Market Overview
As per the assessment conducted by Market Research Future (MRFR), the global protein bars market is anticipated to acquire a market value of USD 1,820.6 million while expanding at a CAGR of 7.24% by 2024. Protein bars are nutritional supplements, which offer vitamins, proteins, and others. These products maintain muscle, boost immunity, and provide essential amino acids to the body.
The growing prevalence of several health diseases such as; obesity and diabetes has resulted in an increased inclination of people to consume healthy food. The increasing demand for organic ingredients in food and nutritional supplements are likely to boost the market in the coming time. Further, the surging trend of veganism and changing lifestyle are other salient causes that can enhance the market expansion during the forecast tenure. In addition to these, the surging demand for healthy packaged food can be recognized as a crucial factor that can boost the market significantly. On the contrary, the unpredictable behavior of the consumer and changing eating habits of consumers are anticipated to hamper the market in the coming time. In addition to this, the presence of cheaper substitutes is another important cause that can hinder the market rise in the assessment tenure.
The outbreak of COVID-19 has brought a positive impact on the protein bars market. The growing requirement to boost the immunity generated significant demand for such bars, thereby benefitting the market during the pandemic period.
Key Players
Some of the renowned players of the global protein bars market are General Mills Inc. (US), Clif Bar Company (US), Kellogg Company (US), Mars, Natural Balance Foods Ltd. (UK), Naturells India Pvt. Ltd. (India), Incorporated (US), Atkins Nutritionals, Inc. (US), Abbott Laboratories Inc. (US) The Nature's Bounty Co. (US), and Quest Nutrition, LLC (US).
Market Segmentation
The segmental analysis of the global profit protein bars market share is done by product type, category and distribution channel.
The product type based segments of the global protein bars market are meal replacement bars, snack bars, energy bars, and others. Among all, the snack bars segment is anticipated to procure significant market share during the forecast period. The expansion of the segment can be attributed to the increasing preference for ready to eat snacks. On the other hand, the meal replacement bars is anticipated to witness a CAGR of 7.74% in the assessment tenure.
The category-based segments of the global protein bars market size are organic, multi-claim, gluten-free, vegan, and others. The multi-claim segment is projected to display the highest CAGR during the forecast tenure. The segment led the market in 2018 as well.
The distribution channel based segments of the global protein bars market revenue are store-based and non-store-based. The store-based segments of the market are anticipated to acquire a larger market share during the forecast period. On the contrary, the non-store segment is likely to witness a higher growth rate due to the growing popularity of e-commerce.
Regional Analysis
As per the assessment by MRFR, North America is anticipated to dominate the market during the forecast period. The increasing cases of obesity, diabetes, and other diseases are anticipated to grow the market during the assessment tenure. Among all, the US is likely to make a significant contribution in developing the market during the review time. On the other hand, APAC is anticipated to witness the highest CAGR during the review time. The rising health consciousness among the expanding populace of the region is expected to play a salient cause in driving the market. The increasing popularity of the Keto diet is another salient cause that can grow the market in the coming time. In addition, the rising disposable income of the population can be recognized as another important factor that can augment the protein bars market analysis of the region during the assessment tenure. Europe is estimated to procure a market value of USD 539.3 million by 2024. Among all, the UK is predicted to make a notable contribution owing to the rising demand for healthy ready to eat packaged food. In addition, the salient contribution of the established players of the region can make a notable contribution to expand the market in the region in the coming time.
Industry News
January 2021- General Mills, Inc. is expanding its portfolio of Nature Valleys bars with new dual-textured Nature Valley Protein Crunch Bars. The bars contain 200 calories, 2 grams of fiber, 11 grams of fat and 7 to 8 grams of sugar.
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