South Korea Snack Bar Market Size, Share, and COVID-19 Impact Analysis, By Type (Cereal Bars, Energy Bars, Granola/Muesli, Fruit, Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, Others), and South Korea Snack Bar Market Insights Forecasts to 2032

Industry: Food & Beverages

RELEASE DATE Dec 2023
REPORT ID SI3173
PAGES 200
REPORT FORMAT PathSoft

South Korea Snack Bar Market Insights Forecasts to 2032

  • The South Korea Snack Bar Market Size was valued at USD XX Billion in 2022.
  • The Market Size is Growing at a CAGR of 9.15% from 2022 to 2032.
  • The South Korea Snack Bar Market Size is Expected to Reach USD XX Billion by 2032.

 South Korea Snack Bar Market

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The South Korea Snack Bar Market Size is Expected to Reach USD XX Billion by 2032, at a CAGR of 9.15% during the forecast period 2022 to 2032.

 

Market Overview

Snack bars are a popular snack food that is high in calories, nutritive, and lightweight. Snack bars are frequently condensed and mixed with corn syrup or honey to create a bar that is convenient to carry for outdoor activities like hiking. Plant-based snack bars come in a variety of popular flavour combinations, such as beet, spirulina, orange, peanut butter, brownie, and red berries. These are generally multipurpose products, with cereals, fruits, and nuts serving as the perfect food format to provide consumers with dietary fibre, bioactive compounds, and healthy nutrients. Furthermore, these products' high nutritional value is also anticipated to increase demand for them in the forecast period. The market is also expected to be driven by rising product popularity as go-to snacks that can take the place of high-calorie products like cakes, cookies, and chocolates. Moreover, the addition of fruits, nuts, and cereals in the filling of these bars draws in health-conscious customers, which in turn promotes market expansion. It is anticipated that the availability of snack bars for all-purpose energy, exercise, diet, meals, and nutrition will increase consumer acceptance and aid in the expansion of the South Korean market.    

 

Report Coverage

This research report categorizes the market for South Korean snack bar market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korean snack bar market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korean snack bar market.

 

South Korea Snack Bar Market Report Coverage

Report CoverageDetails
Base Year:2022
Market Size in 2022:USD XX Billion
Forecast Period:2022-2032
Forecast Period 2022-2032 CAGR:9.15%
2032 Value Projection:USD XX Billion
Historical Data for:2020-2021
No. of Pages:200
Tables, Charts & Figures:115
Segments covered:By Type, By Distribution Channel
Companies Covered: The Kellogg Company, Power Crunch, General Mills Inc., Lotte Foods Co. Ltd, Orion Confectionery Co. Ltd, OhYeah! Nutrition, Optimum Nutrition Inc., and Others.
Pitfalls & Challenges:Covid-19 Empact,Challenges,Growth, Analysis.

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Driving Factors

Market participants are being presented with profitable opportunities by the growing number of consumers who purchase online and the expansion of e-commerce platforms in South Korea. Smaller and speciality snack bar manufacturers can reach a wider audience thanks to e-commerce platforms, which fuels market expansion in South Korea. In addition, a positive market outlook is being created by the growing alliances and collaborations between snack bar manufacturers and other food and beverage (F&B) businesses to broaden their product offerings and boost profitability. Furthermore, sports nutrition has become increasingly popular, and health clubs and gyms have opened up as a result of the growing emphasis on fitness and health, which is one of the main factors driving the snack bar market's expansion in South Korea. Due to changing lifestyles and rising health concerns, health clubs and fitness centres have seen steady membership growth in recent years. The demand for sports nutrition products was fueled by an increase in health consciousness and the requirement for food to have sufficient nutritional content.

 

Restraining Factors

The high cost of these bars in comparison to other snacks is a significant factor hampering the market's growth in South Korea. Customers in less developed nations find products more expensive because of their strong preference for clean-label ingredients.

 

Market Segment

  • In 2022, the granola/muesli segment accounted for the largest revenue share over the forecast period.

Based on the type, the South Korean snack bar market is segmented into cereal bars, energy bars, granola/muesli, fruit, and others. Among these, the granola/muesli segment has the largest revenue share over the forecast period. Grains and oats, which are high in fibre, are good sources of filling energy that last longer than other foods. Studies on diets have shown that eating a diet high in fibre can aid in weight loss. Antioxidants like vitamin E found in nuts and dried fruit can also reduce inflammation in the body.

 

  • In 2022, the supermarkets/hypermarkets segment accounted for the largest revenue share over the forecast period.

Based on the distribution channel, the South Korean snack bar market is segmented into supermarkets/hypermarkets, convenience stores, speciality stores, online stores, and others. Among these, the supermarkets/hypermarkets segment has the largest revenue share over the forecast period. supermarkets/hypermarkets can provide their customers with good discounts because of the large volume of products they have on sale. Customers are happily encouraged to purchase more at a reduced cost by these discounted rates. Both the hypermarket and the consumers especially those who purchase their supplies in bulk benefit from the arrangement.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korean snack bar market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • The Kellogg Company
  • Power Crunch
  • General Mills Inc.
  • Lotte Foods Co. Ltd
  • Orion Confectionery Co. Ltd
  • OhYeah! Nutrition
  • Optimum Nutrition Inc.

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea snack bar market based on the below-mentioned segments:

 

South Korea Snack Bar Market, By Type

  • Cereal Bars
  • Energy Bars
  • Granola/Muesli
  • Fruit
  • Others

 

South Korea Snack Bar Market, By Distribution Channel

  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Speciality Stores
  • Online Stores
  • Others

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