Preferred for their high calorie content and nutritional value, snack bars are a popular choice for munching. They are a well-liked option for hiking excursions, packed lunches, and other outdoor activities since they are lightweight and practical. Usually, to make these bars, components like corn syrup or honey are combined and then formed into a bar shape for convenience of carrying. There are many different flavors available for plant-based snack bars; popular flavors include beet, spirulina, orange, peanut butter, brownie, and red berries. These adaptable goods are frequently made with cereals, fruits, and nuts as ingredients. They are the perfect meal format for providing consumers with dietary fiber, bioactive components, and important nutrients, encouraging them to choose healthy snacks.
North America Snacks Bar Market Driving Factors and Challenges
Driving Factors- The market for snack bars is expanding due to consumer awareness of the advantages that snack bars provide as well as the growing demand for high-protein foods. Other important factors driving the market's expansion are evolving lifestyles, the influence of Western culture, rising demand for value-added goods, and developing nations' growing inclination for nutritious snacks. The world population's ongoing growth also contributes to the market increase for snack bars. The market for snack bars will expand as a result of improvements to distribution networks, manufacturers' strong emphasis on product innovation, the availability of foods that strengthen immunity, rising awareness of healthy lifestyles, and changing consumer preferences and tastes.
Challenges- The market expansion of snack bars is impeded by strict government rules about the quality and labeling of these goods. Market expansion may face serious obstacles in complying with these restrictions. Furthermore, the high expenses of snack bar marketing may restrict the restaurants' potential for expansion. Moreover, the market expansion for snack bars may be hampered by the growing acceptance of healthier substitutes. Protein smoothies, powders, and other enhanced-protein beverages are just a few of the many substitute items that are overflowing the market. The market also has a variety of other products, such as snack bars with an emphasis on nutrition and multivitamin bars, which could hinder the growth of the protein bar industry.
Impact of COVID-19 on North America Snacks Bar Market
COVID-19's effect during The first lockdowns had a severe negative effect on sales since businesses and schools had to close, which reduced consumer demand for easy-to-carry snacks. Granola and breakfast bars, two lunchbox mainstays, took a particular hit. However, as more people stayed at home, there was an increase in overall snacking to offset this decline. Due to this change in consumer behavior, snack bars offering health-conscious selections saw an increase in online sales.
North America Snacks Bar Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Clif Bar & Company, General Mills Inc., Kellogg Company, Mars Incorporated, Mondelēz International Inc., Nature's Path Foods, PepsiCo Inc., Post Consumer Brands, The Hershey Company, The J.M. Smucker Company, and Others.
North America Snacks Bar Market Segmentation:
By Type: Based on the Type, North America Snacks Bar Market is segmented as; Organic, Flavoured.
By Confectionery Variant: Based on the Confectionery Variant, North America Snacks Bar Market is segmented as; Cereal Bar, Fruit and Nut Bar, Protein Bar.
By Distribution Channel: Based on the Distribution Channel, North America Snacks Bar Market is segmented as; Convenience Store, Online Retail Store, Supermarket/Hypermarket.
By Region: This research also includes data for Canada, Mexico United States, Cuba, Panama, Greenland, Rest of North America
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.