(Food-Beverage-News.Com, November 13, 2018 ) Cereal and granola bar accounts for the most significant share of the market, which is expected to register a healthy CAGR during the forecast period. Rising health & wellness population, growing demand for meal replacement and product premiumization and rapidly expanding online retail channel are various factors fueled the snack bar market growth. Chinese have a hunger for western baked goods, such as pastries and biscuits, which affected the snack bar market.
Nestlé S.A., Pepsico, Inc., Vv Group, Weetabix Limited, Calbee Inc., Kunming Dali Bar Food Co. Ltd., The kellogg company, General Mills, Inc., Rapunzel Naturkost, Perkier foods Ltd
Hunger for Foreign Nutritional Bar
Energy bar sale in China is growing at a faster rate during the forecast period. Energy bar includes sports nutrition bars and snack bars designated to meet both daily and sports nutrition needs. Increased health & wellness trend among young Chinese population is the primary driver accelerating the market growth. Consumer preference for international brand product owing to its high quality and premium positioning on shelves are attracting sales. Consumers continuously refer to US, EU and Australian brand as superior quality. Increased purchasing power in China has further fueled the demand for protein-rich and premium snack products. Consumers are likely to spend more on healthy snack products driven by the changing lifestyle and dietary intake. Consumers are increasingly becoming health conscious when it comes to bite in between meals. Featuring healthy benefit with convenience and nutritional component while on-the-go snacking fueled the nutrition bar market. Large value packs of granola and muesli bars have increasingly become popular among consumers adding convenience and bulk price. Nuts, seeds, and yogurt are the common ingredients in the granola bars while rice bar and soy bar targeting local consumer taste have gained popularity.
Online Retail Channel Driving Urban Population
Chinese have a growing interest in online shopping that provides exciting offers and brands to match changes in their lifestyle. There is a strong appeal for imported goods in China that are widely available in online channels eliminating the need for physical stores. Growing new internet user population in tier-II & tier-III cities offers a promising growth in the rural areas. Convenience, ease of searching, billing, wide selection of products and discounts and promotion fueled the snack bar online sale. Online retail grew faster at a rate of 11.8% during 2012-2017 driven by increased smartphone and internet user penetration.
Supermarket/hypermarket holds a significant share in the distribution channel. Expanding retail chain in the country offer a potential growth opportunity to the market. Convenience Stores is the second largest retail channel in China, which is growing at a faster pace offering a growth opportunity to nutritional bar sale.
Key Developments
May 2017 - Japanese snack company, Calbee launched granola bar, Frugra on Tmall global, aiming the breakfast market in China. The company plans to partner with e-commerce giant Alibaba to tap the growing online sales in the country The China Snack Bar market is competitive with a large number of International players occupying a major share of the market. Foreign brands comprise innovative products in various flavors and varieties compared to domestic brands. Focus on product innovation incorporating traditional functional ingredients such as acai berries; chia seeds are the key strategy adopted by players to maximize sales.
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