Nut Butter Bar Market Forecast and CAGR
According to the latest research by Persistence Market
Research, the nut butter bar market is set to have a steady growth during
2021-2031. Demand for nut butter bars is expected to increase in the food
& beverage industry. The health-consciousness among the consumers is
one of the driving factors behind the growth of the nut butter bar
market.
With the large number of companies offering various flavours
and coming up with new product development in the nut butter bar segment, there
are wide opportunities for the key players.
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What is Driving Demand for Nut Butter Bar?
The increasing preference for healthy and nutritionally
beneficial products in the market is driving the nut butter bar market across
the globe. One factor which is driving the growth of the nut butter bar market
is the increasing popularity of on-the-go breakfasts.
These nut butter bars are also consumed in between meals.
The acceptance of nut butter bars not only for breakfast but for lunch and as
snacks item has increased the demand for nut butter bars. Nut butter bars also
give a more prolonged release of energy.
The nut butter bars are customized according to the region
in which they are served, by the manufacturers. The nut butter bars are not
only nutritious and safe for health but are also appetizing, which makes the
nut butter bars an all-time eating option.
Nut butter bar makers are also innovating and coming up with
new variations to increase the market share by adding new protein-rich
ingredients such as nuts, puffed rice, oats,
and others. The conversion of a nut butter bar from a snack to a food item that
can be eaten at any time of the day has increased the market growth of nut
butter bars.
The increase in the purchasing power parity is also expected
to drive the market growth of nut butter bars in snacks. The growing use of
different types of nuts like hazelnuts, almonds, and cashew in snacks bar owing
to the good source of vitamins, fibers, and minerals is anticipated to increase
the product demand. The increase in the spending capacity of customers along
with the restless lifestyle of consumers would increase the nut butter bar
market.
These nut butter bars are popular among athletes, sportsman
and young adults as it gives longer release of energy. These nut butter bars
are high in proteins and vitamins and help in appetite suppression, weight
management, and improved digestive health. The demand for these products is,
therefore, gaining attraction among the athletes.
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What is the Effect of Covid-19 on the Nut Butter Bar
Market?
The COVID-19 pandemic severely impacted the end-use
industries of the nut butter bar market. Hence, there has been a significant
drop in the demand for nut butter bars across the globe. Though, the online
shops are the ones that are helping this nut butter bar industry to stay afloat
in this pandemic situation.
The disruption in the supply chain has also impacted the
market due to which there is a delay in the operations and an imbalance in
supply and demand. However, change in lifestyle, increasing health awareness
and people’s interest in buying nutritional bars from an online retail store
are some of the factors due to which there is a steady growth in the nut butter
bar market.
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