Global Protein Bar Market - 2022-2029

Global Protein Bar Market - 2022-2029

Market Overview

The global protein bar market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Protein Bars are the most popular meal replacement protein-rich snack with a convenient source of nutrition. Present busy schedule protein bars are the best way to add quick protein to the midday snack. These protein bars have a high proportion of protein to carb/fat with essential nutrients such as calcium, iron, magnesium, vitamin E, and other micronutrients that helps in bodybuilding, weight loss, and low blood pressure. The growing consumer preferences toward ready-to-eat (RTE), meal replacing, and packed food items are boosting the demand for protein bars. The global market is being driven by rising demand for convenience foods. With consumers’ increasingly hectic lifestyles, bars have increased consumption as a healthy and convenient snack option.

Market Dynamics:

Rising consumer preference for fitness and protein diet snack products

The protein bar is a new emerging food type product that has been readily used as a nutritional supplement. The convenient protein bar ready-to-eat (RTE) source is gaining popularity among bodybuilding groups owing to its main ingredient, protein's muscle-building ability. It is a convenient post-workout snack for sports and athletes' personalities after gym activities. Protein intake is necessary for athletes and weight trainers to maintain energy levels and boost performance. Therefore, increasing the adoption of fitness activities globally is expected to augment the protein product demand. In addition, the large market players and other small market players operating in the market are highly inclined toward different flavor and diet product innovations. In that case, the launches of new vegan protein diet bars are highly used by vegan people.

However, the availability of existing protein products such as protein powder, cookies, protein shakes, and protein-related beverages hamper the protein bar market. In addition, awareness regarding the health effects caused by sugar substitutes presents in protein bars declined the demand.

Market Segmentation:

Plant-based protein accounted for the highest share in global protein bar market

In 2021, the plant-based protein segment had the highest revenue share of more than XX percent. Plant-related protein products dominate the market because natural ingredients such as fruit, nut butter, seeds, and others are rich in nutrition and help protect the body against various diseases. In addition, the rising number of vegetarianisms all over the globe gives rise to the increasing consumption of the product as more people are moving toward a plant-based diet to maintain a healthier lifestyle. According to the vegan society, 600,000 vegans people present in Great Britain in 2019, which is 1.21% of the population. Furthermore, plant-based bars possess low-fat content, and therefore, there is a growing demand among people with obesity.

In 2021, the sports nutrition bars had the highest revenue share of more than XX percent. The segment is owing to its high protein content that contains essential nutrients, which could help repair and boost the body's performance. The rising popularity of the product among sportsmen in various sports such as football, basketball, cricket, hockey, and others help to upsurge the consumption of sports nutrition bar as it contains cereals and other high-energy foods. In addition, the products give instant protein to the sportsperson within a time.

Geographical Penetration:

North America is the dominating region during the forecast period

In 2021, North America had the highest revenue share of almost XX percent. The rising awareness of fitness and a healthy diet is increasing the demand for protein-based products in the region. In addition, the number of gyms, fitness centers, and health clubs in North America is estimated to boost the sale of protein bars in the upcoming years. The rise of protein-enriched bars is associated with the region’s between-meal-snacking cultures. Consumers seek nutritious and convenient foods that can double as an on-the-go meal. According to the International Food Information Council’s 2020 Food and Health Survey, approximately 90% of Americans noted snacking at least once a week.

Europe will contribute a higher market share during the forecast period due to increasing the number of vegan people in this region. Plant-based protein is becoming more popular as consumers believe it is healthier than traditional animal protein.

Competitive Landscape:

The global protein bar market is a concentrated market with the major share held by the key players. The key players primarily focused on launching different products in various categories such as vegan, diet, sports, nutritional, and meal replacing bars. The major players include General Mills, Inc., The Bountiful Company, Amway Corp., Post Holdings, Inc., Mondelez International, Inc, Mars, Inc., GNC Holdings, Inc., Glanbia plc, Clif Bar & Company, The Kellogg Company, and Simply Good Foods Co, among others. Some players have expanded their geographical presence by acquiring or merging with the manufacturers in the foreign market. For example, General Mills, Inc. launched Protein Crunch Bars under the brand Nature Valley in January 2021. The new bar uniquely features a creamy, crunchy texture with 10 grams of great-tasting protein, unlike many other snack bar options.

COVID-19 Impact:

Negative impact on the global protein bar market

The spread of COVID-19 has affected the whole protein bar sector by disrupting raw material transport, decreasing manufacturing facilities and distribution logistics. The pandemic spread has put various restrictions on the aviation industry, such as a ban on international flights, which will lead to a drop in transporting dry bulk cargo consignments. Labor shortages and disruptions in the supply chain will also severely affect the production and delivery schedules. Moreover, due to the COVID-19 outbreak, most sports tournaments and competitions were on hold or canceled worldwide. The majority of the fitness centers and health clubs were also shut down due to lockdown. These factors have decreased the sales of protein bars during the pandemic. However, the growing consumer preferences for immunity-boosting protein products during such an outbreak had likely fueled the demand for healthy and energy-efficient snack items.

The global protein bar market report would provide an access to approximately 69 market data tables, 63 figures and 170 pages