Canada Food Bar Market Overview by Business Prospects and Forecast 2032
Food Bar Market Overview
Food Bar Market is projected to grow at a CAGR of 5.08%
and USD of 7.18 billion by 2032
The food bar market is growing at a rapid pace, mainly due
to the rising popularity of protein bars that are creating quite a buzz
recently. Undoubtedly, increasing consumers’ preference for convenience food is
a key driving force behind the growth of the food bar market. Owing to a
general perception of maintaining better health, people are increasingly opting
for natural and nigh nutrition products.
Canada's food bar market is witnessing steady growth, driven by the increasing demand for convenient and healthy snacking options. Food bars, including energy bars, protein bars, and meal replacement bars, are gaining popularity among health-conscious consumers looking for on-the-go snacks.
Besides, factors such as the increasing inclination towards an active lifestyle, growing health consciousness among people, and rising awareness escalate the market growth on furthered heights.
The general notion that people have, such as the food bars
can help in weight loss, effectively reducing the craving for food &
frequent snacking, drives the growth of the market substantially. Furthermore,
factors such as the availability of varieties of flavors and texture are
widening popularity of food bars and hence, its uptake worldwide. Leverage to
the heady lifestyle today, growing numbers of the working population
increasingly depend on food bars, substituting it with a proper meal or to get
a quick energy boost, which increases the market sales hugely.
Additionally, factors such as a growing health-centric
populace and improving economic conditions worldwide propel the growth of the
market. On the other hand, the availability of various counterfeited, low-cost
food bars in the market is acting as a significant headwind for the market
growth, taking genuine and quality products off the shelves. Nevertheless,
growth in the distribution channels would support the growth of the market
throughout the anticipated period.
Global Food Bar Market –Competitive Analysis
Highly competitive, the food bar market appears fragmented
due to the presence of several well-established players. To gain a larger
competitive share in the market, players incorporate strategic initiatives such
as partnerships, mergers & acquisitions, collaborations, expansion, and
technology launch. Owing to the availability of various similar products with
low product differentiation, manufacturers are increasingly focusing on
effective marketing communications to reduce the brand recall of their
products. High potential growth that the market demonstrates attracts several
new entrants, which intensifies the market competition further.
Major Players
Players leading the food
bar market key players include Clif Bar & Company. (US), General Mills
Inc. (US), Atkins Nutritionals, Inc. (US), Nestle (Switzerland), Kellogg Co.
(US), Quaker Oats Company (US), and CAVEMAN FOODS (US), among others.
Global Food Bar Market –Segments
The analysis has been segmented into four main dynamics.
By Type : Energy
Bars, Candy Bars, Protein Bars, Oats Bars, and others.
By Flavor: Chocolates, Peanut Butter, Fruits
&Veggies, Savoury, Spices, and others.
By Distribution Channel: Store Based and Non-Store
Based.
Industry/Innovation/Related News:
February 27, 2020 --- Bright Foods (the US), a leading food bar
company, announced its move into the refrigerated protein bar category. Best
known for its plant-based whole food bars is moving into new territory with the
launch of ‘clean protein’ bars. The company states that looking at the
substantial demand for products with cleaner labels and less sugar, it realized
that there is enough space available for the refrigerated bar segment to play
on the big trends. Bright Foods thanks to high pressure processing (HPP), which
keeps its whole food bars packed with veggies and fruits, fresh through
90-110-day.
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