Protein Bars Market Overview
The global protein bar market is projected to register a CAGR of 6.34 % and USD 7.05 billion during the forecast period (2023-2030), as highlighted by the relevant market trends and analysis. Protein is considered an important element that supports fitness progress. Therefore, consumers opt for weight management and energy products, such as protein bars, to remain fit and healthy. Owing to their high nutrition levels, the idea of protein bars are gaining prominence among health-conscious consumers.
Due to the COVID-19 pandemic, increased sales of snacks, bars, and other convenience foods were observed during the lockdown, which sustained the demand for protein bars market. As the consumers’ interest in products that render support for the overall maintenance of health and wellness increased, the ambiguous situation across the world urged them to increase their nutritional intake and consume safer and healthier foods. Also, due to the work-from-home or stay-at-home trend, people started working out in their homes, and hence, the demand for protein bars was further boosted.
The major consumers include sports athletes and those who want to have a wholesome meal without the trouble of cooking. Consumers have a preference for buying protein bars for various purposes, such as weight management, improving muscle mass, and increasing energy.
Moreover, marketing campaigns for protein bars as a substitute for meal replacement by fitness clubs have skyrocketed the sales of these products.
Key Players
Some of the global protein bars key market players are General Mills Inc. (US), Clif Bar & Company (US), Kellogg Company (US), Mars, Natural Balance Foods Ltd. (UK), Naturells India Pvt. Ltd. (India), Incorporated (US), Atkins Nutritionals, Inc. (US), Abbott Laboratories Inc. (US) The Nature's Bounty Co. (US), and Quest Nutrition, LLC (US).
Market segmentation
Protein bars are nutrition bars that contain a high proportion of protein compared to carbohydrates and fats. The global protein bars market overview is segmented by distribution channel and based on geography. The market is segmented into supermarkets and hypermarkets, convenience stores, specialty retail stores, online stores, and other distribution channels. The global market discussion also analyses the emerging and established economies across the global market, including those in North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. The market sizing and forecasts have been done for each segment based on its value.
Regional analysis
Healthy snacks and food supplements are on the rise, with a high-protein bar brand demonstrating huge success in the region. Natural and non-GMO protein bars are expected to become the best-selling wholesome protein bars in Asia-Pacific. The influence of Asia Pacific is increasing in the protein bars market, with increasing potential and product innovation in China, India, and other countries. Moreover, protein bars made up of different flavours are widely consumed by people during festival events. This factor has resulted in high revenue generation from products in the APAC region. Also, there has been an increase in the consumption of meal replacements for weight loss, which is a key trend bolstering the protein bars market outlook in the region.
Industry news
The global protein bar market is highly competitive due to various giant players and local players such as The Kellogg Company, General Mills Inc., and others like Caveman Foods LLC, followed by Quest Nutrition LLC, and Clif Bar & Company. These industry participants employ strategies like business expansions and mergers and acquisitions to expand their regional presence across the global market. The global market-leading brands are increasingly focusing on product line expansions to emerge as category winners.
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