As per the report, the market is estimated to surpass ~$ 1.8 Bn by 2030, at a CAGR of ~4 per cent during the forecast period
A latest study of Transparency Market Research (TMR) the nutrition bars market comprises global industry analysis, along with opportunity assessment for 2020-2030. In terms of value, the global nutrition bars market is expected to cross $ 1.2 Bn in 2020, finds TMR. As per the report, the market is estimated to surpass ~$ 1.8 Bn by 2030, at a CAGR of ~4 per cent during the forecast period.
Improvement in Sensory Quality of Nutrition Bars to Support Sales
The common perception that healthy food products comes at the cost of taste and flavour has been blurred out across the globe, as key players have improved their product portfolio to a point that taste is not a negative issue for nutrition bars. The improved quality of ingredients as well as the launch of novel processing technology have shaped the availability of nutrition bars in attractive compositions and flavours; some of them are only exclusive to bar offerings. This is anticipated to drive the global nutrition bars market during the forecast period. Moreover, some key manufacturers of confectionery products have transformed their product lines into functional products by launching high protein ingredient-based products to increase per unit servings of protein to entice newer customers while holding the older ones.
COVID-19 Impact: Demand for Nutrition Bars Rise on Online Channels as Retail Sector Takes Hit
The onset of the novel COVID-19 pandemic is expected to affect the growth of the global nutrition bars market in 2020. Due to stringent lockdowns imposed by governments around the world, retail stores, malls, supermarkets, and other sales channels have been shut down or remain closed. However, several brands have turned their attention toward e-Commerce platforms to generate revenue and boost sales during the lockdown period. At present, as government lockdown restrictions are gradually being lifted in several nations, offline sales are on the rise.