Global cereal bar market has been witnessing strong growth over the past few years on account of increasing demand for convenient and healthy foods. Increasing health consciousness amongst population is expected to augment the global cereal bar market over the forecast period. In addition, rising disposable income, changing lifestyles and growth of middle class population in emerging economies such as India, China and Brazil is anticipated to complement the market growth over the next seven years. These bars are inexpensive source of nutrition which has resulted in the replacement of other traditional foods and is expected to be the key driving factor for the market growth. Rising demand for ready-to-eat (RTE) food is expected to be a major factor to influencing cereal bar market growth in near future. Hectic lifestyle of working middle class population has resulted in increased consumption of cereal bars as snacks between meals owing to high nutritional value. This trend is expected to increase popularity across all the age groups which in turn will boost demand over the next seven years. However, ample availability of substitute nutritional foods is expected to hinder the market growth over the forecast period.
Cereal bar market can be segmented into snack bars, energy nutrition bars and other bars. Increasing consumer preference towards snack bars and energy nutrition bars in place of breakfast cereals owing to hectic schedules and rising health awareness is expected to provide impetus for market growth. These bars consist of oats, sugar, dry fruits, flour, honey, wheat, corn, puffed rice and nuts wherein hydrogenated oils and fats are excluded. This is expected to be a major driving factor for the market over the forecast period. Cereal bars are available in many flavors including peanut butter, caramel, strawberry, chocolate, honey and banana.
North America was the largest regional market for cereal bars in 2013. Within North America, U.S. held the major market share owing to highest consumption. Asia Pacific has been witnessing strong growth over the past few years on account of increasing household income. India and China are two leading markets in Asia Pacific, responsible for triggering the market growth in this region. Rising living standards of middle class population is expected to result in increasing cereal bar consumption thus resulting in market growth over the forecast period.
Key players of cereal bar market including Kellogg, General Mills and PepsiCo are involved in new product launches according to the taste preference of various age groups to gain competitive advantage over others. This is expected to increase market competitiveness over the forecast period. Other players in the market include Nestlé SA, Quaker Oats Company, Atkins Nutritionals Inc and McKee Foods.
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