Key Market Insights
“Growing health awareness increases the demand for protein bars market”
The protein bars market 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 the recent research studies, about 90% of American purchase convenience food. Moreover, 25% consumers opts for time saving and ready to eat food products. Thereby, increases the demand for protein bars globally. Additionally, protein bars can be consumed by chronic kidney disease patients as these bars can act as good of protein. Moreover, protein bars resemble snack or candy bar thereby, gaining wide acceptance among patients globally.
Manufacturers are launching new and improved protein bars in the market. Key manufactures are focusing to provide innovative protein bar product in the market. For instance, in June 2018, Thinkkids launched a new protein bar for kids. The new protein bar for kids 45 percent less sugar. The Thinkkids bar offers balance between taste and nutrition. Moreover, the Thinkkids 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 factor driving the protein bars market.
Market Synopsis
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Category Analysis
“Rising demand for meal replacement products supports the demand for nutritional bars globally”
In 2018, nutrition bar dominated the protein bars market and expected to continue its dominance during the forecast period. Consumers nowadays are more inclined to use meal replacement products. Nutrition bars are best available source for meal replacement. As per research studies, 95% of the people in the U.S. suffers from type 2 diabetes and majority of type 2 diabetes patients are overweight. Thereby, increases the demand for nutrition bars as nutrition bars are simple and effective weight loss tool. Moreover, nutrition bars have gain a lot of popularity in the recent years are proven to be viable option to supportive weight loss.
Major manufacturers are increasing their product portfolio for providing consumers 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.
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Regional Analysis
“Rising demand for healthy food in the North American region propels the market growth”
North America dominated the protein bars market in 2018 and expected to continue its dominance during the forecast period. Consumers in the North America region are more inclined towards using plant based and clean label based bars. Thereby, increases the demand for protein bars in the region. Moreover, consumer are inclining towards protein rich food in the U.S. and Canada. The research study suggests that the growth of products labeled as good source of protein accounts for about 4%, additionally, products labeled as excellent source of protein records growth up to 12% in the past few years.
“Asia Pacific is projected to be the fastest growing market for protein bars market”
Increasing awareness of consumers towards healthy foods products and rising per capita income of people in the Asia pacific region supports the growth of the market. Moreover, increasing number of gyms and health clubs and fitness trends in the region also drives the protein bars market.
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List of Companies Covered:
- Tom Oliver Nutrition
- Abbott.
- The Balance Bar Company
- Think!
- Caveman Foods LLC
- Clif Bar & Company.
- QuestNutrition
- Kellogg NA Co.
- Simply Good Foods USA, Inc.
- NuGo Nutrition
- Prinsen Berning
- Mars Inc.
- General Mills, Inc.
Key Industry Developments:
- In October 2017, Kellogg Co. acquired RXBAR. RXBAR is a niche manufacturer of protein bar. Through the acquisition Kellogg Co. aims to add clean-label, high-protein snaking to its product portfolio.
- In February 2017, General Mills Inc. invested in D’s Natural. D’s Natural is a Denver-based company that manufactures vegan, dairy-based protein bars. D’s Natural is famous for its No Cow Bar, a protein-infused nut spread and Fluffbutter. D’s Natural products are sold around 10,000 stores nationwide.
- In July 2019, General Mills Inc. launched a new product. The new Larabar is a protein bar prodded from plant-based proteins. The Larabar protein bar contains 11 grams of plant-based protein from nuts and peas. The new protein bars are vegan, dairy and gluten-free and are available in almond chocolate brownie, chocolate peanut butter cup and apple cobbler flavors.
- In January 2018, Nature’s Bounty acquires protein bar manufacture The Best Bar Ever. The acquisition aims to introduce new range of sport nutrition products to the Nature’s Bounty product portfolio. The Best Bar Ever produces protein bars from natural ingredients, that are available in flavors such as cookie dough peanut butter crunch and chocolate peanut butter.
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Market Segmentation
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Million |
| Segmentation |
Product Type (2017–2027; US$ Mn)
• Snack Bars
• Energy Bars
• Meal Replacement Protein Bars
• Others (Women Protein Bars, Low-Carb Protein Bars)
|
|
Category (2017–2027; US$ Mn)
• Nutrition Bars
• Gluten-Free Protein Bars
• Others (Vegan, Organic Bars, etc.)
|
|
Protein Content (2017–2027; US$ Mn)
• High Protein
• Medium Protein
• Low Protein
|
|
Distribution Channel (2017–2027; US$ Mn)
• Supermarkets & Hypermarkets
• Convenience Stores
• Online
• Others (Specialty Stores, etc.)
|
|
Geography (2017–2027; US$ Mn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (Japan, China, India, Rest of Asia Pacific)
• Rest of the World (Latin America, Middle East & Africa)
|
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 graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Key questions answered in this report
- What are the current market trends and dynamics in the protein market and valuable opportunities for emerging players?
- What is driving protein bars market?
- What are the key challenges to market growth?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which product type segment holds a larger market share and why?
- Are low and middle-income economies investing in the protein bars market?
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
