LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global granola bars market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Manjunath Reddy, a lead analyst from Technavio, specializing in research on food sector, says, “Maintaining a healthy lifestyle with healthy snacks is a top priority among consumers today. However, besides health benefits, consumers also look for good taste when purchasing food products. Thus, granola bars fit all the requirements of consumers, because of which the market is expected to grow at a CAGR of close to 9% during the forecast period.”
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The top three emerging market trends driving the global granola bars market according to Technavio food and beverage research analysts are:
- Increasing demand for vegan granola bars
- Burgeoning marketing initiatives
- Launch of interesting flavors to entice consumers
Increasing demand for vegan granola bars
Vegan diet is a part of the larger vegan lifestyle that displays strong support for animal rights and concern for the environment. Consumers embracing the vegan lifestyle make a conscious effort to stay away from products of animal origin, be it food, clothing, or accessories. They opt for healthy substitutes for meat, dairy, and other conventional sources of protein and perceive vegan diet to be healthier than a meat-based one.
With the growing popularity of the vegan culture, packaged food items like granola bars that are vegan are increasingly being consumed. Thus, players are coming up with more varieties of vegan granola bars. Some examples of vegan granola bars are Nature Valley Crunchy Granola Bars, and Earnest Eats Vegan Chewy Granola Bars.
Burgeoning marketing initiatives
Granola bar vendors are following integrated marketing communication, using newspapers, magazines, and social media such as YouTube and Facebook to sell their products. These communication channels are playing a key role in generating product awareness and focusing on the benefits of granola bars. Players are also launching innovative advertisement campaigns displaying the various new flavors of granola bars and the important ingredients used in these bars to create a positive impact on consumers.
“Natural Valley launched a campaign called ‘Get Out There’ in 2014 to communicate the message that whole grains present in granola bars provide long-lasting energy. These marketing initiatives are increasing the salability of granola bars,” says Manjunath.
Launch of interesting flavors to entice consumers
Many new products have emerged in the global granola bars market. Granola bars are now available in various flavors such as peanut butter, chocolate, caramel, banana, honey, and strawberry. Players are coming up with interesting flavors to attract the consumes. Many new organic granola bars such as Bora Bora, Cascadian Farm, and Honest Foods have been introduced in the market.
Innovative combinations of ingredients are becoming popular in granola bars. An example of a granola bar that has an innovative combination of ingredients is Pamela's Gluten-Free Oat Blueberry Lemon Whenever Bars, which are cookie-like granola moist bars packed with fruit, grains, and other ingredients.
The antioxidant content in the bars is being given a lot of priority by the vendors. An example of an antioxidant-rich granola bar is Organic Chewy Granola Bars that contains antioxidant-rich ingredients such as maple nut and chocolate omega.
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