Food Bar Market Scope

The Food Bar Market is predicted to grow at a CAGR of 5.08%. In the forthcoming years, the Market Value is evaluated to touch USD 7.05 Billion by the studied forecast period 2021-2028. An organic bar is basically a food or a snack with high nutritive value. It is enriched with high minerals and vitamins that enhance physical energy. The food bars are manufactured through organic methods and free from any artificial chemicals.

Primary Drivers and Challenges

Food bar Industry are healthy, quick snacks that are used as heavy meal replacements. Hectic lifestyles and the prevalence of nuclear families across developed countries bolster the market growth. Alarming rise in obesity cases and surging preference for lighter and nutritious food among consumers has boosted the demand for food bars with low sugar content that offer high protein, fiber content and more. Growing varieties of foods bars that serve every purpose including workout, energy, meal, diet, and nutrition are also responsible for the rise in consumer acceptance, thereby inducing significant market growth. Mounting cases of diabetes across the globe has also bolstered the demand for low-sugar food bars, adding further to the market value.

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Emerging fitness and health trends have given way to higher demand for healthy food products among consumers. The rich nutrition content in different food bars also help bolster their appeal among people. Soaring popularity of go-to snacks and the declining preference for high calorie products such as cakes, cookies and chocolates could also benefit the worldwide market in the following years. Many of the food bars generally have a filling of nuts, cereals and fruits, which are quite attractive to health-conscious individuals. Besides, the rising prominence of sports as well as athletic and sports activities and the overall evolving food habits compel manufacturers to come up with innovative products that boast of new ingredients and flavors.

Packaged confectionery food and snacks that are easy to carry are gaining high traction and therefore, players are focusing more on using attractive wrappers for their food bars. On the competitive front, companies are concentrating on entering partnerships with a number of e-commerce affiliate outlets to increase brand awareness.  Vendors are also keen to carry out product development activities and launch new food bars to capture space in diet, vegan, meal-replacing, energy-boosting and sports niche markets. For instance, in October 2020, General Mills added a new protein bar to its range of Fibre One snack bars that aid weight management. These protein bars come in two varieties; namely caramel and cookies & cream and contain only 90 calories, 1g of sugar and 10g of protein. With this launch, the company aims to meet with the escalating dietary requirements of the consumers.

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