The market for Protein Bars Market is expected to reach USD$ 1,250 Mn in 2027.
The protein bars market is expected to grow at a CAGR of 6.7% during the forecast period from 2019 to 2027, starting from US$ 1,250 Mn in 2018.
Consumers nowadays are more inclined towards using convenience and high-protein content food products. As per recent research studies, about 90% of American purchase convenience food. Moreover, 25% of consumers opt for time-saving and ready-to-eat food products. Thereby increasing the demand for protein bars globally. Additionally, protein bars can be consumed by chronic kidney disease patients as these bars can act as good protein. Moreover, protein bars resemble snacks or candy bars, thereby gaining wide acceptance among patients globally.
Manufacturers are launching new and improved protein bars in the market. Key manufacturers are focusing on providing innovative protein bar products in the market. For instance, in June 2018, Think kids launched a new protein bar for kids. The new protein bar for kids has 45 percent less sugar. The Think kids bar offers a balance between taste and nutrition. Moreover, the Think kids bar is GMO-free, Gluten-free, and produced without adding artificial colors and flavors. Increasing demand for collagen-based products is one of the key factors driving the protein bars market.
In 2018, the nutrition bar dominated the protein bars market and was expected to continue its dominance during the forecast period. Consumers nowadays are more inclined to use meal replacement products. Nutrition bars are the best available source for meal replacement. As per research studies, 95% of the people in the U.S. suffers from type 2 diabetes, and the majority of type 2 diabetes patients are overweight. Thereby increasing the demand for nutrition bars as nutrition bars are simple and effective weight loss tools. Moreover, nutrition bars have gained a lot of popularity in recent years and are proven to be viable options for supportive weight loss.
Major manufacturers are increasing their product portfolio to provide consumers with new nutrition bars. For instance, in August 2019, the Hershey Company acquired One Brand LLC. The One Brand LLC produces high-protein nutrition bars with low-sugar content. Through the acquisition, Hershey aims to increase its product portfolio in the nutrition bars.
North America dominated the protein bars market in 2018 and is expected to continue its dominance during the forecast period. Consumers in the North American region are more inclined towards using plant-based and clean label-based bars. Thereby increasing the demand for protein bars in the region. Moreover, consumers are inclined towards protein-rich food in the U.S. and Canada. The research study suggests that the growth of products labeled as good sources of protein accounts for about 4%; additionally, products labeled as excellent sources of protein record growth of up to 12% in the past few years.
Increasing awareness of consumers towards healthy foods products and rising per capita income of people in the Asia pacific region support the growth of the market. Moreover, the increasing number of gyms and health clubs and fitness trends in the region also drive the protein bars market.
This study report represents an analysis of each segment from 2017 to 2027considering 2018to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
ATTRIBUTE DETAILS
Research Period 2017-2027
The base Year 2018
Forecast Period 2019-2027
Historical Year 2017
Unit USD Million
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better market understanding of the overall protein bars market. Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolio, and business strengths.
The market for Protein Bars Market is expected to reach USD$ 1,250 Mn in 2027.
The Protein Bars Market is expected to see significant CAGR growth over the coming years, at 6.7%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Tom Oliver Nutrition,Abbott.,The Balance Bar Company,Think!,Caveman Foods LLC,Clif Bar & Company.,QuestNutrition,Kellogg NA Co. are some of the major players in the global market.