Asia-Pacific Snack Bar Industry 2019 Research report provides information regarding market size, share, trends, growth, cost structure, capacity, revenue and forecast 2024. This report also includes the overall and comprehensive study of the Snack Bar market with all its aspects influencing the growth of the market. This report is exhaustive quantitative analyses of the Snack Bar industry and provides data for making Strategies to increase the market growth and effectiveness.
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Asia-Pacific snack bar market is forecasted to grow at a CAGR of 4.96% during the forecasted period (2019–2024).
– The demand for snack bars in countries like India, China, and Japan has increased in recent years, owing to the considerable presence of the aging population in developing countries. Natural and nutritious convenience foods are high in demand, owing to their various health benefits.
– The snack bar market in the region is anticipated to offer major investment opportunities, especially for natural products. This is because of the ample availability of raw materials in India and Southeast Asian countries.
Scope of the Report:
Asia-Pacific snack bar market offers a range of product types including cereal, energy and other snack bars distributed through supermarket/hypermarket, convenience store, specialty stores, online stores, other point of sales. The report also covers the country level analysis for the major countries in the region such as China, Japan, India, and Australia.
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Key Market Trends:
Australia Holds a Prominent Share
Increasing awareness on health issues and the growing aging population in the country are the key factors driving the growth of the market. Consumers are demanding naturally-sourced, healthy, and nutritious food products, which, in turn, is boosting the demand for snack bars among consumers. Energy bars are gaining more popularity, as compared to the other bars, due to their high protein content. Australian consumers spend more on healthy and convenient snack products, due to changing lifestyles and increasing dietary intake. The trend of “anytime” snacks is increasing in the country, and snack bars are used as meal replacement by health-conscious consumers.
Granola/Muesli Bars Dominates the Market
There is a significant demand for natural healthy snacks, such as granola/muesli bars, as they are perceived as being a more natural alternative traditional snack bars. In Japan, the convenience of granola bars meets the needs of an increasing number of Japanese consumers who lead busy lifestyles, and are looking for quick solutions for their diets. The concept of cereal bars is still relatively new in India, as consumers do not purchase these for breakfast purposes, but rather as a healthier version of a chocolate bar. As cereal bars contain nutrients like proteins and fibre, the rise in health consciousness among the consumers supports the growth of snack bar market in Asia-Pacific as a whole.
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Asia-Pacific snack bar market is fragmented and holds a considerable prevalence of several local and international players in the region. Some of the dominant players in the market are Kellogg Company, General Mills Inc., Nestle, and PepsiCo Inc. Product innovations and new launches have been the key strategy adopted by the manufacturers in the region.
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