Asia Pacific Snack Bar - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2030)

Asia Pacific Snack Bar - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2030)

The Asia Pacific Snack Bar Market size is estimated at 1.97 billion USD in 2024, and is expected to reach 3.36 billion USD by 2030, growing at a CAGR of 9.33% during the forecast period (2024-2030).

Supermarkets and hypermarkets account for a major market share as consumers are interested in in-person grocery shopping and discount offers

• In Asia-Pacific, the overall retailing segment maintained a growth rate of 4.59% in 2023 compared to 2022. The segment is anticipated to grow further with the consumers' growing inclination for convenient shopping facilities.
• Supermarkets and hypermarkets are the largest retailers in the Asia-Pacific snack bar market. These stores have a tendency to offer a wide range of chocolate products with creative offers to their customers. The sales volume of snack bar products in supermarkets and hypermarkets in the region grew by 4.22% in 2022, and it is anticipated to register a CAGR of 9.42% during 2025-2028. Through supermarkets and hypermarkets, cereal bars are sold the most, accounting for a 46.32% share of the total snack bar market in 2023, mainly due to the growing number of health-conscious consumers
• Under the overall retailing segment, convenience store was the second-largest segment by volume in 2023. Some of the popular stores in Asia-Pacific are Walmart, 7-Eleven, and Circle-K. By 2025, the convenience store segment in Asia-Pacific is estimated to register a growth rate of 4.48% by volume compared to 2020.
• Online retail store is the fastest-growing segment in Asia-Pacific. The e-commerce business accounted for a CAGR of 5.85% in 2023. The growing number of internet users across the region is the major factor influencing the acceleration of the growth of e-commerce websites.
• During the forecast period, the overall retailing segment in Asia-Pacific is expected to register a growth rate of 8.21% by volume. Factors such as rising interest in in-person shopping and discounts and offers are likely to drive the retailing industry drastically.

Growing awareness regarding health-oriented products is likely to boost the segment’s sales

• In Asia-Pacific, the snack bar segment witnessed a favorable value growth rate of 5.79% in 2023 compared to 2022, primarily due to the growing consciousness among consumers about healthy eating trends and a significant presence of youth and working consumers with hectic lifestyles. Many people count calories while eating and plan their menus accordingly to maintain a healthy lifestyle. In 2023, about 70% of the consumers in the region were willing to increase their spending on health and wellness as they became more health-conscious following the prevalence of ailments and adulteration.
• By country, Japan holds the major share in the region, supported by the highest consumption of snack bars in the market. It registered a Y-o-Y growth rate of 4.22% by value in 2023 compared to 2022. Among all the available snack bar variants, consumers in Japan perceive protein bars as healthier than any other product fortified with protein. In 2022, about 76% of Japanese consumers consider protein and energy bars to be healthy. Australia is the second leading country in the region in terms of snack bar consumption. Australian consumers spend more on healthy and convenient snack products due to the country's changing lifestyles, increasing dietary intake, and sports culture. In 2023, more than 90% of adults had an interest in sports. About 13 million adults and 3 million children take part in sports each year.
• China is likely to be the fastest-growing segment and is expected to register a growth rate of 11.89% by value in 2030 compared to 2024. The snack bar segment in the country is experiencing rapid growth due to evolving lifestyles and consumer preferences, as well as the influence of Western culture in terms of food choices.

Asia Pacific Snack Bar Market Trends

Growing demand for on-the-go food snacking options supports the market growth in Asian countries

• Snacking is playing a major role in the region, with snack bars being a more convenient, on-the-go snack option. They are considered to be healthy, portable, and can be easily consumed anywhere as a breakfast or meal replacement. I
• Consumers in the region prefer snack bars for high protein, taste, and naturalness. In 2022, 13% of consumers in China claimed that they look for high protein in their protein bars, while 12% of consumers look for naturally produced.; Also, more consumers in the region are looking for bar options with smaller portion sizes, such as minis and bites.
• Price is a major factor in consumer buying behavior for snack bars in the region. The trend of premium snack bars is expected to drive market growth and consumer recognition in this region. In 2022, 80% of consumers in China claimed to pay a premium for their preferred protein source.
• Snack bars are versatile products often made, with cereals, fruits, and nuts being an ideal food format to deliver healthy nutrients, bioactive compounds, and dietary fiber to consumers.; Consumers in the region are looking for healthier snack alternatives that can be consumed on the go.

APAC Snack Bars Industry Overview

The Asia Pacific Snack Bar Market is fragmented, with the top five companies occupying 17.07%. The major players in this market are Asahi Group Holdings Ltd, Carman's Fine Foods Pty Ltd, General Mills Inc., Nestlé SA and Otsuka Holdings Co. Ltd (sorted alphabetically).

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