Energy Ball Market: Introduction
Energy drink, ball or bar is a highly nutritious product that uses scientific analysis to claim to enhance physical performance during rigorous physical activity and/or speedy recovery afterward. In this context, energy drinks, ball and bars are designed specifically to deliver both carbohydrates and essential vitamins & minerals into the body. The sports food and beverage market is a mature market and has reached a saturation point for key consumers, specifically millennials. This segment of the sports nutrition market requires more innovation to increase market penetration. Hence, manufacturers are offering substitute such as energy balls to increase their reach. Energy balls are ball-shaped protein energy snacks with high nutritional content. In the past years, demand for vegan energy balls has increased rapidly and continues to increase at a significant rate. In developed markets, preference for chocolate flavor, coconut flavor, nut flavor, mint flavor and lime flavor has grown significantly, leading to higher demand for ethnic and exotic flavorings. Addition of exotic flavors to existing product lines continues to be one of the key strategies adopted by global manufacturers to attract consumer’s attention in more mature markets of the North America and Europe. In addition, growing prevalence for energy food, drinks, and gels has led to the incorporation of more striking flavor profiles, thereby driving the growth of the market for global energy balls market.
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Historically, users of sports nutrition products have been limited to bodybuilders and athletes, but now this has expanded to include recreational users and lifestyle users as well. As a result, demand for energy balls has increased substantially. Earlier the product was only available in specialty stores; however, increasing demand for energy balls has prompted vendors to offer products in other retail outlets as well. This resulted in increased visibility of energy balls products in supermarket/hypermarket and online stores.
Energy Ball Market Segmentation
Global Energy Ball market can be segmented on the basis nature, distribution channel, and region. Based on the nature, Energy Ball is segmented into organic and conventional. On the basis of flavor energy ball market is segmented into chocolate flavor, nut flavor, fruit flavor, fusion flavor and others. On the basis of the distribution channel, Energy Ball market is segmented into modern trade, specialty stores, online retail, and convenience stores.
Energy Ball Market: Regional Outlook
On the basis of geography, the Energy Ball market is segmented into North America, Latin America, Europe, Asia-Pacific, and MEA. Globally, among all regions, North America is expected to be the largest market for the Energy Ball, followed by Europe over the forecast period. In North America, U.S. is the most dominating segment and is expected to contribute maximum revenue in the coming four to five years due to the relatively high consumption of products rich in protein content in U.S. However Asia Pacific is anticipated to witness rapid growth over the forecast period owing to the increased health consciousness among the millennials coupled with increasing per capita disposable income and growing consumer preferences for the food products rich in nutritional content in countries such as China and India.
Energy Ball Market: Dynamics
Consumer awareness about potential adverse effects of adulterated drugs is increasing in various developed countries across the globe. Rising health awareness has led to rising preference for energy balls, bars and energy drinks among consumers worldwide. In addition, consumers are more aware of the various nutritional values of nuts, cereals, & fruits and the associated health benefits such as increasing antioxidant levels, reduced risks of metabolic diseases including obesity and diabetes, related with consumption. Furthermore, energy balls are fortified with a range of minerals and vitamins such as A, B, E, B12, Calcium, Iron, and Zinc.
Currently, manufacturers are more focused on manufacturing energy balls which are more nutritive and healthier. Manufacturers are focusing on natural ingredients their products without hampering the nutritional value, and thus can be considered relatively more natural than chemically synthesized equivalents.
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However, the cost for production of energy bars is high as producers have lower production per unit of input and increased labor cost, while the margins are squeezing due to increasing competition. These are the factors expected to restrain the growth of energy balls market in the region. Moreover, there is no proper alignment between supply and demand as the information system and statistics available for producers is not as reliable and detailed as of the food industry and general agriculture in the countries with well-developed markets
Energy Ball Market Key Player:
Some of the major players operating in Energy Ball market includes Boostball, Bounce Foods ltd, DELICIOUSLY ELLA LTD., Windmill Organics, Made In Nature, Inc., Betty Lou’s Inc., Nutri-Brex and other regional players.