Consumer demand for healthy convenience is driving growth in the snack bar category with plant-based bars leading the charge.
According to Mordor Intelligence, the Australian snack bar market is forecasted to reach $760 million USD by 2024.
With no clear market leader, retail success relies on a robust and diverse range that meets the various needs of today’s modern consumer – with demand for convenience and nutrition being the leading purchase driver.
Changing modern lifestyles with the consumption of smaller meals, is further leading to increased snack consumption, propelling the demand for snack bars. Product development with new flavours and trending functional ingredients, like turmeric, hemp and ginger also factors in the growth.
Top sellers feature claims like organic ingredients, gluten free, dairy free, paleo, raw and no artificial ingredients. Good fats are also in demand, partially fuelled by the keto diet craze. Snacks bars featuring hemp seeds and oil get a big tick with consumers for their high bioavailable protein and functional benefits.
Millennials make up the majority of snack bar customers, particularly for breakfast bars. Modern schedules are leaving millennials extremely time-conscious, hence the rise of the grab n’ go breakfast trend. Similar grab n’ go patterns are emerging with lunch choices, as lunch breaks are getting shorter for many working Australians.
Consumers want snack bars that compliment today’s diet trends, with the main three selling points being low carb, healthy fats and high protein.
Sports bars, including high protein and energy bars are very important with more Australians hitting gyms and fitness clubs and living healthy active lifestyles. The sports bars segment of the sport and diet grocery category grew by almost 8% over the last year and was the largest segment of the overall category in grocery.
According to Mordor Intelligence, trial and destination are key for a retailer to unlock the potential of the sports bars segment, whereas the demand for cereal bars comes from their properties related to functionality and health.
While parents aren’t the primary consumer group, according to Mordor Intelligence, almost half of all parents who purchase snack bars prefer to see “all natural” and “quality and easily recognisable ingredients” when choosing products.
Take advantage of consumer demand, and ensure your shelves are stocked with a snack bar collection to suit all tastes! Find all of the below on-trend bars and more in our online store! You can place and order 24/7 or give our friendly sales team a call on 1800 787 904! If you haven’t yet registered with us, you can do so here.