The Thai snack bar market is projected to witness a CAGR of 5.44% during the forecast period, 2020-2025.
- The increased demand for high protein snacks, due to the growing health awareness among consumers, is the key driver for the market. Expanding retail channels with growing online retailing and on-the-go breakfast options are other factors fueling the snack bar market's growth.
- Increased pressure from work-life balance and unhealthy diet among the Thai population surged the demand for sports nutrition products that supplement the diet. A snack bar, such as an energy bar, is an ideal combination of nutrition and on-the-go snacks. The above-mentioned factors are likely to drive the market growth.
Key Market Trends
Growing Fitness Trend and Gym-going Population Boosting the Market Studied
The growing strong fitness wave and gym-going population have fueled the energy bar market. Snacking at multiple occasions between meals, while traveling, ease of carrying, and intact nutrition have driven the snack bars' demand. Convenience-related claim is increasingly becoming popular in the health and wellness products, thus encouraging sales of smaller and variety pack snack bars. The snack bar of 60 grams size with 60g X5 packets mostly observed in the retail stores. Another reason for the reduced pack size is to increase sales by making it more affordable to low-income groups.
Online Retail Accelerating Sales
Online retail sale of the snack bar is growing at a faster pace of 14.9%. There is strong growth in online shopping in the country, due to convenience and various offers attracting consumers. Thais have become more tech-savvy, which is further driving the online sale. Rapid growth in mobile penetration, internet speed, and growing economy have supported the internet retailing in Thailand. Multiple brands are available in online shopping, offering ease to consumers, as well as lower-cost management to the companies. Expanding the retail chain in the country offers a potential growth opportunity for the market.
The Thai snack bar market is competitive, with a large number of international players occupying a significant share in the market. Foreign brands comprise innovative products in various flavors and varieties compared to domestic brands. Focus on the distribution channel, and product innovations are the key strategies adopted by players to maximize sales. Some of the major players in the Thai snack bar market are Anna Thai Snack All, Nestlé SA, Kellogg Co., and Chicago Bar Company LLC, among others.
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