The new report by Expert Market Research titled, ‘Global Cereal Bars Market Price, Share, Size, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global cereal bars market, assessing the market based on its segments like product, distribution channel, and regional market among others.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 12.98 billion
- Forecast CAGR (2023-2028): 4%
Over the forecast period, the increasing purchasing power parity is expected to drive snack demand. In countries such as China, the United States, and India, high demand for healthy cereal bar products is expected to boost growth.
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Granola bars help to strengthen bones, improve skin quality, and control diabetes while lowering blood pressure, so the industry is expected to grow. In Europe, the cereal bar market is growing due to the growing snacking trend among younger consumers. Due to busy lifestyles and shifting dietary patterns, there is an increase in demand for healthy and ready-to-eat (RTE) food products like cereal bars that help people maintain a balanced diet.
Furthermore, the increasing participation of individuals in physical activities is aiding market expansion. Additionally, as people become more health-conscious, demand for natural ingredients such as coconuts, peas, almonds, and velvety cocoa butter, as well as sunflower and chia seeds, is increasing. Gluten-free, sugar-free, and non-genetically modified (non-GMO) varieties with no additives or preservatives are also available from the major companies.
Cereal Bars Industry Definition and Major Segments
Cereal bars are fortified with vitamins, minerals, and other critical nutrients and are made with corn starch, biscuits, oats, rice, milk, and edible adhesives. Iron, carbohydrates, fibre, proteins, antioxidants, phosphorus, and potassium are all abundant in these bars. They can help you gain energy, lose weight, gain muscle mass, improve digestion, and strengthen your bones. They can also aid with diabetes management, blood sugar control, and blood pressure control, as well as reducing appetite and providing extra energy during endurance sports.
There is a rise in demand for nutritious and ready-to-eat (RTE) food products like cereal bars that help consumers maintain a balanced diet due to busy lives and altering dietary habits. Additionally, the growing popularity of physical activities is helping to expand the market.
Furthermore, as people become more health-conscious, demand for natural ingredients like coconuts, peas, almonds, and silky cocoa butter, as well as sunflower and chia seeds, is growing. The main brands also provide gluten-free, sugar-free, and non-genetically modified (non-GMO) versions with no chemicals or preservatives.
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On the basis of Product, cereal bars market is segmented into:
- Granola/Muesli Bars
- Other Bars
Based on the Distribution Channel, cereal bars market is divided into:
- Convenience Stores
- Speciality Stores
- Online Stores
- Other Distribution Channels
The major regional markets of cereal bars market are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Cereal Bars Market Trends
During the forecast period, establishing connected warehouses at crucial areas to transport goods in a timely manner is expected to be a key driving force in the cereal bars industry. Due to a change in consumer eating behaviours such as snacking in between meals and consuming snacks instead of complete meals, North America had a high demand share in the cereal bars market in 2020.
Individuals’ intake of healthy food products, such as cereal bars, has grown as a result of the COVID-19 epidemic. Market participants, on the other hand, are unable to fulfil rising demand due to government-imposed restrictions and broken supply chains in numerous nations. Once the lockdown limitations are lifted, the market is expected to rebound.
Key Market Players
The major players in the market are PepsiCo, Inc. (NASDAQ: PEP), Kellogg Co., General Mills, Clif Bar & Company, Freedom Nutritional Products Limited (Arrovest Pty. Ltd.), Yoga Bar, Kind LLC, NuGo Nutrition, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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