Reinventing the business expansion strategies for major players in nutritional bars segment

Abstract

The Indian nutritional bars market is forecasted to grow at a CAGR of 25% during the forecasted period (2019-2024). The preliminary aspect of snack bars' sales in the country is consumer demand for convenient and healthy on-the-go snack alternatives. In addition, rising health-consciousness, healthy lifestyles, and increasing awareness about the advantages of consumption of lighter meals are later directing to the increased snacks consumption. All these trends and facts are attracting the demand for snack bars. Particularly in energy bars, people's increase in sports participation and increasing gym-going population are factors expected to propel snack bars' growth further. Snack bars in India are observed at a high price in comparison with regular snacking alternatives. This high price in comparison has allowed Indian companies like Patanjali, which has launched their own brands for energy bars. These energy bar brands are offered at lower price to the consumers.