FMI estimates, the cereal bars market will register robust growth at 5.6% CAGR in the upcoming decade as prevalence of obesity rises across the globe. Sales of cereal bars are projected to reach US$ 13,221.3 Million by the end of 2022. As millennials are focusing on weight management to reduce the risk of lifestyle disorders, the demand for cereal bars is expected to surge. By 2032, the cereal bars market is estimated to surpass a valuation of US$ 22,798.9 Million.
Growing demand for candy-based and protein rich cereal bars is expected to surge exponentially over the forecast period (2022-2032). As per FMI, preference for red ginseng among super foods is encouraging key players to use the ingredient in cereal bars. Further, increasing health conscious population in Korea is another factor boosting the demand for cereal bars in Korea.
With growing popularity of Korean food products, key players are adopting strategies such as cost effective pricing and lucrative offers to woo the consumers. As consumers are focusing on staying healthy, demand for healthy food products such as protein-rich cereal bars is surging.
Additionally, inclination towards ready-to-eat and instant meals will drive the sales of cereal bars in the Korea market. Hence, leading cereal bar makers are launching plant-based and organic protein bars to improve their revenue. They are also collaborating with local vendors and online platforms to expand their customer base.
As per FMI, preference for “adult-like” flavors such as garlic, green onion, and kimchi has remained steady among Koreans. Whether it be cereal bars, crisps or chips, consumers are opting for these flavors for healthy snacks. Due to immense popularity for these flavors specifically, key players such as Kellogg, General Mills, and Orion are striving to manufacture products in these flavors to woo the consumers. For instance, in 2020, Kellogg introduced green onion based cereal bar in Korea which turned out to be a major win in the country.
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Key Takeaways from the Cereal Bars Market
- The cereal bars market in Korea is projected to advance at a rapid pace during the forecast period.
- Growing preference for healthy snacks for munching will drive the sales of cereal bars in Korea.
- Rising inclination towards healthy food products and advent of super food in cereal bars will spur the demand in Korea.
- Presence of leading players in Korea to boost the demand in cereal bars market over the upcoming decade.
“Growing intake of healthy snacks to maintain fitness will propel the sales of cereal bars in Korea. Further, fondness for green onion flavor in cereal bars is likely to create new growth prospects for key players.” – Says an FMI Analyst.
Competition Landscape in the Cereal Bars Market
Companies in the cereal bars industry are constantly coming up with new designs and packaging to gain profits in the market. They are also forming alliances with leading e-commerce giants to expand their brand presence and customer base. Some of the leading companies such as the Kellogg Company, General Mills Inc., etc. are eyeing the Korea market to capitalize on growing demand for unique blend of flavors such as green onion. Hence, they are likely to introduce a new range of flavors in Korea to gain revenue.
The Kellogg Company, Orion Confectionary Co. Ltd., and General Mills Inc. are some of the leading players proliferating in the market.
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Recent Developments
- In 2020, Kellogg announced the launch of green onion-flavored cereal bars to cater to the growing demand for green onion flavor in Korea. This is expected to aid the company to gain competitive edge.
- In 2022, Nutritional Growth Solutions, Ltd., leading company specializing in clinically studied pediatric nutritional solutions, announced the launch of its Healthy Heights® products in Korea through in collaboration with Korea’s leading online retailer, Coupang Co., Ltd.
Cereal Bars Market Outlook by Category
By Product Type:
- Snack Bar
- Energy & Nutrition Bar
- Protein Bar
- Granola Bar
- Others
By Application:
- Boost Energy
- Muscle Building
- Weight Gainer
- Meal Replacement
- Lean Muscle
By Flavor:
- Caramel
- Chocolate
- Peanut Butter
- Honey
- Others
By Distribution Channel:
- Supermarkets/Hypermarkets
- Convenience Stores
- E-Commerce
- Specialty Stores
- Others
By Form:
- Solid
- Liquid
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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