The global protein bar market size stood at USD 4.54 billion in 2021. The market is anticipated to grow from USD 4.68 billion in 2022 to USD 7.07 billion by 2029 at 6.1% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Protein Bar Market, 2022-2029.”
The report indicates that top corporations would invest in the landscape due to a noticeable tendency among millennials and Gen Z towards ready-to-eat (RTE) protein sources. Stakeholders anticipate significant growth in the use of sports nutrition bars and meal replacement bars. Convenience stores and internet platforms may also increase their purchases of healthy bars.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/protein-bar-market-100805
COVID-19 Impact
Shutdown of Fitness Centers and Health Clubs Dented Growth Prospect
The widespread COVID-19 outbreak was not good news for companies that supply and make nutrition bars. Most sporting events were canceled or postponed, which shocked the world economy. In both established and emerging economies, the dominant tendencies resulted in the closure of health clubs and fitness centers. In the meantime, the commercial picture was promising with the return of fitness facilities and sports tournaments after a decline in COVID-19 cases and strong vaccination efforts.
Segments
Plant-based Protein Bars to Remain Dominant with Rising Vegan Population
In terms of source, the market is segmented into animal-based and plant-based. Plant-based protein bars will grow during the forecast period, largely due to the soaring number of vegan population. Moreover, strong demand for natural ingredients, such as seeds, nut butter, and fruit, will encourage leading companies to invest in the portfolio.
Sports Nutrition Bars to Gain Traction Due to Soaring Popularity among Sportsperson
On the basis of type, the market is segregated into meal replacement bars, sports nutrition bars, and others. Sports nutrition bars will contribute notably to the global market in the wake of soaring popularity among sportspeople.
Online Channels to be Sought-after with Soaring Demand from E-Commerce Stores
With respect to the distribution channel, the market is classified into specialty stores, mass merchandisers, online channels, convenience stores, and others. The online channels segment will expand at a dominant share in the light of expanding penetration of e-commerce stores.
Report Coverage
A thorough analysis of the market's size, share, revenue, and volume is included in the study. It has explored SWOT analysis in great detail. Evaluations that are both quantitative and qualitative have given a comprehensive picture of the market. The main interviews provide validation for the prevalent business scenarios, assumptions, and conclusions. Secondary sources included in the report include journals, white papers, press announcements, and annual reports.
Drivers and Restraints
Trend for On-the-go Breakfast to Bolster Growth Potentials
The market share of protein bars is predicted to increase due to the increasing sedentary and busy lifestyles. The increasing desire for convenience food has led to a surge in the demand for nutrition bars. Additionally, the increasing popularity of fitness among millennials and Generation Z will encourage businesses to invest in protein bars. For example, in September 2020, Maxim Nutrition introduced the Maxim Apple cinnamon energy bar to provide athletes with a high-quality nutritional base and a strong foundation for optimal performance. Large corporations may choose to invest in novel tastes in order to take advantage of current global market prospects.
High sugar content and the availability of substitute products, however, may prevent the industry's expansion.
Regional Insights
North America to Provide Lucrative Opportunities with Soaring Number of Fitness Enthusiasts
Following in the footsteps of an expanding number of gyms, fitness lovers, health clubs, and fitness training centers, the United States and Canada present exciting growth opportunities. The market size in North America, which was valued at USD 2.61 billion in 2021, is expected to follow a similar pattern as a result of rising demand for snacks and bars with added protein. The trend of healthy snacking has been good for the growth of the region since people are looking for non-GMO items that don't contain artificial flavors, colors, or preservatives.
The rise of the protein bar industry in Europe will be evident due to the growing popularity of vegan goods. The prognosis is due to an increase in the number of vegans in Germany, Italy, Spain, and the United Kingdom. In the area, plant-based protein bars are now the preferred option. Moreover, a rise in the working class population will spur demand for the goods.
Stakeholders anticipate that as people's awareness of protein intake increases, Asia Pacific will become a lucrative location. For example, the Outline for China's Food and Nutrition Development (2014-2020) published by the General Office of the State Council suggests that each Chinese individual consume 78g of protein each day. Additionally, the popularity of plant-based protein bars will hasten landscape investments.
Competitive Landscape
Major Players Invest in Product Portfolio Expansion to Boost Footprint
Well-known companies could provide money to R&D, product launches, technology developments, and mergers and acquisitions. Major corporations may also make investments in new products and technologies in the coming years.
Key Industry Development
- September 2021 - Sun Pharma Consumer Healthcare forged an entry into India’s nutrition bar segment with the launch of Revital NXT.
Major Players Profiled in the Report:
- General Mills Inc. (U.S.)
- The Simply Good Foods Company (U.S.)
- The Kellogg Company (U.S.)
- Clif Bar & Company (U.S.)
- Glanbia Plc. (Ireland)
- GNC Holdings Inc. (U.S.)
- Mars, Incorporated (U.S.)
- Mondelez International (U.S.)
- POST HOLDINGS INC. (U.S.)
- Amway Corp. (U.S.)
- The Bountiful Company (U.S.)
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