The latest update on the cereal bar market forecasts a value of USD 14.51 billion by 2024, driven by increasing consumer interest in health and innovative flavors. With this momentum, sales are poised to surpass USD 22.64 billion by 2034, reflecting a projected compound annual growth rate CAGR of 5.60% over the forecast period.
Plant-based products are both healthier and safer than animal-based products. The cereal bars market is being driven by growing popularity of veganism and health consciousness among consumers around the world. Besides, various dietary requirements such as low or no sugar content, low cholesterol levels, and low salt content of consumers can be easily met by cereal bars, thereby pushing sales.
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Cereal bars are linked to weight gain and weight loss. A new study, which was published in the International Journal of Obesity, followed a group of overweight adults for 16 weeks. Participants who ate two cereal bars per day lost an average of 5% of their body weight, while those who did not eat cereal bars gained an average of 1%, which has led to growing consumer preference for these bars. These factors are projected to accelerate the cereal bars market in the next decade.
Another factor driving the increased sales of cereal bars is the fact that they are an easy and affordable way to get a nutritious breakfast or snack on-the-go. With more people leading busy lifestyles, cereal bars offer a quick and easy solution for those who want to make sure they are getting a nutritious meal or snack. As they are compact and easy to transport, cereal bars are a great option for busy people on-the-go. To keep up with the changing cereal bars market trends, manufacturers are developing novel ways to incorporate their product into various processed foods.
“Increasing adoption of meal replacement cereal bars by people who are trying to lose weight, or by athletes and bodybuilders who need a quick source of energy before or after a workout is projected to boost the market,” says a lead analyst at Future Market Insights.
Competitive Landscape
The market is competitive and fragmented, with numerous local and regional companies competing for market stakes. Key players use different trade strategies to stay competitive, such as creating partnerships, raising production, engaging in mergers and acquisitions, and collaborating with other industry players.
Key Companies
Atkins Nutritional, General Mills, Inc., Kind LLC, Mars, Incorporated, McKee Foods, Naturell India, Nestlé S.A., Quaker Oats, The Hain Celestial Group, Inc., The Kellogg Company, TEKMAR SLOVENSKO, TruFoodMfg, Sunny Crunch Foods Ltd., Noble Foods, Sunbelt Bakery, Halo Foods, Fusions Foods Ltd, Eat Natural, Fullwell Mill Limited, Natural Balance Foods, Kellogg Company, Clif Bar, Kashi, Pharmavite
Recent Developments
- In March 2024, Bagrry’s, a renowned breakfast cereal and health food brand, re-introduced ‘Mighty Muesli Bars,’ a cereal bar product first introduced in the Indian market in 1998.
- In December 2023, Mars China introduced the SNICKERS dark chocolate cereal bar, featuring sustainable packaging made from mono PP material, offering low-sugar and GI options and recyclable packaging.
- In October 2023, Alpen introduced new Alpen Delight bars, available in six flavors, including Chocolate, Caramel and Shortbread, Raspberry Rocky Road, Chocolate Honeycomb, Salted Caramel, White Chocolate, Raspberry and Shortcake, and Chocolate Brownie. Each variety comes in a multipack of five bars, each containing less than 100 calories.
- In August 2023, Simply Good Foods introduced Atkins Soft Baked energy bars, providing a protein-rich breakfast option in blueberry and macadamia nut varieties with minimal sugar and net carbs.
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Key Segments
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 Form:
- Solid
- Liquid
By Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- E-Commerce
- Specialty Stores
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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