The US snack bar market, defined as Product Type (Cereal Bars, Energy Bars and Other Snack Bars), Ingredient Type, and Geography - Growth, Trends and Forecasts (2018 - 2023) was valued at USD 6,829.38 million in 2017, and is expected to reach USD 8,804.49 million by 2023, registering a CAGR of 4.40%, during the forecast period (2018 - 2023), according to Research and Markets.
Consumer demand for convenient and health on-the-go snack options has by-far been the primary attribute for sales of snack bars in the US.
The changing lifestyle of consumers involving the consumption of smaller meals is further leading to the increased consumption of snacks, which is expected to propel the demand for snack bars. Owing to the availability of a wide range of flavors within various snack bar categories, the demand in the US for snack bars grew considerably.
US Snack bar Market Dynamics
The US snack bar consumption has witnessed a spurring increase in demand among consumers, due to appropriate positioning of these products. Currently, the market has snack bar products for every occasion, ranging from energy bar for workout, to fruit or nut bars for fulfilling fruity taste at any point of time.
Consumer preference for clean label ingredients is evidently high. Snack bar has various opportunities within functional ingredients, reduced sugar, savory spins, and plant proteins, which is a fueling factor for the growth of US snack bar market.
US Snack bar Market Segmentation
The US snack bar market is segmented on the basis of product type, ingredient type and geography. In the product type category, the market is led by cereal bars segment, followed by energy bars.
The US snack bar market has granola/muesli bars as the leading category of snack bars, in terms of market revenue share in 2017.
US Snack bar Market Analysis
The snack bar market in the United States is consolidated, with the presence of major companies having various potential brands of snack bars in their product portfolio.
The market was led by General Mills, followed closely by Kellogg's.
Key Developments in US Snack bar Market
February 2017 - Special K brand added new chewy Caramel Almond Sea Salt and rich Chocolate Coconut Cashew flavors to its previous Nourish Snack Bar flavors of Cranberry Almond and Chocolate Almond.
Competitive Landscape of US Snack bar Market
Some of the players have positioned and marketed specific bars with particular ingredients/health benefits targeting specific gender. This strategy of launching target oriented products gives the feeling of personalization to consumers, as it has been specifically created for their needs rather than basic satiety
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