Seattle, WA -- (SBWIRE) -- 10/24/2019 -- Snack bars work as heavy meal replacement and a quick, healthy snack food. Busy lifestyles and higher number of nuclear families in developed regions is boosting the market growth. Increasing cases of obesity is also likely to contribute to the market development. Furthermore, consumer preference for smaller and nutritional food is augmenting the product demand as these bars have less sugar and provide high fiber content, protein, and other nutrition.

Rising awareness about health and fitness and resultant preference for healthy snack products is likely to be among the key factors boosting the market growth. High nutrition value of these products is also expected to augment their demand over the years to come. Increasing product popularity as go-to snacks, which can replace high calorie content products like chocolates, cakes, and cookies is further projected to propel the market.

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Key Market Trends:

Demand For Plant-based Bars And Bars With Functional Claim

With the increased inclination toward plant-based products and vegan diet, there has also been a demand for vegan snack bars. Some of the prominent flavor components for plant-based snack bars include beet, spirulina, orange, peanut butter, brownie, and red berry. For example, in 2018, Clif Bar & Company launched an energy granola bar made with plant-based protein, in order to increase its share in the cereal bar segment. The product claims to contain 8g of protein and 27g of whole grain per 10 ounces, served in four distinct flavors, namely cocoa chocolate, white chocolate, macadamia nut, cinnamon almond, and blueberry crisp.

Segmentation of Global Snack Bars Market:

Segmentation on the basis of type: Energy and nutrition bars, Granola bars, Breakfast bars,

Segmentation on the basis of distribution channel: Retail stores, Department store, Super market, Hypermarket, E commerce

Regional Analysis:

In terms of market share, North America holds a dominant position followed by Europe. Higher number of health conscious people and their changing lifestyles are the factors boosting the product demand. Availability of a variety of flavors and trend of consuming smaller and frequent meals due to hectic lifestyle are further expected to boost the regional market. Asia Pacific is the fastest-growing region with India contributing to a major share in the market. Rising disposable income levels and health concerns along with improving living standards are expected to support the market growth in this region.

Key Players Analysis:

Kellogg, Natural Balance Foods, Luna Bar, Concord Foods, Clif Bar, General Mills, Quaker, Fiber One, Nature Valley, KIND Snacks, Nakd foods, Frank Food Company, Halo Foods, The Fresh Olive Company, Degrees Food

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