Energy bars are considered to be as supplemented bars which contain high quality cereal, dry fruits and other fruits. It targets people who need quick energy such as athletes in marathon, triathlon and others. Fortified foods are the products in which minerals and vitamins are added as they were no originally on the food. Fortified energy bar provides various types nutrients including protein, fat, carbohydrates, and others. Due to increasing health consciousness in people in both developed and developing economies, the demand for organic energy bars is increasing.
With the growing consumer awareness & their increasing interest in healthy energy bar, the demand for fortified energy bar will drive the market growth from 2017 to 2023. Also, with the growth of food advancement in food technology and packaging technology, combined with the innovation and introduction of new attractive packaging has also boosted the sales of fortified energy bar. The global fortified energy bar market is anticipated to be driven by the increasing awareness of nutrients such as proteins, fat, carbohydrates and others. Also, sports nutrition industry is expected to play a significant role in the growth of fortified energy bar market during the forecast period. Due to busy lifestyles, consumers are looking for convenient food products which fulfil the nutrient requirement of the body. This will, in turn, escalate the sales of fortified energy bar in the upcoming decade, and will play a key role to grow fortified energy bar market at CAGR of 5.6 % during the forecast period.
The major key players in Fortified Energy Bar Market are
Clif Bar & Company (U.S.) General Mills, Inc. (U.S.) Kellogg Company (U.S.) Atkins Nutritionals, Inc. (U.S.) Quest Nutrition, LLC (U.S.) McKee Foods Corporation (U.S.) and Quaker Oats Company (U.S.) The demand for fortified energy bar has pushed manufacturers to innovate and develop new product line which are better in taste and offers various health benefits.
Downstream Market Analysis:
Globalization and urbanization are major driving force for this market, furthermore popularity of healthy and nutrient-rich energy bar are also encouraging the growth of the market. Requirement of nutrients in food by athletes, is expected to play a significant role in the growth of fortified energy bar market during the forecast period. Additionally, the advancement in product development coupled with the technological advancements is considered to be one of the significant reasons for the increasing growth of fortified energy bar market during the review period of 2017-2023. Additionally, mineral-rich varieties are also expected to gain popularity due to mineral deficiency in the contemporary population owing to unhealthy and hectic lifestyles which result in daily unmet mineral needs.
Global fortified energy bar Market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Among these, North America is estimated to retain its dominance throughout the forecast period of 2017-2023 followed by Europe. This is attributed to the increasing awareness of the healthy food habits and increasing disposable income of consumers. Also, new flavors and various innovative products are introduced by key players in the North American region which is playing a major role to upsurge the sales of fortified energy bar in the recent time. However, Asia Pacific region is estimated to witness a maximum growth in the global fortified energy bar market during the forecast period of 2017-2023.
