Energy Bar Market Expected to Reach $1.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Energy Bar Market," The energy bar market was valued at $696.30 million in 2022, and is estimated to reach $1.3 billion by 2032, growing at a CAGR of 6.3% from 2023 to 2032.

According to a new report published by Allied Market Research, titled, “Energy Bar Market by Type, Nature, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2022–2032.”

The global energy bar market was valued at $696.3 million in 2022, and is estimated to reach $1,273.1 million by 2032, registering a CAGR of 6.3% from 2023 to 2032.

An energy bar is a healthy snack bar made up of nutritional ingredients that are designed to increase energy and endurance. The main feature that sets it apart from other protein and snack bars is its high carbohydrate & sugar content, which contributes to its high energy value.

Furthermore, over the last decade, a large number of players have gradually entered the global energy bar market, resulting in the availability of energy bars with a variety of flavors, sizes, and nutritional content through various distribution channels. Another factor that has contributed to the popularity of energy bars in recent years is digital boom as brands continue to promote their products through online sales channels such as social media, newsletters, and e-mail marketing. Moreover, the global energy bar market remains competitive, market players are expected to focus on packaging, pricing strategies, and marketing strategies to gain a competitive advantage in the current Energy Bar Industry.

Various types of energy bars available in the market include meal-replacement bar, whole food bar, oat bar, and endurance bar which has set a Energy Bar Market Trends. Numerous players have entered the global energy bar market, recognizing the growing energy bar market demand around the globe. While conventional energy bars continue to attract new customers, several brands are increasingly focusing on catering to consumers with niche preferences, such as gluten-free and plant-based products, in the current market. For instance, one of the brands such as Clif bars recently launched a new line of energy bars in various flavors such as blueberry, banana, and mango. Several brands are increasingly focusing on improving the nutritional content of their products by incorporating related ingredients.

The Energy Bar Market Analysis is done on the basis of type, nature, distribution channel, and region. Depending on type, the market is categorized into protein bar, nutrition bar, cereal bar, and fiber bar. As per nature, it is divided into organic and conventional. According to distribution channel, the energy bar market is fragmented into e-commerce and offline channel. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, France, the Netherlands, Germany, Turkey, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, the UAE, and rest of LAMEA).

By type, the protein bar segment was the highest revenue contributor in 2022attributed to the fact that to stay fit and healthy in daily lives, consumers are increasingly turning to weight management and energy products such as protein bars.

As per nature, the organic segment held the largest market share as the growing awareness of various health effects of artificial additives, such as color, flavor, sweeteners, and preservatives, fueled the demand for an organic energy bar.

Depending on distribution channel, the offline channel segment led the market, owing to the availability of a large variety of energy bar in these stores.

Manufacturers use labeling techniques on their products to conceal the presence of high calorie or sugar levels by mentioning fortified or added functional ingredients/elements found in confectionary bars. To eliminate the general perception of health risks associated with the consumption of confectionary bars, it is expected that manufacturers will work to incorporate functional ingredients/elements into their final offerings to gain consumers and increase their energy bar market share.

Product launch introducing the healthy energy bar is expected to decrease the effect of specific diseases such as diabetes and indigestion. Some major manufacturers have already begun to offer products in specific wellness categories such as digestion enhancement, diabetes-friendly products, and cognitive enhancement. During the forecast period, this trend is expected to take central position and gain significant momentum in the rapidly expanding market.

Moreover, other constraints include lack of flavor and high sugar content in many energy bars, which forces consumers to reconsider energy bars as a healthy food product. Furthermore, fitness clubs' marketing campaigns promoting energy bars as a meal replacement have boomed energy bar sales.

The global demand for energy bars has been fueled by the prevalence of hectic consumer lifestyles that resulted in on-the-go food consumption. Furthermore, rise in health concerns among consumers who prefer a balanced diet with nutrient-rich ingredients boosted the product demand. In addition, the market is fueled by the continuous product innovation done in the category of conventional energy bars.

Besides, the growing number of health awareness programs emphasizing the importance of wellness and nutritional diet has influenced the global consumption of energy bars and has created Energy Bar Market opportunities. The growing consumer awareness of physical appearance has resulted in an increase in demand for meal supplements to maintain desirable body shape & size, which will help in the expansion of energy bar market size.

In 2020, the outbreak of the COVID-19 pandemic had negative impact on the global energy bar market growth. Moreover, several brands shifted their focus to e-commerce platforms to generate revenue and increase sales during the lockdown.

The key players in the global energy bar market industry include Brighter Foods Ltd, Cliff Bar & Company, General Mills Inc, Kind LLC, McKee Foods Corporation, NuGo Nutrition, Premier Nutrition Inc, Probar LLC, Quest Nutrition, and Kellogg Company. Product launch, mergers & acquisitions, joint ventures, and geographical expansions are the key strategies adopted by players in the market.

Key findings of the study

• By type, the protein bar segment is estimated to witness significant growth in , registering a CAGR of 6.7% during the Energy Bar Market Forecast period. 
• Depending on nature, the organic segment is anticipated to grow at a CAGR of 6.4% during the forecast period. 
• As per distribution channel, the offline segment is estimated to witness significant growth, registering a CAGR of 6.2% during the forecast period. 
• By region, North America was the dominant region in 2021, occupying a major share of the market.