Nutrition Bars Market: Overview
A nutrition bar is a popular confectionery with several specific health benefits associated with its consumption, made up of natural and organic ingredients. Nutrition bars include food bars that encompass additional nutrients, such as protein, fiber, calcium, and others, and also comprises bars positioned as meal replacements.
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In terms of value, the global nutrition bars market is expected to reach a market value of US$ 2,231.1 Mn by the end of 2026, with an anticipated CAGR of 4.1% over the forecast period. The drivers for the growth of the nutrition bars market include increasing demand for functional foods, growing health and wellness consciousness, escalating demand for convenience food, inclination towards organic nutrition bars, increasing snacking trend, fuelling online retailing, and others.
Health Benefits Continue to Drive the Growth if the Nutrition Bars Market
Healthy eating categories are growing at a much faster rate as compared to the indulgent categories. Increasing health and wellness consciousness is motivating consumers to opt for nutritious food alternatives. The growth of the nutrition bars market is primarily driven by the nutritious and health benefiting properties of these bars, which tend to provide proteins, calcium, fibers, and other dietary supplements that the body needs.
In line with the growing health and wellness consumer trend, nutrition bars have been able to cater to a broad consumer base. Besides, consumers are ready to pay a premium price for ingredients and products that have high nutritional content and are healthy, thus boosting the demand for nutrition bars.
Growing Trend of Convenient Snacking is Fueling Market Growth
The growing demand for convenient snacking options and increasing snacking trends are leading to the rising demand for nutrition bars. Ever-increasing urbanization, and rising standards of living, accompanied by hectic lifestyles have made consumers opt for healthy and convenient snacking options. The need for nutrition bars is increasing as a budding meal replacement and snacking option that tends to fulfill the energy and dietary demands of consumers.
Increasing Demand for Functional Foods is Giving Strong Market Prospects to Nutrition Bars
There is a growing demand for functional foods, owing to the increasing demand for functional ingredients and food products that provide health benefits without actually sacrificing the taste or sensory qualities of the food product. The consumer base for functional foods, including nutrition bars, tends to be loyal, and hence, robust marketing strategies are allowing brand loyalty to increase rapidly.
Consumers are engaging themselves in self-diagnosis by selecting healthier food alternatives, which is therefore anticipated to create stable demand for functional foods with claims to reduce bodily ailments.
Nutrition bars are an excellent on-the-go product, offered under the functional food segment, and suits the demand of the working demographics who are highly dependent on snacking without compromising on the nutrition of a balanced diet. This working population captures a large part of the consumer base, which is expected to generate substantial demand for nutrition bars over the forecast period.
Improvement of the Sensory Quality of Nutrition Bars to Support Sales
The general perception that healthy food comes at the cost of taste has been blurred in the case of nutrition bars. Manufacturers are improving their products to such an extent, that taste is no more a barrier for nutrition bars. Improved ingredient quality and the introduction of newer processing technologies have made nutrition bars available in attractive and innovative flavor profiles.
Unique flavor offerings along with ample of health benefits are anticipated to drive the growth of the nutrition bars market. Besides, some key confectionery manufacturers are focusing on updating their existing product lines with nutrition bars by introducing high protein ingredients to attract newer consumers, while retaining the older ones.
Organic Nutrition Bars Offering the Option of Tapping New Consumers
Organic nutrition bars are expected to drive in new consumers who are strictly following organic-based food and beverage consumption patterns, and also increase consumer loyalty by offering guilt-free organic products. This is attributed to the recent trend of significant players investing heavily in procuring organic-based ingredients.
Also, the segment is portrayed as premium, which helps manufacturers fragment out their product offerings and tap premium users, and gain a more significant profit margin in the nutrition bars market.
Increasing Product Launches with Nutrition Bars
There are rising product launches in the nutrition bars segment. Nutrition bars are available in different flavors and different base ingredients. Popular flavors for nutrition bars include chocolate, berries, nuts and almonds, coconut, and others.
Besides the variety of flavor offerings in nutrition bars, key players are putting forward their nutrition bar products into specific wellness categories, such as digestion enhancement, diabetes-friendly, cognitive enhancement, and others.
This trend is expected to take the main stage over the forecast period, gain strong traction in the rapidly increasing functional food market, and also achieve strong brand equity. Increasing product launches are expected to attract a large consumer base, thus strengthening the market prospects for nutrition bars.
E-commerce to Increase Product Penetration and Consumer Reach
E-commerce has become an important platform that has benefited, both, consumers and manufacturers. Manufacturers of nutrition bars can promote and sell their products on a global platform, and can connect with a much broader consumer base through online retailing.
Besides, consumers are also benefitting from the growing e-Commerce in the supply chain, as they have greater accessibility to various products. Consumers have the transparency to compare the products and their prices on the same platform, providing them ease of decision-making. This growing e-Commerce is thus leading to an increasing market for nutrition bars.
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