シリアルバー市場レポート：製品別、フレーバー別、流通チャネル別、地域別、2025年～2033年

世界のシリアルバーの市場規模は2024年に171億米ドルに達しました。今後、IMARC Groupは、2033年までには299億米ドルに達し、2025年から2033年にかけて6.4%の成長率（CAGR）を示すと予測しています。

シリアルバーは、コーンスターチ、ビスケット、オーツ麦、米、牛乳、食用接着剤を使用して配合され、ビタミン、ミネラル、その他の必須栄養素で強化されています。鉄分、でんぷん、食物繊維、タンパク質、抗酸化物質、リン、カリウムが豊富に含まれています。エネルギー増加、体重管理、筋肉量の向上、消化器系の健康増進、骨の強化に役立ちます。さらに、糖尿病の管理、血糖値の低下、血圧（BP）の改善、食欲の抑制、持久的活動時のエネルギー補給にも役立ちます。

多忙なライフスタイルや食事パターンの変化により、バランスの取れた食生活の維持を助けるシリアルバーのような健康的ですぐに食べられる（RTE）食品の需要が増加しています。さらに、身体活動への参入企業の増加が市場の成長に寄与しています。さらに、健康志向の高まりは、ココナッツ、エンドウ豆、アーモンド、クリーミーなココアバター、ヒマワリやチアシードなどの天然素材を使用した製品の需要を高めています。主要企業はまた、グルテンや砂糖を使用せず、添加物や保存料を使用しない非遺伝子組み換え（non-GMO）製品を提供しています。このほか、コロナウイルス疾患（COVID-19）の流行により、シリアルバーのような栄養価の高い食品の消費が個人間で増加しています。しかし、市場関係者は、数カ国の政府による操業停止やサプライチェーンの混乱などを理由に、増大する需要を満たすことができないでいます。ロックダウン規制が緩和されれば、市場は復活すると予想されます。

本レポートで扱う主な質問

• シリアルバーの世界市場の2024年の規模は？
• シリアルバーの世界市場の2025年から2033年の予想成長率は？
• シリアルバーの世界市場に対するCOVID-19の影響は？
• シリアルバーの世界市場を牽引する主要因は？
• シリアルバーの世界市場における製品別の区分は？
• シリアルバーの世界市場における流通チャネル別の区分は？
• シリアルバーの世界市場における主要地域は？
• シリアルバーの世界市場における主要プレイヤー/企業は？

目次

第1章 序文

第2章 調査範囲と調査手法

• 調査の目的
• ステークホルダー
• データソース
  • 一次情報
  • 二次情報
• 市場推定
  • ボトムアップアプローチ
  • トップダウンアプローチ
• 調査手法

第3章 エグゼクティブサマリー

第4章 イントロダクション

第5章 世界のシリアルバー市場

• 市場概要
• 市場実績
• COVID-19の影響
• 市場予測

第6章 市場内訳：製品別

• スナックバー
• エネルギー・栄養バー
• その他

第7章 市場内訳：フレーバー別

• キャラメル
• バナナ
• チョコレート
• ハニー
• いちご
• ピーナッツバター
• その他

第8章 市場内訳：流通チャネル別

• スーパーマーケット・ハイパーマーケット
• 食品専門店
• コンビニエンスストア
• オンラインストア
• その他

第9章 市場内訳：地域別

• 北米
  • 米国
  • カナダ
• アジア太平洋
  • 中国
  • 日本
  • インド
  • 韓国
  • オーストラリア
  • インドネシア
  • その他
• 欧州
  • ドイツ
  • フランス
  • 英国
  • イタリア
  • スペイン
  • ロシア
  • その他
• ラテンアメリカ
  • ブラジル
  • メキシコ
  • その他
• 中東・アフリカ

第10章 SWOT分析

第11章 バリューチェーン分析

第12章 ポーターのファイブフォース分析

第13章 価格分析

第14章 競合情勢

• 市場構造
• 主要企業
• 主要企業のプロファイル
  • Atkins Nutritionals Inc（Simply Good Foods Co.）
  • Clif Bar & Company
  • Eat Natural
  • General Mills Inc.
  • Kellogg Company
  • Kind LLC
  • McKee Foods Corporation
  • Nestle S.A
  • Otsuka Pharmaceutical
  • Quaker Oats Co.（PepsiCo）

