Report : Asia Pacific Nutritional Bars Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type (Protein Bars, High-Fiber Bars, and Others), Category (Conventional, Gluten-Free), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)
At 6.8% CAGR, the Asia Pacific Nutritional Bars Market is speculated to be worth US$ 2,644.14 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific nutritional bars market was valued at US$ 1,785.07 million in 2022 and is expected to reach US$ 2,644.14 million by 2028, registering a CAGR of 6.8% from 2022 to 2028. Inclusion of functional claims on labels and rising fitness trends are the critical factors attributed to the Asia Pacific nutritional bars market expansion.
The establishment of functional claims is a regulatory process in which a health concept associated with a food product is converted into a functional claim. Each person has a different body type, and each body has specific requirements. Consumers choose products that fulfill their specific needs. Therefore, nutritional bars with functional claims are gaining traction. Nutritional bars manufacturers are increasingly launching products with functional claims and are communicating the health benefits associated with the consumption of the bars. This allows them to expand their customer base and increase their profits. The successful communication of functional claims is the main concern for manufacturers. Recent reports from scientific literature confirm that consumers are genuinely interested in health-related claims, but interest seems to vary depending on the type of food products. Too much information and difficulty interpreting different health claims have been noted as factors that can negatively influence consumers while purchasing nutritional bars. Therefore, maintaining the simplicity of language while explaining functional claims may help improve the reach of products. Thus, displaying health claims in short on the front label of functional foods can be more effective in generating a positive brand image among consumers. Many nutritional bars contain one-word functional claims such as “weight loss,” “immunity booster,” and “stress relief.” For instance, JiMMY! Protein Bar – Citrus Blast claims to act as an immunity booster by providing 300% of daily Vitamin C. Trending examples of functional claims include allergen-free (e.g., gluten-free, soy-free, or nut-free) and sugar reduction claims (e.g., less sugar, no sugar, or no added sugars). Therefore, including functional claims on labels is likely to provide significant growth opportunities to the manufacturers of nutritional bars in the coming years.
On the contrary, availability of substitutes hurdles the growth of Asia Pacific nutritional bars market.
Based on type, the Asia Pacific nutritional bars market is segmented into protein bars, high-fiber bars, and others. The protein bars segment held 68.5% share of Asia Pacific nutritional bars market in 2022, amassing US$ 1,223.25 million. It is projected to garner US$ 1,817.57 million by 2028 to expand at 6.8% CAGR during 2022–2028.
Based on category, the Asia Pacific nutritional bars market is bifurcated into conventional, gluten-free. The conventional segment held 76.9% share of Asia Pacific nutritional bars market in 2022, amassing US$ 1,371.97 million. It is projected to garner US$ 2,020.49 million by 2028 to expand at 6.7% CAGR during 2022–2028.
Based on distribution channel, the Asia Pacific nutritional bars market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held 57.6% share of Asia Pacific nutritional bars market in 2022, amassing US$ 1,028.21 million. It is projected to garner US$ 1,507.14 million by 2028 to expand at 6.6% CAGR during 2022–2028.
Based on country, the Asia Pacific nutritional bars market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia-Pacific. Our regional analysis states that the Rest of Asia Pacific captured 44.9% share of Asia Pacific nutritional bars market in 2022. It was assessed at US$ 800.93 million in 2022 and is likely to hit US$ 1,130.56 million by 2028, exhibiting a CAGR of 5.9% during the forecast period.
Key players profiles in the Asia Pacific nutritional bars market report are Clif Bar & Co; General Mills Inc; Mars Inc; The Kellogg Co; The Quaker Oats Co; and The Simply Good Foods Co, among others.
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