The South America energy bar market is projected to grow at a CAGR of 5.23% during the forecast period (2020 - 2025).
- Rising health & wellness trends demanding low-calorie health food, consumer preference for snacking, and on-the-go convenient packaging are various factors that fueled the South America energy bar market growth.
- The snack consumption pattern in South America is shifting from high-calorie snacks to protein-rich snacks owing to rising health consciousness. Consumers prefer to snack driven mainly by the busy lifestyles and working population. The concept of high protein in the snack is still underdeveloped due to low consumer awareness about the benefits of protein.
- Expanding distribution channels such as supermarkets, hypermarkets in Argentina and Colombia are further accelerating the growth of energy bars. Economic inflation resulted in the slow volume growth of energy bars. Increased retail value growth is mostly attributed to changing currency rates. Competition from cereal and biscuits are various factors affecting the market sale.
Key Market Trends
High Potential For Organic Energy Bars
Energy bars fulfill the requirements of proteins, fats, and carbohydrates in the body, and within the market, the demand for organic energy bars is on the rise. Manufacturing organic energy bars include the raw materials which are sourced from those farms where chemical fertilizers and pesticides are not used. Due to increasing awareness regarding the harmful effects of synthetic ingredients used in food processing among consumers across the region, there is a huge demand for organic food products. The wide variety of products offering by market players and the availability of organic energy bars in retail marts and online stores are boosting the growth of the South America organic energy bar market. For instance, brands such as biO2 and Puravida are dedicated to manufacturing and distributing organic energy bars in Brazil.
Brazil Leading The Market in The Region
The energy bar market in Brazil is primarily driven by the increasing number of health-conscious people and the growing market for sports nutrition business. Protein supplements including shakes, powders, and protein bars are mainly consumed by the Brazilians in their quest for the ideal body or to obtain other aesthetic benefits, such as anti-aging. Energy bars with whey protein as the base ingredient is having a major market in Brazil.
However, a major barrier for energy bars in Brazil is the economic factor of the product, which should be more affordable and maintain prices that are more attractive for a normal consumer as consumers also demand larger portion sizes and lower prices.
South America's energy bar market is competitive and is dominated majorly by regional brands operating across Brazil, Colombia, and Argentina. Few of the major players in the market include Probiotica Suplementos, Nutrata, General Mills, Inc., biO2 Organic Comercio de Alimentos Ltda, Integralmedica Supplementos Nutricionais Ltda, Simply Good Foods Co. (Quest Nutrition), Puravida, Atlhetica Nutrition, and others.
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