Global Protein Bar Market
The global protein bar market is growing at a fast rate, due to the increasing demand among consumers for portable convenience foods, which is enhancing the protein bar market. These consumers are not only sports athletes, but also those who want to have a wholesome meal without the trouble of cooking and prefer buying protein bars, owing to reasons not limiting to satiety, weight management, improved muscle mass and increased energy. However, there is a high demand for taste innovation in this sector as the consumer base is diversified. The market has the presence of many new players such as Quest Nutrition, whose sales have increased by more than tenfold within a span of two to three years. Many companies offer protein bars with natural ingredients and without any allergens.
Globally, the market for protein bars is expected to register a CAGR of XX% from 2017 to 2022. The protein bar market is estimated to be valued at USD XX million in 2017 and is projected to reach USD XX million by 2022.
The key factors driving the protein bar market are evolving fitness trends, availability of bars with reduced allergen & gluten-free content and high demand for portable convenience foods. The consumers are seeking protein bars more for maintaining general wellness than for any specific requirement. Manufacturers have witnessed increasing sales of free from protein bars and are advertising heavily, with a strong focus on these attributes. Protein bars now have a wider consumer base; however, their high prices are hindering sales in developing countries, mainly in East Asian countries. Even this category is facing stiff competition from cereal bars. Other restraints are the lack of taste, and high sugar content in many protein bars, which forces consumers to rethink about protein bars as a healthy food product.
The protein bar market is segmented by protein content, source and end product. As per protein content, high-protein bars are mainly used by athletes, while low-protein bars are for those who like to maintain a healthy protein diet. Many people are buying protein bars made of gluten-free plant sources, due to lactose intolerance and a perception among many that milk protein needs to be avoided for improved digestive health. Products, such as energy protein bars, women protein bars, meal replacement bars, low-carb protein bars, are available in the market based on the energy needs and desired outcomes. Consumers prefer different flavors; chocolate chip cookie dough, chocolate peanut butter, rocky road brownie, and cookies & cream are some of the top selling flavors.
The United States in North America is the largest market for the protein bar, though product development in this market is almost saturated. North America accounted for over 40% of the global market value and will continue to dominate over the forecast period. In Europe, the United Kingdom has a high demand for protein bars, owing to the increased adoption of nutrition products. In Asia-Pacific, the East Asian countries, such as China, Japan, Korea, and Taiwan, are having the highest growing protein bar market mainly due to the increased awareness among adolescents about their personal appearance. The Chinese market is expected to witness the fastest growth during the forecast period, followed by Japan. Australia is another country to look into, due to the presence of a large number of sportsmen and athletes who prefer protein bars as foods with high nutritional content.
Some of the major players capturing the protein bar market include –
The WhiteWave Foods Company
Small Planet Foods, Inc.
PREMIER NUTRITION CORPORATION
The Kellogg Company
General Mills, Inc.
Quest Nutrition Protein Bar, Chocolate Chip Cookie Dough
KIND Bars, Peanut Butter Dark Chocolate + Protein
RXBAR Whole Food Protein Bar, Chocolate Sea Salt
Quest Nutrition Protein Bar, Cookies & Cream
KIND Bars, Dark Chocolate Cherry Cashew + Antioxidants
Recent Industry Insight
Mars launched protein bars under Snickers and Mars brands, to cater the growing demand for high-protein bars
Quest Nutrition protein bar brand grew 57,000% in three years
General Mills buys stake in the Denver protein bar maker
Source Bar planning to bring gourmet protein bars into the market
Meat protein bar is the new entrant in the market, which is slowly gaining popularity due to the presence of natural protein content in meat products. In North America, Hershey had launched Krave dried meat protein bars in August 2016, with flavors like blueberry barbecue beef after acquiring the jerky brand. General Mills had acquired meat bar industry leader Epic Bar. Many startups, such as Kratos, Omnibar, and Caveman Foods, are marking their presence in this sector.
Our report on the global protein bar market covers the following -
Market trends & dynamics
Latest News & protein bars market developments
Porter’s five forces analysis
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