List of Figures

• Figure 1: Global: Cereal Bars Market: Major Drivers and Challenges
• Figure 2: Global: Cereal Bars Market: Sales Value (in Billion USD), 2019-2024
• Figure 3: Global: Cereal Bars Market: Breakup by Product (in %), 2024
• Figure 4: Global: Cereal Bars Market: Breakup by Flavor (in %), 2024
• Figure 5: Global: Cereal Bars Market: Breakup by Distribution Channel (in %), 2024
• Figure 6: Global: Cereal Bars Market: Breakup by Region (in %), 2024
• Figure 7: Global: Cereal Bars Market Forecast: Sales Value (in Billion USD), 2025-2033
• Figure 8: Global: Cereal Bars (Snacks Bar) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 9: Global: Cereal Bars (Snacks Bar) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 10: Global: Cereal Bars (Energy and Nutrition Bar) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 11: Global: Cereal Bars (Energy and Nutrition Bar) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 12: Global: Cereal Bars (Other Products) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 13: Global: Cereal Bars (Other Products) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 14: Global: Cereal Bars (Caramel) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 15: Global: Cereal Bars (Caramel) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 16: Global: Cereal Bars (Banana) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 17: Global: Cereal Bars (Banana) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 18: Global: Cereal Bars (Chocolate) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 19: Global: Cereal Bars (Chocolate) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 20: Global: Cereal Bars (Honey) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 21: Global: Cereal Bars (Honey) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 22: Global: Cereal Bars (Strawberry) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 23: Global: Cereal Bars (Strawberry) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 24: Global: Cereal Bars (Peanut Butter) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 25: Global: Cereal Bars (Peanut Butter) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 26: Global: Cereal Bars (Other Flavors) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 27: Global: Cereal Bars (Other Flavors) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 28: Global: Cereal Bars (Supermarkets and Hypermarkets) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 29: Global: Cereal Bars (Supermarkets and Hypermarkets) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 30: Global: Cereal Bars (Food Specialty Stores) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 31: Global: Cereal Bars (Food Specialty Stores) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 32: Global: Cereal Bars (Convenience Stores) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 33: Global: Cereal Bars (Convenience Stores) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 34: Global: Cereal Bars (Online Stores) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 35: Global: Cereal Bars (Online Stores) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 36: Global: Cereal Bars (Other Distribution Channels) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 37: Global: Cereal Bars (Other Distribution Channels) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 38: North America: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 39: North America: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 40: United States: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 41: United States: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 42: Canada: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 43: Canada: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 44: Asia Pacific: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 45: Asia Pacific: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 46: China: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 47: China: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 48: Japan: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 49: Japan: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 50: India: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 51: India: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 52: South Korea: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 53: South Korea: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 54: Australia: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 55: Australia: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 56: Indonesia: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 57: Indonesia: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 58: Others: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 59: Others: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 60: Europe: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 61: Europe: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 62: Germany: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 63: Germany: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 64: France: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 65: France: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 66: United Kingdom: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 67: United Kingdom: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 68: Italy: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 69: Italy: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 70: Spain: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 71: Spain: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 72: Russia: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 73: Russia: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 74: Others: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 75: Others: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 76: Latin America: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 77: Latin America: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 78: Brazil: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 79: Brazil: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 80: Mexico: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 81: Mexico: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 82: Others: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 83: Others: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 84: Middle East and Africa: Cereal Bars Market: Sales Value (in Million USD), 2019 & 2024
• Figure 85: Middle East and Africa: Cereal Bars Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 86: Global: Cereal Bars Industry: SWOT Analysis
• Figure 87: Global: Cereal Bars Industry: Value Chain Analysis
• Figure 88: Global: Cereal Bars Industry: Porter's Five Forces Analysis

List of Tables

• Table 1: Global: Cereal Bars Market: Key Industry Highlights, 2024 and 2033
• Table 2: Global: Cereal Bars Market Forecast: Breakup by Product (in Million USD), 2025-2033
• Table 3: Global: Cereal Bars Market Forecast: Breakup by Flavor (in Million USD), 2025-2033
• Table 4: Global: Cereal Bars Market Forecast: Breakup by Distribution Channel (in Million USD), 2025-2033
• Table 5: Global: Cereal Bars Market Forecast: Breakup by Region (in Million USD), 2025-2033
• Table 6: Global: Cereal Bars Market: Competitive Structure
• Table 7: Global: Cereal Bars Market: Key Players

The global cereal bars market size reached USD 17.1 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 29.9 Billion by 2033, exhibiting a growth rate (CAGR) of 6.4% during 2025-2033.

Cereal bars are formulated using corn starch, biscuits, oats, rice, milk and edible adhesives and are fortified with vitamins, minerals and other essential nutrients. These bars are rich in iron, starch, fiber, proteins, antioxidants, phosphorus and potassium. They assist in increasing energy, managing weight, improving muscle mass, enhancing digestive health and strengthening bones. Moreover, they can help in managing diabetes, lowering blood sugar and improving blood pressure (BP), as well as curbing the appetite and providing additional energy during endurance activities.

