In today’s fast-paced world, consumers are increasingly seeking foods that offer health benefits while also being convenient to consume, store, and handle. Nutritious, ready-to-eat snack bars have surged in popularity due to their convenience. These versatile products, often made with cereals, fruits, and nuts, provide an ideal format for delivering essential nutrients, bioactive compounds, and dietary fibre.
Therefore, they are widely consumed globally as meal replacements or instant snacks. However, manufacturers face various challenges in meeting consumer expectations and market demands. This article aims to highlight some of these problems and explore potential solutions.
Experts project the global snack bars market to reach USD 31.1 billion by 2024. It is projected to surpass around USD 41.7 billion by 2032, with a compound annual growth rate (CAGR) of 3.8% from 2023 to 2032. Almond bars, depending on their ingredients and marketing, can generally be categorized as either granola bars or nut bars.
Based on the statistics provided below, it’s evident that while the revenue of almond bar markets is currently lower compared to other snack bar categories, there has been a notable and significant increase.
Key Factors Driving the Market
- Health Benefits2
Almonds are tree nuts considered to have the highest content of protein, fibre, calcium, vitamin E, riboflavin, and niacin on an ounce-for-ounce basis. Besides, they are also a top food source of magnesium. Providing 6 grams of protein and 4 grams of fibre per serving, almonds deliver the “fuller-for-longer” sensation that is increasingly sought after by consumers.
- Innovative Strategies3
Almonds are highly regarded by many consumers as a preferred ingredient, enhancing a bar’s texture with their crunchiness while also enriching its nutritional value and taste. Moreover, food companies are innovatively launching almond bars in diverse flavors and combinations, including mixes with other nuts and fruits, aiming to attract a broader customer base eager to explore new products.
- Raising Demand for Plant-Based Foods3,4
The global shift towards plant-based diets is gaining momentum, driven by health awareness, environmental concerns, and ethical considerations for animal welfare. Almonds, inherently plant-based, align perfectly with this trend. Moreover, these snacks cater to a broader consumer base by offering gluten- and allergen-free options, meeting the needs of individuals with dietary restrictions due to allergies.