According to the recent research report titled ‘Global Energy Bar Market Size study, by Type (Organic and Conventional), by Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialist Retailers, Online Retail, and Other Distribution Channels) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global energy bar market value was USD 2.96 billion in 2020 and is expected to multiply at a CAGR of 3.32% over 2021-2027, subsequently amassing a valuation of USD 3.72 billion by the end of the forecast period.
 

Escalating demand for health food products to maintain a balanced lifestyle is primarily driving the worldwide energy bar market growth. Moreover, reliable sources cite that the market value of health and wellness has increased from USD 726.92 billion in 2017 to USD 811.82 billion in 2021.
 

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For the unversed, energy bars are supplement bars packed with minerals and vitamins that are ingested for rapid energy.
 

Experts cite that the introduction of new product releases with unique components is another major driver for the industry expansion. For instance, in October 2020, KIND Healthy Snacks introduced the KIND energy bar, which is made with oats, whole grains, and less sugar.
 

Furthermore, growing demand for nutrition-dense food products among sports enthusiasts, increased awareness through e-commerce coverage, rising prevalence of chronic diseases such as blood pressure, diabetes, cardiovascular disease, and others, as well as hectic lifestyles, are likely to create new opportunities for the global energy bar industry.
 

Speaking of restraints, high product cost and availability of substitute items are anticipated to hamper the overall remuneration scope over the study period.
 

Elaborating on geographical ambit, Asia Pacific is the leading region in terms of market share and is expected to register a robust CAGR over 2021-2027, owing to an increase in customers' demand for health-conscious products, improved e-commerce coverage, and presence of a large consumer base in the region.
 

Coming to the competitive landscape, Hero Group, SternLife, PowerBar, Bite Snacks, Novacap, Verb Energy Inc., Health Warrior, Clif Bar & Company, General Mills Inc., and Kellogg Company are the prominent firms operating in global energy bar market sphere.