Due to hectic lifestyles and changing dietary patterns, there is a rise in the demand for healthy and ready-to-eat (RTE) food products, such as cereal bars, that assist in maintaining a balanced diet. Moreover, the growing participation of individuals in physical activities is contributing to the market growth. Furthermore, the rising health consciousness is escalating the demand for variants that are made using natural ingredients, such as coconuts, peas, almonds and creamy cocoa butter, and sunflower and chia seeds. The key players are also offering gluten and sugar-free, and non-genetically modified (non-GMO) variants with no additives and preservatives. Besides this, the coronavirus disease (COVID-19) outbreak has increased the consumption of nutritious food products among individuals, such as cereal bars. However, the market players are unable to meet the escalating demand on account of lockdowns imposed by governments of several countries and disrupted supply chains. The market is anticipated to revive once lockdown restrictions are relaxed.

Key Market Segmentation:

Breakup by Product:

• Snacks Bar
• Energy and Nutrition Bar
• Others

Breakup by Flavor:

• Caramel
• Banana
• Chocolate
• Honey
• Strawberry
• Peanut Butter
• Others

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Food Specialty Stores
• Convenience Stores
• Online Stores
• Others

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Atkins Nutritionals Inc. (Simply Good Foods Co.), Clif Bar & Company, Eat Natural, General Mills Inc., Kellogg Company, Kind LLC, McKee Foods Corporation, Nestle S.A, Otsuka Pharmaceutical and Quaker Oats Co. (PepsiCo).

Key Questions Answered in This Report

• 1.What was the size of the global cereal bars market in 2024?
• 2.What is the expected growth rate of the global cereal bars market during 2025-2033?
• 3.What has been the impact of COVID-19 on the global cereal bars market?
• 4.What are the key factors driving the global cereal bars market?
• 5.What is the breakup of the global cereal bars market based on the product?
• 6.What is the breakup of the global cereal bars market based on the distribution channel?
• 7.What are the key regions in the global cereal bars market?
• 8.Who are the key players/companies in the global cereal bars market?

Table of Contents

1 Preface

2 Scope and Methodology

• 2.1 Objectives of the Study
• 2.2 Stakeholders
• 2.3 Data Sources
  • 2.3.1 Primary Sources
  • 2.3.2 Secondary Sources
• 2.4 Market Estimation
  • 2.4.1 Bottom-Up Approach
  • 2.4.2 Top-Down Approach
• 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

• 4.1 Overview
• 4.2 Key Industry Trends

5 Global Cereal Bars Market

• 5.1 Market Overview
• 5.2 Market Performance
• 5.3 Impact of COVID-19
• 5.4 Market Forecast

6 Market Breakup by Product

• 6.1 Snacks Bar
  • 6.1.1 Market Trends
  • 6.1.2 Market Forecast
• 6.2 Energy and Nutrition Bar
  • 6.2.1 Market Trends
  • 6.2.2 Market Forecast
• 6.3 Others
  • 6.3.1 Market Trends
  • 6.3.2 Market Forecast

7 Market Breakup by Flavor

• 7.1 Caramel
  • 7.1.1 Market Trends
  • 7.1.2 Market Forecast
• 7.2 Banana
  • 7.2.1 Market Trends
  • 7.2.2 Market Forecast
• 7.3 Chocolate
  • 7.3.1 Market Trends
  • 7.3.2 Market Forecast
• 7.4 Honey
  • 7.4.1 Market Trends
  • 7.4.2 Market Forecast
• 7.5 Strawberry
  • 7.5.1 Market Trends
  • 7.5.2 Market Forecast
• 7.6 Peanut Butter
  • 7.6.1 Market Trends
  • 7.6.2 Market Forecast
• 7.7 Others
  • 7.7.1 Market Trends
  • 7.7.2 Market Forecast

8 Market Breakup by Distribution Channel

• 8.1 Supermarkets and Hypermarkets
  • 8.1.1 Market Trends
  • 8.1.2 Market Forecast
• 8.2 Food Specialty Stores
  • 8.2.1 Market Trends
  • 8.2.2 Market Forecast
• 8.3 Convenience Stores
  • 8.3.1 Market Trends
  • 8.3.2 Market Forecast
• 8.4 Online Stores
  • 8.4.1 Market Trends
  • 8.4.2 Market Forecast
• 8.5 Others
  • 8.5.1 Market Trends
  • 8.5.2 Market Forecast

