Market Overview
The global proteinbar market size stood at USD 4.54 billion in 2021. The market isanticipated to grow from USD 4.68 billion in 2022 to USD 7.07 billion by 2029
at 6.1% CAGR during the forecast period. Fortune Business Insights™ hasdeep-dived these inputs in its latest research report, titled, “Protein BarMarket, 2022-2029.”
According to the analysis, a palpable trend for ready-to-eat(RTE) protein sources among the millennial and gen Z population will encourage
leading companies to invest in the landscape. Stakeholders expect
meal-replacement bars and sports nutritional bars to gain considerable
traction. Moreover, online channels and convenience stores could further their
investments in nutritional bars.
Major Players Profiled in the Report:
- General Mills Inc. (U.S.)
- The Simply Good Foods Company (U.S.)
- The Kellogg Company (U.S.)
- Clif Bar & Company (U.S.)
- Glanbia Plc. (Ireland)
- GNC Holdings Inc. (U.S.)
- Mars, Incorporated (U.S.)
- Mondelez International (U.S.)
- POST HOLDINGS INC. (U.S.)
- Amway Corp. (U.S.)
- The Bountiful Company (U.S.)
Segments
Plant-based Protein Bars to Remain Dominant with RisingVegan Population
In terms of source, the market is segmented intoanimal-based and plant-based. Plant-based protein bars will grow during the
forecast period, largely due to the soaring number of vegan population.
Moreover, strong demand for natural ingredients, such as seeds, nut butter, and
fruit, will encourage leading companies to invest in the portfolio.
Sports Nutrition Bars to Gain Traction Due to Soaring Popularityamong Sportsperson
On the basis of type, the market is segregated into mealreplacement bars, sports nutrition bars, and others. Sports nutrition bars will
contribute notably to the global market in the wake of soaring popularity among
sportspeople.
Online Channels to be Sought-after with Soaring Demandfrom E-Commerce Stores
With respect to the distribution channel, the market isclassified into specialty stores, mass merchandisers, online channels,
convenience stores, and others. The online channels segment will expand at a
dominant share in the light of expanding penetration of e-commerce stores.
Report Coverage
The report offers a comprehensive perspective of the marketsize, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative
and qualitative assessments have provided a holistic view of the market. The
primary interviews validate assumptions, findings, and the prevailing business
scenarios. The report also includes secondary resources such as annual reports,
press releases, white papers, and journals.
Drivers and Restraints
Trend for On-the-go Breakfast to Bolster GrowthPotentials
The prevalence of sedentary and hectic lifestyles isexpected to foster protein bar market share. Nutrition bars have become highly
sought-after in the wake of the soaring demand for convenience food. Moreover,
the growing fitness culture among millennials and gen Z populations will prompt
companies to inject funds into protein bars. To illustrate, in September 2020,
Maxim Nutrition rolled out the Maxim Apple cinnamon energy bar to offer sports
enthusiasts a solid foundation for good performance and high-quality nutrients.
Major companies could invest in innovative flavors to cash in on prevailing
opportunities in the global market.
However, high sugar content and availability of alternativeproducts could impede the industry growth.
Regional Insights
North America to Provide Lucrative Opportunities withSoaring Number of Fitness Enthusiasts
The U.S. and Canada are poised to offer promising growthopportunities in the wake of an increasing number of gyms, fitness enthusiasts,
health clubs, and fitness training centers. The North America market size stood
at USD 2.61 billion in 2021 and will witness a similar trend due to heightened
awareness of protein-enriched bars and consumption of snacks. The healthy
snacking trend has augured well for the regional growth as consumers seek
non-GMO products with no preservatives, colors, and artificial flavors.
Europe protein bar market growth will be noticeable on theback of the trend for vegan products. The outlook is attributed to a surge in
the vegan population across Spain, the U.K., Italy, and Germany. Plant-based
protein bars have become the go-to product across the region. Furthermore, an
upsurge in working-class population will trigger the product demand.
Stakeholders expect Asia Pacific to emerge as a lucrativedestination due to growing awareness about protein intake. For instance, the
General Office of the State Council’s Outline for China’s Food and Nutrition
Development (2014-2020) recommends that Chinese people intake 78g of daily
protein per person. Besides, the trend for plant-based protein bars will also
expedite investments in the landscape.
Competitive Landscape
Major Players Invest in Product Portfolio Expansion toBoost Footprint
Prominent players could inject funds into mergers &acquisitions, product rollouts, technological advancements, and R&D
activities. Besides, major companies could invest in innovations and product
offerings in the ensuing period.
Key Industry Development
- September 2021 - Sun Pharma Consumer Healthcare forged an entry into India’s nutrition bar segment with the launch of Revital NXT.
