The bank forecasts strong continued growth in the category in the years ahead, powered by favourable consumption trends and expanded distribution channels.
In a new report titled Never Eat More Than You Can Lift, Rabobank’s Food & Agribusiness Research and Advisory group examines the drivers behind the strong growth of the US snack bar market over the past decade, weighs category leaders as well as stragglers, and identifies trends and opportunities that promise an even rosier future for the US snack bar market.
A broad range of factors have helped drive the category’s success:
Energy and Nutrition Bars Lead the Snack Food Market
The US market for snack bars has more than doubled to almost $6bn over the last decade, with an average CAGR of 6.4%. That far outpaces the 3.5% CAGR of the $34bn savoury snack market (chips and pretzels), and modest 2.4% growth of the wider packaged food segment. Neither of the past two recessions had much impact on snack bar category sales.
Kellogg’s has successfully expanded its iconic breakfast brands – Kashi, Rice Krispies, Nutri-grain, and Special K – across multiple snack bar formats.
Source: Rabobank
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