The global protein bar market size is projected to reach USD 7.03 billion by 2027, while exhibiting a CAGR of 5.6% during the forecast period suggests Fortune Business Insights™ in its report, titled “Protein Bar Market, 2020-2027”. The report further mentions that the market stood at USD 4.66 billion in 2019.
According to the U.S Department of Health and Human Resources and the Center for Disease and Control Prevention, the diabetic adult population in the region was 34.10 million in the year 2018. Moreover, a recent report published in National Health and Nutrition Examination Survey (NHANES) in 2019 states that 39.6 percent of adults in the U.S are obese. Thus, demand for these protein bars is increasing among adults to balance a healthy weight with adequate calorie intake.
COVID -19 Impact:
The outbreak of the COVID-19 pandemic has crippled the global economy, and the packaged snacks and food industry also suffered the loss. The pandemic curtailed most food manufacturing units due to lockdown and thus supply chain was hindered, leading to a lack of raw materials required to produce protein bars such as chocolate, milk, and nuts. According to a report published by Bell Rings Brand, in May 2020, sales of Power Bar declined by 19.7%. However, increased demand for immunity boosting and healthy food is expected to fuel the market growth.
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The protein bar market share is segmented by source, type, distribution, and geography. The market is bifurcated into plants and animals by its source. By type, it is segregated into sports nutritional bars, meal replacement bars, and others.
Based on type, the sports nutritional bars segment held a global construction equipment market share of about 40.56% in 2020. The segment is expected to experience considerable growth backed by the increased participation of sports enthusiasts.
On the basis of its distribution, it is divided into mass merchandisers, specialty stores, convenience stores, and online channels. Lastly, the market has been categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa by geography.
Salient Features of the Report:
The protein bar report gives insights about drivers and restraints influencing the market’s size, share, and growth. It also identifies all the possible segments present along with regional growth. It tracks developments, such as recent mergers, acquisitions, and new product launches. Lastly, it gives information about key players in the market and their top strategies to make informed business decisions.
Drivers and Restraints
Increasing Demand for Packaged Snacks to Propel Growth
Rising demand for packaged healthy snacks is driving protein bar market growth, as people these days lead a hectic and busy lifestyle. In order to save time and keep their health requirements, the demand for protein bars has increased.
As per data published by the CBI Ministry of Foreign Affairs in 2018, packaged snacks market value in Europe was around 14,648.10 million in 2018. Besides rising retail infrastructure facilities, for example, in Thailand in 2017, around 17,205 grocery retail outlets were present, but in the year 2018, there were 954 new openings. Along with it, growing provision of fast food and packaged snack items through online stores have attracted more revenue to the market.
On the flip side, constantly emerging customer demand in terms of its flavor, ingredients and availability of local manufacturers are the major restraints of the market.
Increasing Import Activities in North America to Promote Growth
North America is expected to hold a major market share in the market due to the presence of many manufacturers such as post holdings inc, optimum Nutrition, and Mondelez International. Moreover, the North American countries import a large number of snacking food items. For instance, a USDA Foreign Agricultural Service report published in 2018 states that Canada imports snack food up to 1400 million, and this is expected to rise by 17% by 2023. On the other hand, Asia Pacific is also anticipated to grow faster due to increasing infrastructure facilities in India and China. According to a report by USDA FAS, India owns 12 million small independent retail stores, and this saw an increase of 10% in the year 2019.
Key Players to Focus on Establishing Partnerships to Intensify Competition
The market is consolidated by the presence of major companies that are striving to maintain their position by focusing on acquisitions and establishing partnerships. For instance, Kallogg’s Company and others Mondelez international inc. are focusing on acquiring and establishing partnerships with several e-commerce and stores to strengthen their vegan diet and sports diet market. Moreover, other key players are adopting proactive strategies such as new product launches, merger and facility expansion that will favor the growth of the market in the forthcoming years.
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