A growing global health conscious population expects health specific benefits from the food products they consume. People are concerned about the food they eat as well as its content, in the wake of increased awareness regarding health safety. This has been the foremost reason behind the growing prevalence of functional bars over normal chocolate bars. A new research report revolves around the growing market of functional bars worldwide with special focus on the improved product line introduced by various companies. This comprehensive research report by Persistence Market Research is titled ‘Functional Bars Market: Global Industry Analysis 2013-2017 and Forecast 2018–2026.’ This study highlights revenue growth of the market, projecting an expected market value of over US$ 2,200 Mn by the end of 2026. The market is anticipated to grow at a CAGR of 4.1% during the forecast period 2018 – 2026.
Global Functional Bars Market: Overview
Functional bars account for 3.8% volume share of the global functional food and beverages market. The attractiveness of the market is growing by the day with the rise in inclination of people towards functional food products. Owing to the growth in demand from confectioners and retailers for health promoting products, some manufacturers have started rolling out functional chocolate bars under private label tags. People mostly engage in self-diagnosis through healthier food selection, which is further expected to create a steady demand for functional foods with claims to reduce bodily ailments.
Functional bars are an excellent on-the-go product, offered under the functional food segment, which suit the demand from the working population that depends heavily on snacking without compromising on the nutrition of a balanced diet. This working population captures a large part of the consumer base of the global functional bars market. Manufacturers are leveraging lucrative opportunities in the global market by offering guilt-free organic products to consumers. They are investing heavily in procuring organic ingredients to help them gain consumer trust and expand their customer base.
The research report also comprises a regional outlook, which focuses on an analysis of specific regional markets for functional bars. Among the top regions, North America is expected to lead with the highest market value. However, in terms of growth rate, APAC is anticipated to witness surging demand in the coming years, thereby providing more lucrative opportunities for manufacturers of functional bars.
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Global Functional Bars Market: Opportunities for Key Businesses
In order to attract more number of consumers towards their products, several manufacturers are seen offering activity specific ingredient compositions. The energy bars segment is expected to witness new fragmentation, targeting specific sports activities such as gaming, cycling, and other endurance activities, so as to gain new customers by providing a customized solution through functional bars. There is also a sharp rise in the availability of weight loss products that claim to help people lose weight. Some key players in the functional bars market have already slotted their products into specific wellness segments, such as diabetes friendly, digestion enhancement, cognitive enhancement, and others. This trend is expected to take center stage in the global functional bars market over the forecast period.
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Some of the top companies currently dominating the global functional bars market include Halo Foods, Leader Foods OY, Prinsen Food Group B.V., Frankonia Schokoladenwerke, Nutrition & Santé SAS, Atlantic Grupa D.D., B.V. Vurense Snack Industries, SternLife GmbH & Co. KG, and Anona GmbH.