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North America holds a significant share of the snack bars industry owing to the growing demand for convenience food products in the region. Moreover, the surging health-consciousness owing to the rising prevalence of health-related issues such as obesity in the United States and Canada is propelling the market growth of snack bars. Furthermore, the development of various innovative snack bars offering numerous health benefits is augmenting the industry growth. In addition, the growing demand for on-the-go convenient snacks owing to the hectic lifestyle of the working population is increasing the demand for snack bars, which is invigorating the industry growth, hence significantly contributing to the market growth.
Nestlé S.A. (SWX: NESN), one of the leading companies in the market, launched a new range of YES! snack bars in July 2020. Each bar contains 10 grams of plant protein from a natural combination of peas and nuts. The company launched the product in the wake of recent research that inferred that the demand for natural protein sources with no additives is surging. The YES! Bar carries 10 grams of plant protein to provide energy to the consumers on-the-go. The bars are made of wholesome ingredients and contain no artificial colours or preservatives. They are high in fibre, are gluten-free, and are suitable for vegetarians. It also provides a diverse choice to consumers looking for innovative plant-based protein. The product is expected to be available in two flavours in sustainable packaging. The development of such products is expected to augment the market growth.
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The major players in the global market for snack bars are Kellogg Company, Nestlé S.A., PepsiCo, Inc., Associated British Foods PLC, General Mills Inc., and Clif Bar & Company, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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