9 Market Breakup by Region

• 9.1 North America
  • 9.1.1 United States
    • 9.1.1.1 Market Trends
    • 9.1.1.2 Market Forecast
  • 9.1.2 Canada
    • 9.1.2.1 Market Trends
    • 9.1.2.2 Market Forecast
• 9.2 Asia Pacific
  • 9.2.1 China
    • 9.2.1.1 Market Trends
    • 9.2.1.2 Market Forecast
  • 9.2.2 Japan
    • 9.2.2.1 Market Trends
    • 9.2.2.2 Market Forecast
  • 9.2.3 India
    • 9.2.3.1 Market Trends
    • 9.2.3.2 Market Forecast
  • 9.2.4 South Korea
    • 9.2.4.1 Market Trends
    • 9.2.4.2 Market Forecast
  • 9.2.5 Australia
    • 9.2.5.1 Market Trends
    • 9.2.5.2 Market Forecast
  • 9.2.6 Indonesia
    • 9.2.6.1 Market Trends
    • 9.2.6.2 Market Forecast
  • 9.2.7 Others
    • 9.2.7.1 Market Trends
    • 9.2.7.2 Market Forecast
• 9.3 Europe
  • 9.3.1 Germany
    • 9.3.1.1 Market Trends
    • 9.3.1.2 Market Forecast
  • 9.3.2 France
    • 9.3.2.1 Market Trends
    • 9.3.2.2 Market Forecast
  • 9.3.3 United Kingdom
    • 9.3.3.1 Market Trends
    • 9.3.3.2 Market Forecast
  • 9.3.4 Italy
    • 9.3.4.1 Market Trends
    • 9.3.4.2 Market Forecast
  • 9.3.5 Spain
    • 9.3.5.1 Market Trends
    • 9.3.5.2 Market Forecast
  • 9.3.6 Russia
    • 9.3.6.1 Market Trends
    • 9.3.6.2 Market Forecast
  • 9.3.7 Others
    • 9.3.7.1 Market Trends
    • 9.3.7.2 Market Forecast
• 9.4 Latin America
  • 9.4.1 Brazil
    • 9.4.1.1 Market Trends
    • 9.4.1.2 Market Forecast
  • 9.4.2 Mexico
    • 9.4.2.1 Market Trends
    • 9.4.2.2 Market Forecast
  • 9.4.3 Others
    • 9.4.3.1 Market Trends
    • 9.4.3.2 Market Forecast
• 9.5 Middle East and Africa
  • 9.5.1 Market Trends
  • 9.5.2 Market Breakup by Country
  • 9.5.3 Market Forecast

10 SWOT Analysis

• 10.1 Overview
• 10.2 Strengths
• 10.3 Weaknesses
• 10.4 Opportunities
• 10.5 Threats

11 Value Chain Analysis

12 Porters Five Forces Analysis

• 12.1 Overview
• 12.2 Bargaining Power of Buyers
• 12.3 Bargaining Power of Suppliers
• 12.4 Degree of Competition
• 12.5 Threat of New Entrants
• 12.6 Threat of Substitutes

13 Price Analysis

14 Competitive Landscape

• 14.1 Market Structure
• 14.2 Key Players
• 14.3 Profiles of Key Players
  • 14.3.1 Atkins Nutritionals Inc (Simply Good Foods Co.)
    • 14.3.1.1 Company Overview
    • 14.3.1.2 Product Portfolio
  • 14.3.2 Clif Bar & Company
    • 14.3.2.1 Company Overview
    • 14.3.2.2 Product Portfolio
  • 14.3.3 Eat Natural
    • 14.3.3.1 Company Overview
    • 14.3.3.2 Product Portfolio
    • 14.3.3.3 Financials
  • 14.3.4 General Mills Inc.
    • 14.3.4.1 Company Overview
    • 14.3.4.2 Product Portfolio
    • 14.3.4.3 Financials
    • 14.3.4.4 SWOT Analysis
  • 14.3.5 Kellogg Company
    • 14.3.5.1 Company Overview
    • 14.3.5.2 Product Portfolio
    • 14.3.5.3 Financials
    • 14.3.5.4 SWOT Analysis
  • 14.3.6 Kind LLC
    • 14.3.6.1 Company Overview
    • 14.3.6.2 Product Portfolio
  • 14.3.7 McKee Foods Corporation
    • 14.3.7.1 Company Overview
    • 14.3.7.2 Product Portfolio
  • 14.3.8 Nestle S.A
    • 14.3.8.1 Company Overview
    • 14.3.8.2 Product Portfolio
    • 14.3.8.3 Financials
    • 14.3.8.4 SWOT Analysis
  • 14.3.9 Otsuka Pharmaceutical
    • 14.3.9.1 Company Overview
    • 14.3.9.2 Product Portfolio
    • 14.3.9.3 Financials
    • 14.3.9.4 SWOT Analysis
  • 14.3.10 Quaker Oats Co. (PepsiCo)
    • 14.3.10.1 Company Overview
    • 14.3.10.2 Product Portfolio