The nutritional bar market in India is anticipated to register growth at a CAGR of over 30 percent between 2019 and 2024 on account of availability of multiple options of nutrition bars through online and modern trade and rising health consciousness among people.
This was stated by a report, which was released by research based global management consulting firm TechSci Research, and titled India Nutritional Bars Market By Type, By Distribution Channel, Competition, Forecast & Opportunities, 2024.
Moreover, the increasing consumer spending on lifestyle products, the rising number of young working population, the increasing demand for protein and other dietary supplements and health benefits associated with nutritional bars are further anticipated to drive the Indian nutritional bar market during forecast period.
Among product type, snack bars dominated the Indian nutritional bar market in 2018, due to relatively new concepts and numerous variants available in the segment.
Naturell (India) Pvt Ltd, General Mills India Private Limited, Xterra Nutrition, Sun Hygiene Foods Pvt Ltd, Sprout Life Foods Private Ltd and Pure Snacks Pvt Ltd, are some of the leading players in the Indian nutritional bars market.
Among regions, the North and West regions are the leading regions in the India nutritional bars market. Both the regions are expected to experience growth in demand for nutritional bars during the forecast period as well, owing to the changing lifestyles and the adoption of nutritional bars, along with the rising population in these regions.
“The Indian nutritional bar market is growing at a tremendous pace and is gaining popularity among consumers to fulfill the requirement of vitamins, minerals and micronutrients in daily diet,” said Karan Chechi, research director, TechSci Research.
“Moreover, rapid urbanisation and the rising income of consumers is further shifting their focus towards nutritional bars to safeguard themselves from the adverse effects of a hectic and sedentary lifestyle,” he added.
“Consumers are becoming health-conscious and are searching for products that provide health benefits along with taste. Additionally, the marketing of nutritional bars by companies as an on-the-go healthy snack for working professionals along with continuous investment on R&D (research and development) activities to introduce new variants are some other factors driving growth in the Indian nutritional bars market,” said Chechi.
India Nutritional Bars Market By Type, By Distribution Channel, Competition, Forecast and Opportunities, 2024 evaluated the future growth potential of the nutritional bar market and provided statistics and information on the market structure, size, share and future growth.
The report was intended to provide cutting-edge market intelligence and help decision-makers to take sound investment decision. Besides, it also identified and analysed the emerging trends, along with essential drivers, challenges and opportunities present in the Indian nutritional bar market.
