The India snack bar market is expected to reach USD 185 million by 2023 witnessing a double digit CAGR during the forecast period 2018-2023. The India snack bar sale has recorded a historic CAGR of 20.1, during the past five year. Snack bar is still a niche category in India, which accounts for less than 1% of global snack bar market.
Cereal and granola bar is the fastest growing category after Energy bar in India. Rising health & wellness population, increased purchasing power and indulgence are various factors fueled the snack bar market growth. Expanding distribution channel in tier I cities are further accelerating the growth of snack bars. Competition from savory and snack market and breakfast cereals are the major restraint for the market.
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Energy Bar in High Demand
Energy bar sale in India is growing at a faster rate of 25% over the forecast period. Energy bar includes sports nutrition bars and snack bars designated to meet both daily and sports nutrition needs. Growing demand for energy-boosting functional products among young population driven the market. Energy bar is a perfect combination of nutrition and taste fuel the market growth. Consumers are likely to spend more on healthy snack products driven by the changing lifestyle and dietary intake. Consumers are increasingly becoming health conscious when it comes to bite in between meals. Featuring healthy benefit with convenience and nutritional component while on-the-go snacking fueled the nutrition bar market. Health & Wellness is the key trend driving energy bar consumption pattern. Granola and muesli bar is the second largest category followed by other cereal bars.
Convenience Stores led the sale with a share of more than 50% in the distribution channel. Expanding retail chain in the country offer a potential growth opportunity to the market. Online retail grew faster at a rate of 28% during 2012-2017. Supermarket/hypermarket is the second largest retail channel in India, which is growing at a faster pace offering a growth opportunity to nutritional bar sale.
• November 2017 – Russian companies planned to expand in Indian snack bar market. For instance, BioFoodLab’s Snack bar, which sells its snack bar in 14 countries in Europe and Asia, target India for its new market distribution
The India Snack Bar market is growing competitive with a large number of International players entering the market. Rite Bite, Nature Valley and Alpen are the top brands in the market. Product launch at different flavors, such as the famous chocolate flavor, targeting athletes, women, and diabetic is the primary strategy adopted by players. Companies introducing hybrid product mix of the snack bar and biscuit are the key challenge for the market. For example, Danone India launched Protinex Bytes, target to capture healthy snack market. Many biscuit players, such as Britania are planning to enter cereal bar market.
Major players include – NATURELL (INDIA) PVT. LTD. ,NESTLÉ S.A, NATURE’S BOUNTY CO., KELLOGG NA CO, GENERAL MILLS, INC., amongst others.
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