A latest study of TMR (Transparency Market Research) on the nutrition bars market comprises global industry analysis, along with opportunity assessment for 2020-2030. The complete revenue generated from the global nutrition bars market is expected to stand at over US$ 1.2 Bn in 2020 that is estimated to expand at a CAGR of 4%, to cross US$ 1.8 Bn by 2030.
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The common perception that healthy food products comes at the cost of taste and flavor has been blurred out across the globe, as key players have improved their product portfolio to a point that taste is not a negative issue for nutrition bars. The improved quality of ingredients as well as the launch of novel processing technology have shaped the availability of nutrition bars in attractive compositions and flavors; some of them are only exclusive to bar offerings. This is anticipated to drive the global nutrition bars market during the forecast period. Moreover, some key manufacturers of confectionery products have transformed their product lines into functional products by launching high protein ingredient-based products to increase per unit servings of protein to entice newer customers while holding the older ones.
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In 2016, Mars Inc. introduced a high protein version of Mars and Snickers bars. In 2017, it has added a high-protein version of its Bounty bar to the range, targeting the nutrition bars market, and making a high protein claim such as the 51 g, 192 calorie bar contains 19 g of proteins.
Organic Functional Bar Offerings to Tap New Consumers
The organic functional bar offerings in Europe region are expected to expand customer base of that who strictly follow organic-based food and beverage diet. This also increases consumer loyalty. This can be attributed to the recent trend of major players investing heavily in procuring organic-based ingredients. Furthermore, the segment is portrayed as premium, which helps manufacturers fragment out their offerings and tap premium users, and gain a larger profit margin in the nutrition bars market.
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Nutrition Bars Market: Trends
Smart labeling to gain traction in confectionery market: Manufacturers use smart labeling on their products mentioning fortified or added functional ingredients/elements present in confectionery bars to conceal the presence of high calories or sugar levels. In order to eradicate the general perception about associated health risks regarding the consumption of confectionery, it is anticipated that manufacturers would work to add functional ingredients/elements into their final offerings to gain consumers, along increase their nutrition bars market share.
Increased number of offerings under wellness segment: Product pointing specific infirmities are likely to increase in terms of launch of novel products. Some key manufacturers have already started offering products under specific wellness segment, such as digestion enhancement, diabetes-friendly, and cognitive enhancement, among others. This trend is expected to take the main stage during the forecast period and gain strong traction over the rapid increasing functional food market, and also to gain strong brand equity.
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