INFOGRAPHIC
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FORGET THE PILLS; UNWRAP THE BARS
Transparency Market Research (TMR) noted protein bars as the leaders in nutrition bars over half the share. Function-wise, the sports and fitness segment takes up the majority share of bar sales at around 55%. And double-layer bars make up close to half of the overall market. TMR also found that the rapidly growing functional food market has led to expansive growth in the number of bars marketed for wellness.1
In April, Technavio Research also noted that one of the major drivers fueling the growth of the protein bar market is the rising demand for sports nutrition, and that this demand offers “immense growth opportunities.” However, the researchers caution that “easy availability of substitutes will hamper the market growth.”2
TRENDPATH: PROTEIN IN THE LEAD
STATS:
According to Vantage Market Research, the global protein bar market hit US$4.3 billion in 2021 and is projected to reach US$6.0 billion by 2028, at a CAGR of 5.8%. The firm forecasts that plant-based protein bar sales will account for more than 30% of the total by 2028. The increase “due to the prevalence of sedentary and busy lifestyles” and “the rising desire for convenience foods has resulted in a huge increase in the popularity of nutrition bars.”3
BREAKFAST TIME IS THE RIGHT TIME
Innova Database of new products, new product introductions of snack cereal and energy bars grew more than 6% while cold cereal launches expanded by only just over 2% during the first 11 months of 2022 compared to 2021. Hot cereal launches declined by around 10% during the same period.4
INGREDIENTS
In addition to protein, multiple sources indicate that probiotics and fiber as well as bioactive nutraceuticals—such as botanicals and medicinal mushrooms—are trending in new nutrition bar launches.
FAST FACT
Demand for nutrition bars via online purchase is rising even as bar demand from the retail sector takes a hit —Transparency Market Research April, 2023