The global functional bar market is estimated to grow at a CAGR of nearly 3.9% during the forecast period. Functional bars are convenient on-the-go snacks that contain a high proportion of proteins to carbohydrates/fats. It is a primary source of protein as well as other nutrients. Proteins offered by functional bars support increasing protein synthesis, muscle mass and keep fat off. Proteins perform many functions in the human body including cell and tissue repair, the formation of hormones and enzymes, maintaining fluid balance along providing energy. The source of isolated proteins in protein bars is soy, oats, meat, and nuts, among others.
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A growing number of health-conscious people across the globe include favoring the intake of several types of functional bars available on the market. Meal-replacement bars have better growth prospects. This is likely to drive the functional bars market during the forecast period, as more individuals are expected to eat functional bars regularly as a result of the appealing product offerings with added health advantages. Some major confectionery companies have made their foods useful by adding high protein ingredients to enhance per-unit protein servings to attract new customers while keeping old ones.
For instance, in October 2019, BellRing Brands Inc., which owns brands such Premier Protein, Dymatize, and PowerBar, was acquired by Post Holdings. The symbol BRBR is used to trade the brand on the New York Stock Exchange. Further, KIND Healthy Snacks (KIND) introduced KIND Energy in 2020, which gives long-lasting energy from whole grains. The initial element in the product line, oats, provides complex carbohydrates, which are the preferred nutrient for long-term energy.
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Market Coverage
- Segment Covered-
o By Product
o By Application
- Competitive Landscape: Mars Inc., General Mills Inc., Mediterra Inc., The Nature’s Bounty Co., Naturell India Pvt.Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Functional Bar Market Segmentation
By Product
- Energy Bars
- Protein-rich Bars
- Meal Replacement Bars
- Low Carbohydrate Bars
- Others
By Application
- Supermarkets
- Independent Retailers
- Specialty Stores
- Online Stores
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