Cereal bars are expected to continue to grow in terms of popularity due to their health benefits and convenience. Growth will also be driven by increasing demand for healthy snacks and rising awareness regarding the importance of nutrition.
FMI estimates, the cereal bars market will register robust growth at 5.6% CAGR in the upcoming decade as prevalence of obesity rises across the globe. Sales of cereal bars are projected to reach US$ 13,221.3 Million by the end of 2022. As millennials are focusing on weight management to reduce the risk of lifestyle disorders, the demand for cereal bars is expected to surge. By 2032, the cereal bars market is estimated to surpass a valuation of US$ 22,798.9 Million.
Growing demand for candy-based and protein rich cereal bars is expected to surge exponentially over the forecast period (2022-2032). As per FMI, preference for red ginseng among super foods is encouraging key players to use the ingredient in cereal bars. Further, increasing health conscious population in Korea is another factor boosting the demand for cereal bars in Korea.
With growing popularity of Korean food products, key players are adopting strategies such as cost effective pricing and lucrative offers to woo the consumers. As consumers are focusing on staying healthy, demand for healthy food products such as protein-rich cereal bars is surging.
Additionally, inclination towards ready-to-eat and instant meals will drive the sales of cereal bars in the Korea market. Hence, leading cereal bar makers are launching plant-based and organic protein bars to improve their revenue. They are also collaborating with local vendors and online platforms to expand their customer base.
As per FMI, preference for “adult-like” flavors such as garlic, green onion, and kimchi has remained steady among Koreans. Whether it be cereal bars, crisps or chips, consumers are opting for these flavors for healthy snacks. Due to immense popularity for these flavors specifically, key players such as Kellogg, General Mills, and Orion are striving to manufacture products in these flavors to woo the consumers. For instance, in 2020, Kellogg introduced green onion based cereal bar in Korea which turned out to be a major win in the country.
Download the Sample Report to Enhance Industry Knowledge: Gain a Comprehensive Summary and Valuable Insights@ https://www.futuremarketinsights.com/reports/sample/rep-gb-15698
Key Takeaways from the Cereal Bars Market
“Growing intake of healthy snacks to maintain fitness will propel the sales of cereal bars in Korea. Further, fondness for green onion flavor in cereal bars is likely to create new growth prospects for key players.” – Says an FMI Analyst.
Competition Landscape in the Cereal Bars Market
Companies in the cereal bars industry are constantly coming up with new designs and packaging to gain profits in the market. They are also forming alliances with leading e-commerce giants to expand their brand presence and customer base. Some of the leading companies such as the Kellogg Company, General Mills Inc., etc. are eyeing the Korea market to capitalize on growing demand for unique blend of flavors such as green onion. Hence, they are likely to introduce a new range of flavors in Korea to gain revenue.
The Kellogg Company, Orion Confectionary Co. Ltd., and General Mills Inc. are some of the leading players proliferating in the market.
Purchase this Premium Research Report | Immediate Delivery Available@ https://www.futuremarketinsights.com/checkout/15698
Recent Developments
Cereal Bars Market Outlook by Category
By Product Type:
By Application:
By Flavor:
By Distribution Channel:
By Form:
By Region:
Access the Complete Report Methodology Now@ https://www.futuremarketinsights.com/request-report-methodology/rep-gb-15698
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 08, 2024