PUBLISHER: Mordor Intelligence | PRODUCT CODE: 703522
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 703522
Asia-Pacific cereal bar market is expected to witness a CAGR 5.34% during the forecast period 2020-2025.
The Asia-Pacific is one of the leading markets due to the increasing trend of athleticism, rising concern for health, and shift in dietary patterns due to changing lifestyles. The incorporation of new flavors with healthy ingredients is a major driving the snack bar market. Asia-Pacific cereal bar market is driven by growing awareness, demand from young adults and athletes. With the growing concerns for diabetes and obesity in the region, consumers in this region are giving equal importance to nutritional value and taste profile. The increasing demand for cereal bars is majorly due to the wide customer base, greater detailing of manufacturers towards innovative products, and the use of cross-marketing strategies by key players in the market.
Increasing awareness of health issues and the growing aging population in the country are the key factors driving the growth of the market. Consumers are demanding naturally-sourced, healthy, and nutritious food products, which, in turn, is boosting the demand for cereal bars among consumers in India. Snack bars are gaining more popularity, as compared to the other bars, due to their high protein content. Indian consumers spend more on healthy and convenience snack products, due to changing lifestyles and increasing dietary intake. The trend of "anytime" snacks is increasing in the country, and snack bars are used as a meal replacement by health-conscious consumers.
The Asia-Pacific cereal bar market is competitive and holds a considerable prevalence of several local and international players in the region. Some of the dominant players in the market are Kellogg Company, Yogabars, Nestle, and PepsiCo Inc. Product innovations and new launches have been the key strategy adopted by the manufacturers in the region.