Granola Bars Market Expected to Reach $9.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Granola Bars Market," The granola bars market size was valued at $6.1 billion in 2022, and is estimated to reach $9.9 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.

Granola bars have become increasingly popular as consumers look for healthier snack options and become more health conscious because of their claimed health benefits. Granola bars are a popular and healthful food that many consumers like for their taste and adaptability.  Protein, vitamins, and minerals are among the many nutrients that used into making granola bars. Furthermore, these bars are frequently sold as healthful snacks that include nuts, whole grains, and fibre. Further, some are heavy in calories, sugar, and carbohydrates as candy bars. They are a popular option for athletes and fitness enthusiasts because they are often marketed as a source of prolonged energy.

Granola bars are also considered as a healthy snack, but many of them are actually highly processed, loaded with calories, added sugar, artificial chemicals, and vegetable oils. While some granola bars prefer to use sugar alcohols or artificial sweeteners to cut the sugar content, they have also been linked to health problems. For instance, sugar alcohols such as xylitol and sorbitol are not entirely metabolized by the human body, which may cause digestive issues in people who are sensitive to them. The Food and Drug Administration (FDA) has authorized the use of aspartame, sucralose, and saccharin among other artificial sweeteners. However, evidence from studies indicates that they may disturb the balance of blood sugar, harm beneficial gut bacteria, or increase the risk of a number of chronic illnesses, such as diabetes, obesity, and heart disease which impacts granola bars market share.

Growth in health consciousness and rise in popularity of granola bars among people of all ages due to benefits such as being a quick and ready-to-eat snack are likely to propel the global market during the market. People's growing concern about animal suffering, personal health, and, most importantly, sustainability has led to a shift in consumer behavior away from animal products opening granola bars market opportunities. Eating animal proteins is associated with high levels of cholesterol, fat, and calories, increasing the risk of health issues such as cardiovascular disease, diabetes, and obesity. As a result, consumers are shifting toward plant-based protein sources. This shift has become a trend toward the expansion of the granola bars industry and granola bars market growth.

The granola bars market forecast is segmented on the basis of product type, distribution channel and region. By product type, the market is divided into organic and convectional. By distribution channel, the market is segmented into supermarkets/hypermarkets, departmental stores, convenience stores, online sales channel, others. Region-wise, the granola bars market is analysed across North America (the U.S., Canada, and Mexico), Europe (the Germany, UK, , France, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, South Korea, and the rest of Asia-Pacific), and Latin America (Brazil, Colombia, Argentina, Rest of Latin America) MEA ( GCC, South Africa, rest of MEA).

By product type, the market is segmented into organic and convectional. The convectional segment accounted for a major share in the granola bars Market in 2022 and is expected to grow at a significant CAGR during the forecast period. Demand for convectional granola bar is rising due to easy snacking solution and convenient option. While organic segment still maintained their market share, the momentum leaned toward organic options as consumers increasingly sought transparency in sourcing and a commitment to cleaner, more environmentally friendly products.

By distribution channel, the market is segmented into supermarkets/hypermarkets, Departmental Stores, convenience stores, online sales channel, others. The supermarkets segment is accounted for a major share in the global granola bars market during the forecast period. The market has seen an increase in the influence of supermarkets. Supermarkets cater to consumers looking for quick and convenient snack options. Granola bars, known for its versatility and ease of use, fits well into the on-the-go lifestyle. It can be used as instant energy boosting snack options.

Region wise, it is analysed across North America, Europe, Asia-Pacific, and Latin America and MEA.The North America market is accounted for a major share in 2022 and is expected to grow at a significant CAGR during the forecast period. The granola bars market demand in North America is rising as the rise of healthy lifestyle, growing health concerns, production, e-commerce and online grocery shopping, which has made it easier for consumers to access a wider range of granola bars market trends and products.

The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. They have been also focusing on strengthening their market reach to maintain their reputation in the ever-competitive market. Some of the key players in the granola bars market analysis include John B. Sanfilippo & Son, Inc., General Mills, Inc., Kellogg Co., Mars Inc, The Hershey Company, Earnest Eats, PepsiCo, Bakery Barn INC and Olympia Granola..

KEY FINDINGS OF THE STUDY     

• By product type, the convectional segment was the highest revenue contributor to the granola bars market in 2022 and is expected to grow at a significant CAGR during the forecast period.
• By distribution channel, hypermarkets/supermarkets segment was the highest revenue contributor to the market in 2022 and is expected to grow at a significant CAGR during the forecast period.
• By region, the North America region was the highest revenue contributor to the granola bars market in 2022 and is expected to grow at a significant CAGR during the forecast period.