The global cereal bars market size is expected to reach USD 17.66 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 6.1% during the forecast period. Cereal bars are widely being consumed in developed economies. The growth in granola and nutrition bar product segment is expected to further drive the market. Rising awareness about the consumption of cereal bar is also likely to fuel the growth.
Growing emphasis on quality products in developed economies such as Europe and North America owing to the rising purchasing power of the consumers is expected to drive the market over the forecast period. Rising competition among manufacturers and an emphasis on product differentiation and innovation has led to the development of differently priced cereal bar products.
The need for the product to comply with stringent guidelines and the ability to meet the necessary rating criteria, in terms of regulations, depending upon the product is likely to pose a challenge to market growth over the next seven years. In addition, there is a rising pressure from consumers in terms of the quality cereal bars, which has led to a rise in product cost. The cost is mainly affected by the raw materials in use and the manufacturer has to bear the additional raw material prices.
Snacks bars segment led the cereal bars market and constituted more than half of the total market share in 2018. Some of the leading players in the market include General Mills, Inc.; Nestle S.A.; Atkins Nutritionals; Cliff Bar & Company; Kind LLC; Hain Celestial Group; and the Kellogg Company.
Cereal bars is a lucrative market on account of growing spending capacity of consumers. They are generally consumed between regular meals in smaller portions as compared to regular meals. Various popular product options include dried fruit snacks and granola bars.
Hypermarkets and supermarkets distribution channel type occupies a dominant market share owing to the fact that the consumers in this sector are more likely to be more selective pertaining to existence of several brands and about the products in various forms, quantity, quality, and cost.
Asia Pacific is one of the most noticeable markets and is expected to witness the fastest growth over the forecast period. Increasing household income and economic growth are some of the major drivers triggering the regional growth.
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Further key findings from the report suggest:
Snack bars product segment is projected to register a CAGR of 5.6% from 2019 to 2025
In terms of revenue, energy and nutrition product segment is anticipated to register the fastest growth in the forthcoming years
Hypermarket and supermarket led the global cereal bars market with a share of over 45.49% in 2018
Central and South America is a natural resource-rich region marked by the presence of expanding consumer base and low-cost labor markets. Rising middle-class income fueled healthy cereals bars to be reasonably priced for consumers is likely to fuel the regional growth
Natural and healthy cereal bars is anticipated to have a decent upsurge in demand over the forecast period, on account of the increasing demand for the product as breakfast cereal bars, most particularly among individuals of all age groups in countries such as U.S., India, China, Germany, and Japan
Some of the key companies present in the market are General Mills, Inc.; Nestle S.A.; Atkins Nutritionals; Cliff Bar & Company Hain Celestial Group; and The Kellogg Company. The market is extremely competitive with companies partaking in various initiatives including acquisitions, frequent mergers, strategic alliances, and capital expansion
Grand View Research has segmented the global cereal bar market report on the basis of product, distribution channel, and region:
Cereal Bar Product Outlook (Revenue, USD Million, 2014 - 2025)
Energy & Nutrition Bar
Cereal Bar Distribution Channel Outlook (Revenue, USD Million, 2014 - 2025)
Hypermarkets & Supermarkets
Food Specialty Stores
Cereal Bar Regional Outlook (Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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