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The US energy bar market size is projected to increase by USD 879.59 million, at a CAGR of 4.6% between 2023 and 2028
Organized retail, including supermarkets, hypermarkets, convenience stores, and discount stores, drives the offline growth rate of the market. Consumers benefit from diverse product offerings and discounts, favoring supermarkets and hypermarkets due to their one-stop-shop convenience. Increasingly, consumer consumption shifts from neighborhood convenience stores to larger markets, spurred by rising disposable incomes and urbanization. Enhanced marketing efforts and innovative displays further boost brand awareness and appeal. These trends forecast continued growth in the offline segment of the market during the forecast period.
The market shows an Accelerated CAGR during the forecast period.
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Increasing demand for sports nutrition is the key factor driving market growth. The sports nutrition industry in the US is expanding rapidly due to an increasing consumer base, which includes professional athletes and fitness enthusiasts. A balanced diet that includes carbohydrates, dietary protein, dietary fat, vitamins, and minerals meets the basic energy needs of athletes. Further, these bar patrons who participate in active lifestyle cultures are classified as lifestyle users, while those who invest in technology-based solutions such as apps, trackers, and wearables are classified as mobile users.
Additionally, the sales growth of sports energy bars is primarily attributed to the contributing factor that athletes seek multifunctional and better-tasting food supplements. Besides, an increasing number of children are participating in athletic and sports activities, which is contributing to the growth of the marke. Therefore, the increasing demand for sports nutrition is anticipated to drive the demand for these bars, which, in turn, will drive the growth of the market during the forecast period.
Increasing sales of energy bars through online retailing is one of the key market trends shaping growth. The online grocery (including energy bars) industry in US is growing mainly driven by factors such as increasing urban consumers, a growing millennial population, and rising disposable income. Moreover, the online sales have made a significant contribution to the growth of the market. Individuals with busy lifestyles who value the ease of shopping from home appreciate the convenience and accessibility of purchasing energy bars from online platforms.
Additionally, energy bars, a type of packaged nutritional food, are increasingly popular online, with purchases coming from both pure-play online retailers and traditional food retailer websites. Nowadays, fitness enthusiasts prefer convenient options when purchasing nutritious foods. Further, online grocery retailers such as Walmart Inc., Tesco Plc, and Honestbee Pte. Ltd. are engaged in selling energy bars to regional consumers. Market players are also providing their own online platform for reaching their end-consumers. Thus, such factors may drive market growth during the forecast period.
The easy availability of substitutes for energy bars is a challenge that affects market growth. Substitutes for energy bars include trail mix, nut and seed mixtures, and smoothies. These bars are intended to give users a quick energy boost. Physical and outdoor activities are increasingly popular among youth. They seek functional and convenient foods, particularly snack bars while traveling or participating in outdoor activities, physical activities, and sports.
Additionally, depending on individual dietary preferences, nutritional needs, and desired convenience, a variety of food items can be used as energy bar substitutes. Therefore, the availability of substitutes like those specified above is expected to hamper the potential growth of the market during the forecast period.
A conventional energy bar is a product made using traditional farming and food processing techniques, which may include the use of synthetic pesticides, herbicides, fertilizers, and other conventional agricultural practices. Additionally, consumers looking for quick and convenient sources of energy frequently choose traditional energy bars, which are more widely available in mainstream retail outlets. Furthermore, existing and emerging players rely on suppliers to provide traditional products for a growing consumer base. Major market players in the conventional energy bar segment include Abbott Laboratories, Mondelez International Inc., General Mills Inc., and Kellogg Co. The increasing demand for convenient and healthy energy-boosting food options will drive the sales of conventional energy bars, thereby driving the growth of the market during the forecast period.
The offline segment will be significant during the forecast period. Supermarkets, hypermarkets, convenience stores, discount stores, and cash and carry stores all fall under the offline category. Supermarkets and hypermarkets are popular distribution channels for the market. The widespread use of organized retail is driving up sales of energy bars in the US. Consumers prefer supermarkets and hypermarkets because they offer products from all categories under one roof, which is not possible in small stores.
The offline segment was valued at USD 2,309.22 million in 2018.
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Additionally, the offline segment growth is being driven by an increase in supermarket and hypermarket penetration in the US. Consumer purchasing habits are shifting from neighborhood convenience stores to supermarkets and hypermarkets as disposable incomes rise and urbanization accelerates. Furthermore, new product launches and increased marketing and promotional spending by US energy bar market players have resulted in innovative and appealing displays at offline points of sale. Thus, such factors will drive the growth of the offline segments growth of the energy bar market in US during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Better Carob, Element Bars Inc., Garuka Bars, General Mills Inc., Hormel Foods Corp., Kates Real Food, Kellogg Co., Lotus Bakeries NV, Mars Inc., Mondelez International Inc., Nestle SA, NuGo Nutrition, Post Holdings Inc., PROBAR LLC, The Balance Bar Co., The Simply Good Foods Co., Torq Performance Nutrition, and PepsiCo Inc.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Energy Bar Market in US Scope |
|
Report Coverage |
Details |
Page number |
147 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.6% |
Market Growth 2024-2028 |
USD 879.59 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.74 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Better Carob, Element Bars Inc., Empact Bars, Garuka Bars, General Mills Inc., Hormel Foods Corp., Kates Real Food, Kellogg Co., Lotus Bakeries NV, Mars Inc., Mondelez International Inc., Nestle SA, NuGo Nutrition, Post Holdings Inc., PROBAR LLC, The Balance Bar Co., The Simply Good Foods Co., Torq Performance Nutrition, and PepsiCo Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Market Segmentation by Type
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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