Booming Nutrition Bars Market to Spur the Demand for Nutritional Premixes
Nutrition industry is exhibiting consistent growth in the recent years, primarily driven by shifting consumer preferences towards healthy foods and expanding list of products. According to the industry estimates, the global nutrition market was valued at around $400 billion in 2014 and is forecast to grow at a CAGR of 6% during 2015-2020. Nutritional premixes which forms a part of this industry has gained prominence on the supply side of the value chain with proven benefits related to cost and efficiency in fortification.
Currently, consumers have been giving considerable weightage to the nutritional value of the product along with other parameters such as cost, taste and feel while purchasing a food product. This shift in consumer preferences is rapidly spreading across various food products. On the go consumption which includes snack bars has been one of the major consumer trends in the developed nations. In these countries, the inclination for snack bars with high nutritional value have been gaining momentum as compared to other categories such as breakfast bars, fruit bars and muesli bars.
The market for nutrition snack bars with specific health benefits in U.S. was valued at $2.65 billion and is estimated to grow at 12% year on year, mainly driven by the wide spread on-the go consumption coupled with preference for high nutritive products. Energy and nutrition snack bar manufacturers have been launching products that are tailored to various consumer groups such as children, athletes, women and so on to reap benefits from this emerging trend. Driven by these favourable factors, the market for premixes is estimated to expand briskly in snack bars segment in the next five years.
