Indonesia Snack Bar Market is expected to register a CAGR of 7.5% during the forecast period 2020-2025.
- Increased snacking habits and consumers seeking healthier snacks are the key drivers for the market. Expanding modern grocery retail offering wide brands of packaged food and convenient packaging are various factors fueling the snack bar market growth.
- Moreover, with the increased inclination toward plant-based products and vegan diet, there has also been a demand for vegan snack bars. Some of the prominent flavor components for plant-based snack bars include beet, spirulina, orange, peanut butter, brownie, and red berry
Key Market Trends
Growing Demand For Healthy On-the-go Snacking
With the increased inclination toward plant-based products and vegan diet, there has also been a demand for vegan snack bars. Moreover, consumer demand for on-the-go healthier snacking alternative and nutritious foods has driven the market for snack bars. Also, with the rise in demand for fortified food, fortified energy bars with high protein content are on demand. Health awareness has led Indian consumers to include fruit and vegetable-derived ingredients in their dietary habits, which has driven the demand for healthy snacks. This has led key players in the snack bar and energy bars markets to come up with newer and healthier market offerings, such as snack bars containing fruits and dried fruits.
Supermarket/Hypermarket holds A Prominent Share
Modern grocery stores are expanding in the country with a double-digit CAGR. Modern grocery stores are rapidly taking shares from traditional grocery stores, expanding its presence in urban and tier-II cities. Matahari Group is aggressively tapping into new markets in eastern Indonesia by opening 20 Hypermarts, 20 Bostons, and 5 Foodmarts. Supermarket/hypermarket led the snack bar sale with a share of more than 70% in the distribution channel. Supermarkets and convenience stores are the fastest-growing sales channel for snack bars owing to large brand availability and discounts on bulk purchases.
The Indonesia Snack Bar market is concentrated among few companies occupying a significant share in the market. Foreign brands comprise innovative products in various flavors and varieties compared to domestic brands. Penetration through the modern retail channel and product innovation is the key strategy adopted by players to maximize sales. Some of the major players in the market studied are Otsuka Pharmaceutical Co., Ltd., Kalbe Farma (FITBAR), Nestlé S.A., NuGo Nutrition, PREMIER NUTRITION CORPORATION among others.
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