.S. are overweight or obese. The concentration of top-notch players in the region such as Kashi Company, Atkins Nutritionals, Inc, Quaker Oats Company, etc. is also contributing towards the growth and expansion of the market. The health concerns among the population can also be credited for the growth in Europe market with countries such as Germany, Belgium, France, and Italy being the major exporters. The overall growth of the global market will speed up penetration in the RoW market throughout the assessment period.
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