The Spanish energy bar market is projected to witness a steady CAGR of 5.12% during the forecast period, 2020-2025.
· The long-term rise in the on-the-go snacking trend and increasing demand for sports nutrition products have helped the energy bar market grow.
· Product innovation and increasing shelf space in retail channels have been key drivers that have supported visibility, consumer interest, and attracted new customers to the market.
Key Market Trends
Rising Healthy Snacking Trend
Increased consumer awareness about a healthier ingredient that provides nutritional benefits fueled the energy bar market. Consumers prefer functional fruits and grains, such as berries, hemp, chia, flaxseed, among others, in a snack bar that improves the nutritional content of the product. Impulse purchase has driven the market than healthy eating. However, health-oriented products, such as high fiber, low calorie, high protein, and natural ingredients, are gaining popularity. The snack bar is perceived to act as a healthier alternative to chocolates and confectioneries, which also drives the impulse purchasing as a treat. The organic snack bar is a growing popularity among consumers due to its health benefits. Busy lifestyle, coupled with a meal replacement, makes snack bars an excellent snack product. Convenient and small packs allow the consumer snacking at multiple occasions in smaller quantities.
Supermarket/hypermarket holds the largest market share
In Spain, mass merchandisers, i.e., supermarkets/hypermarkets have an inherent advantage in terms of sufficient shelf-space which helps in the bundling of products that are primarily aimed at achieving economies of scale. The supermarkets/hypermarkets provide super-sized shopping experience with suitable displays and assortments of indulgent snacking products. A majority of energy bars are purchased through modern grocery retailers, such as supermarkets and hypermarkets. Due to the easy access to supermarkets and hypermarkets, it plays a vital role in the growth of energy bar sales in the country. However, the growth has been gradually dwindling due to the rapid acceptance of other convenient platforms.
The Spanish energy bar market is competitive with a large number of existing multinational players. Innovative product launch and clean label ingredients are the various strategies adopted by these players. Private-label brands provide tough competition to the existing players with their flavored product offerings. Some of the major players in the market studied are Enervit, Barrette Proteiche Glucidi, Nutrition & Santé Sas, among others.
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