The Nutritional Bars Market size is expected to reach US$ 9,838.38 million by 2028; registering at a CAGR of 5.6% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Product Development and Launches by Manufacturers Favor Nutritional Bars Market Growth
According to our latest study on “Nutritional Bars Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Category, and Distribution Channel,’’ the market is expected to grow from US$ 7,100.96 million in 2022 to US$ 9,838.38 million by 2028; it is estimated to grow at a CAGR of 5.6% from 2022 to 2028.
The market for nutritional bars is experiencing a surge in demand due to various factors, such as increasing awareness of their functional benefits, including immune support and stress relief, as well as the rising preference for healthy snacking among millennials. Additionally, manufacturers are launching new products, which is further contributing to this growth. Moreover, the increasing preference for ready-to-eat (RTE) meals and packed food items is also driving the demand for nutritional bars. The nutritional bars market is segmented based on type into protein bars, high-fiber bars, and others. In 2021, the protein bars segment held the largest market share, while the high-fiber bars segment is expected to register the highest CAGR from 2022 to 2028. The growth in the protein bars segment is due to the increasing trend towards fitness and protein diets and the demand for convenient on-the-go breakfast meal items.
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The nutritional bar industry has seen a shift towards consumers being more concerned about their diet and the nutritional value of the products they consume. As a result, manufacturers are focusing on strategic development initiatives to stay competitive by offering innovative products to customers. For instance, in 2021, LUNA, a brand by Clif Bar & Company, launched a new line of bars containing prebiotics, which promote digestive health. Similarly, Nature Valley launched Protein Crunch bars in the same year with a creamy and crunchy texture, and 10 grams of protein to curb between-meal cravings. In 2022, Kellogg's Special K introduced Protein Snack Bars in two flavors with 6 grams of protein per bar, which is ideal for on-the-go snacking.
These product launches attract consumers to choose from a wide range of nutritional bars, thereby propelling the growth of the nutritional bars market. Several key players, including Simply Good Foods Co, Clif Bar & Co, General Mills Inc, The Kellogg Co, Rise Bar Inc, The Quaker Oats Co, Perfect Bar LLC, Mars Inc, Kind LLC, and Premier Nutrition Co LLC, are operating in the global nutritional bars market. These companies have a diverse geographical presence and offer an extensive product range to cater to different trends emerging in the nutritional bars market.
The COVID-19 pandemic has had a significant impact on the nutritional bars market. Before the pandemic, the market was experiencing growth due to the increasing demand for snacking options with high nutritional content that supported digestive and immune health. However, after the onset of the pandemic in 2020, the industry faced various challenges, including supply chain constraints, raw material shortages, and increased prices.
During the pandemic, several countries imposed nationwide lockdowns, trade bans, and travel restrictions, which created significant supply chain disruptions. These disruptions caused a shortage of raw materials, hindering the production and distribution of various products, including nutritional bars. However, in 2021, as governments around the world began to lift restrictions, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap and other repercussions.
Furthermore, the COVID-19 pandemic has had a long-term favorable impact on the nutritional bars market. Consumers have become more conscious of their health and the importance of a well-balanced diet. As a result, the demand for nutritional bars has remained high as they provide a convenient way to maintain the overall nutritional requirement of the human body.
According to the report, the nutritional bars market is segmented based on type, category, distribution channel, and geography.
The type segment is further divided into protein bars, high-fiber bars, and others. The protein bars segment held the largest market share in 2021, driven by the increasing inclination towards fitness and protein diet and the growing demand for on-the-go breakfast meal items. The high-fiber bars segment is projected to register the highest CAGR from 2022 to 2028.
The category segment is bifurcated into conventional and gluten-free. Conventional bars held the largest market share in 2021, while the gluten-free segment is expected to grow at the highest CAGR during the forecast period.
The distribution channel segment is divided into supermarkets and hypermarkets, convenience stores, online retail, and others. Supermarkets and hypermarkets held the largest market share in 2021, driven by the increasing availability and visibility of nutritional bars in these stores. Online retail is expected to register the highest CAGR during the forecast period, owing to the growing popularity of e-commerce platforms and the increasing preference for online shopping.
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Geographically, the nutritional bars market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America held the largest market share in 2021, followed by Europe and APAC. The MEA and South & Central America are expected to grow at the highest CAGR during the forecast period.