Cereal Bar Market size is $12.3 Billion in 2019, growing at a CAGR of 8.7% during the forecast period 2020-2025. Cereals bars are made using whole grains without added sugar are proven to be healthy and nutritive containing nutritional sources like dietary protein, iron, vitamin B complex, vitamin E, carbohydrates and others. It offers numerous health benefits to doting mothers and are easy to prepare, thus, they are witnessing augmented demand from consumers worldwide. The bars are often fortified with essential vitamins and minerals such as folic acid, calcium and zinc, which can help the geriatric population. Fiber is also found in the protein energy bars, which can help avoid constipation, a common side effect of pregnancy, and helps to keep energy levels up and prevent fatigue. Ready-to-eat nutritious products, such as protein bars, energy bars are highly appreciated for their convenience. Growing consumer options for energy nutrition bars and snack bars instead of mealtime cereals, busy schedules and increasing health awareness are set to contribute significantly to market growth during the forecast period 2020-2025.
Cereal Bar Market Segment Analysis - By Type
In 2019, Energy Cereal Bar segment dominated the Cereal Bar Market in terms of revenue is estimated to is also set to grow at fastest CAGR of 9.4% owing towards the ability to fulfill various dietary requirements, product intake is growing, such as low salt content, low cholesterol levels and low or no sugar content. It is commonly used by customers as energy cereal bars have tremendous nutritional values such as fiber and proteins. There is a growing popularity and demand for cereal bars, particularly among sports people, as these bars help suppress appetite and maintain weight, which is very important for athletes. Energy Cereal Bar supports consumers with their weight management by offering consumers items that assist with fat burning aids, extra nutrition, and calorie control. These goods cater to customers who are health-conscious and those who are trying to meet certain health goal abetting towards the growth of the market.
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Cereal Bar Market Segment Analysis - Geography
In 2019, the North America region dominated Cereal Bar Market in terms of revenue with a market share of 40% owing towards rising public & private funding for R&D in this region. Increasing awareness of the nutritional value of cereal bars among individuals and increasing preference as a substitute for breakfast are key factors expected to boost the region's market growth. The growth of the cereal bar market is also expected to be driven by the increasing popularity of gluten-free and vegan food products coupled with a growing vegan population. Government has taken initiatives to promote technological advancements and initiatives to escalate the development process are key factors in the growth of the Cereal Bar market. Asia Pacific is expected to record the fastest growth rate during the forecast period 2020-2025.
Cereal Bar Market Drivers
The Growing Popularity Of On-The-Go Grab Breakfasts
The increasing adoption of cereal bar not only for breakfast, but often for lunch, and also with afternoon tea has resulted to an increase in the product demand. Several tailor-made products are sold by cereal bar-producing company, which are not only nutritious and good for health, but also appetizing, making the cereal bars a snack for eating at all times and conditions. Bar producers are adding variations to increase market share by offering nuts, dried meats, rice, and other vitamins, and protein-rich ingredients in bars. This also results in increased sales of cereal bars in convenience stores as "snacks on the go" The conversion of cereal bars for a snack to eat at any time of the day pushes development to a much broader potential market, serving not only as a substitute for breakfast products but also for any snack between meals are driving the markets growth.
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Cereal Bar Market Challenges
Market Availability Of Substitute Snacking Items
Alternative bar availability may also limit the cereal bar market and people are not properly aware of the advantages of cereal bar and still eat traditional snack items such as biscuits, chips, among others that hinder development. The increase in the cost of raw materials that are used to make snack bars, including nuts, chocolate, and other raw materials also hamper the growth. Regulatory concerns regarding usage of Cereal Bar and growing stringent government policy and regulation is restraining growth of the market.
Cereal Bar Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in the Cereal Bar Industry. Cereal Bar top 10 companies include Atkins Nutritional, Cliff Bar Company, General Mills, Inc., Kind LLC, Mars, Incorporated, McKee Foods, Naturell, Nestl S.A., Quaker Oats and The Kellogg Company.
In September 2019, Mars, Inc. acquired a large majority stake in food spring, the Berlin-based direct-to-consumer targeted nutrition business that provides products for customers with needs for sports results, healthy living and shape, as well as a leading forum for nutrition and fitness.
In July 2019, General Mills Inc. launched Nature Valley Wafer Bars, which are made with whole grain, layers of peanut butter and topped with granola.
Increasing influence of westernization on food habits of the middle-class population is also contributing significantly towards the demand for cereal bar in various countries, accelerating the Cereal Bar demand over the forecast years 2020-2025.
Increasing health consciousness and growing awareness about diseases caused due to protein deficiency is likely to be the major driving factor for the market’s growth.
Asia-Pacific region is projected to record the fastest growth rate during the forecast period 2020-2025.
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