Market Research Future MRFR expects the Fortified Energy Bar Market is projected to grow at a CAGR of over 5.6% till 2027,
The outbreak of covid 19 is affecting industries from both economic and health ends. There are plenty of factors that create challenges for businesses. There are low production and supply chain disruptions that affect growth. Since 2020 the covid outbreak is causing losses in the market. Further, the key manufacturing countries such as China and Japan are hard hit by this pandemic. However, since 2022 industries are resuming their production and supply.
The fortified energy bars market is facing a few challenges in this period. However, the North American market is facing growth in recent years. The production of the market is rising. Further, from 2022, various international sports programs are resuming. It’s expected to raise the demand for fortified energy bars. An increase in production and supply rate will create more opportunities for the market. All these factors will create a positive Fortified Energy Bar Market Outlook.
Surging knowledge about different nutrients like fat, proteins, and carbohydrates among people has been favorable for the global industry. However, the biggest reason for the strong demand for fortified energy bars has been the stunning growth of the sports nutrition industry. More and more people indulging in sports, physical activities or just focusing on weight management, has raised the demand for these bars. Apart from this, the heightened preference for organic energy bars among people across developed and developing countries is identified as a notable market trend, which players can leverage to improve their profit margins.
The strongest firms in the global market for fortified energy bars include Clif Bar & Company. (U.S.), Kellogg Co. (U.S.), Nestle (Switzerland), Atkins Nutritionals, Inc. (U.S.), CAVEMAN FOODS (U.S.), General Mills Inc. (U.S.), Quaker Oats Company (U.S.), and more.
Apart from product launches and innovations, these players are also focused on forging partnerships and carrying out acquisitions of smaller vendors to create higher brand awareness.
The fortified Energy bar market Size has been segregated with respect to ingredients, certifications, nutrients, and distribution channels.
The types of ingredients include carbohydrates, fat, proteins, and others.
Certification-based segments are 100% certified as well as 95% certified.
The nutrients are fat, proteins, carbohydrate, and more.
Various distribution channels are store-based and non-store-based. Store-based ones are convenience stores, specialist retailers, hyper & supermarkets, and others. Non-store-based channels are expected to secure the top spot in the market. Some of the major benefits of non-store-based or online distribution channels are that these provide the manufacturers with the option of breaking the physical barrier and in turn, widening their customer base. Moreover, these channels help cut down the expenses generally associated with constructing a shop, while enhancing the profit margin for the manufacturers.
Europe, Asia Pacific/APAC, North America, as well as RoW/rest of the world are the primary markets for fortified energy bars.
While North America is the leading market for fortified energy bars, Europe comes in a close second. The market size in North America is expanding rapidly thanks to the surging focus of the players on product innovations. The highest contributor to the market growth in the region is the United States, where most the consumers prefer functional food products. Escalating demand for nut flavor and fusion flavours has led to a higher preference for ethnic flavoring in the region. Moreover, the addition of exotic and caramel flavors to the existing ranges of fortified energy bars by regional manufacturers for drawing in more consumers will further push the market demand in the ensuing period.
The Asia Pacific will continue to exhibit the fastest growth pattern throughout the assessment period, with the highest contribution from India and China. The booming population coupled with the surging disposable income along with the surge in health consciousness among people are fostering the sales of fortified energy bars. Sports nutrition companies are increasingly shifting their manufacturing bases and R&D activities to Asia, as the region is a prime destination due to the availability of cheap labor. It is anticipated that the rising focus and increase in the number of exhaustive R&D activities by renowned companies will bolster the market growth in the region.
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NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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