The global cereal bars market size is expected to reach USD 17.66 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 6.1% during the forecast period. Cereal bars are widely being consumed in developed economies. The growth in granola and nutrition bar product segment is expected to further drive the market. Rising awareness about the consumption of cereal bar is also likely to fuel the growth.
Growing emphasis on quality products in developed economies such as Europe and North America owing to the rising purchasing power of the consumers is expected to drive the market over the forecast period. Rising competition among manufacturers and an emphasis on product differentiation and innovation has led to the development of differently priced cereal bar products.
The need for the product to comply with stringent guidelines and the ability to meet the necessary rating criteria, in terms of regulations, depending upon the product is likely to pose a challenge to market growth over the next seven years. In addition, there is a rising pressure from consumers in terms of the quality cereal bars, which has led to a rise in product cost. The cost is mainly affected by the raw materials in use and the manufacturer has to bear the additional raw material prices.
Authoritative Research with Graphs and Tables: https://www.grandviewresearch.com/industry-analysis/cereal-bar-market
Snacks bars segment led the cereal bars market and constituted more than half of the total market share in 2018. Some of the leading players in the market include General Mills, Inc.; Nestle S.A.; Atkins Nutritionals; Cliff Bar & Company; Kind LLC; Hain Celestial Group; and the Kellogg Company.
Cereal bars is a lucrative market on account of growing spending capacity of consumers. They are generally consumed between regular meals in smaller portions as compared to regular meals. Various popular product options include dried fruit snacks and granola bars.
Hypermarkets and supermarkets distribution channel type occupies a dominant market share owing to the fact that the consumers in this sector are more likely to be more selective pertaining to existence of several brands and about the products in various forms, quantity, quality, and cost.
Asia Pacific is one of the most noticeable markets and is expected to witness the fastest growth over the forecast period. Increasing household income and economic growth are some of the major drivers triggering the regional growth.
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