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Protein Bar Market Size, Share & COVID-19 Impact Analysis, By Source (Plant-Based and Animal-Based), By Type (Sports Nutritional Bars, Meal-Replacement Bars, and Others), By Distribution Channel, and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI100805

 

KEY MARKET INSIGHTS

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The global protein bar market size was valued at USD 4.66 billion in 2019 and is projected to reach USD 7.03 billion by 2027, exhibiting a CAGR of 5.6% during the forecast period.

COVID-19 Cover

This report covers COVID-19 impact analysis on Protein Bar Market

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The protein bars are nutritious food items that provide necessary protein supplements to the body. The growing consumer preferences towards ready-to-eat (RTE), meal replacing, and packed food items are boosting the demand for such products. Nowadays, manufacturers are focusing on the introduction of a variety of products such as tasty, bodybuilding, chocolate-flavored, vegan, and sports protein snacks in order to meet the high demand for nutritional food items. For instance, in August 2018, Snaq Me, a Japanese nutritional snack company launched a second-generation plant-based protein bar to make the body & muscles fit & active.


Sudden Disruption of the Global Supply Chain has Affected the Market Growth


Uncertain incidences of the COVID-19 have severely impacted the consumption rates of such products, thereby affecting the revenues of the associated companies. Additionally, disruption in the food supply chain has affected the retail & wholesale snacking businesses. According to the press release, published by BellRings Brand, Inc., in May 2020, the net sales of PowerBar, a prominent nutritional snack brand witnessed a decline of 19.7% by volume during the second quarter of the company’s financial year,2020. However, the growing consumer preferences for the immunity-boosting food products during such an outbreak is likely to fuel demand for health & energy efficient snack items.  


Limited availability of the machine operators in the manufacturing plants as well as the rise in the raw materials (such as chocolate, milk & nuts) and processing cost due to the COVID-19 pandemic has negatively impacted the entire snacking industry. Therefore, during the lockdown period, the packed food industry has suffered majorly, whereas, releasing lockdown restrictions after the period of the outbreak has helped companies to recover the revenues from the nutrition snacks business.  


LATEST TRENDS


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Rising Health & Fitness Consciousness to Shape the Overall Market


Escalating global trends of exercise and fitness have favored the companies to catch-up to the newer market opportunity for the snack food businesses in the fitness segment. People strongly prefer to eat strength boosting & muscle building cereal food products to regain their body energy after rigorous exercise and stretching activities. This has propelled the demand for cereal-based energy building snacks such as these bars.  


Increasing Demand for Dietary Food Items to Drive Market Growth


The growing demand for dietary food items has accelerated the consumption of the low-carb and low-fat protein bar. Additionally, rising awareness regarding the naturally benefiting & chemical-free food products has provided ease in the production of proven non-allergenic and gluten-free nutritional food items. Besides this, the growing prevalence of diabetes has boosted the consumption rate of low-sugar foods, thereby adding impetus to the market. According to the U.S. Department of Health & Human Services, Centre for Disease Control & Prevention (CDC) research data, the diabetic adult population stood at 34.10 million in 2018.     


DRIVING FACTORS


Growing Consumer Demand for Packaged Snacks to Bode Well for the Market


Increasing preferences of the people for packaged snacks & confectionery food items has increased the demand for wrapped protein bar. According to the data published by the CBI Ministry of Foreign Affairs, in 2018, sales of the European packed snack products reached up to USD 14,648.10 million and increased by 6% over 2017. Additionally, a busy working lifestyle, along with the need to save time for cooking are the aspects responsible for the demand for such products. The growing purchasing power & the preference for tasty food has also supported the consumption of such items.


Moreover, delicious nutritious bars made up of chocolate, peanut butter, caramel, and milk are widely being consumed by the people during parties and festival events.  Therefore, the rising global participation rate in various festivals and events has resulted in high revenue generation from products. Besides this, the adoption of on-the-go packed snacks has favored the demand for such food items. Also, ingredient variations in the different snack items will attract the customer’s attention, urging them to purchase such items as per their need, thereby, driving the market.   


Rising Retail Infrastructural Facilities to Support Market Growth


Protein bars are widely sold at the various convenience foods stores as a supplement product along with other food grocery items. Therefore, the flourishing retail infrastructural facilities has provided a lifeline to the sales of these products. According to the USDA data by Foreign Agricultural Service Research, as of 2018, Thailand consisted of 17,205 modern grocery retail outlets with 954 new openings in the year of 2018 over 2017.  Additionally, growing facilities related to the health & fitness centers, and exercise parks has resulted in the rise in the consumption of such snacks for energy building purposes.


Moreover, the growing provision of fast-food items through online stores has attracted more revenue from snack items as it is easier for the consumer to compare and select food items of required ingredients from a set of other high protein bars. Besides this, rising marketing & communication campaigns of such products on the various television and digital media will also help generate significant revenues in the forecast period.


RESTRAINING FACTORS


Rapidly Changing Consumer Perception towards Snack Bars to Restricting Growth


Constantly changing consumer behavior & preferences towards the snack food items incur the additional cost of R&D and manufacturing setup to the prominent players, thereby, hampering the market growth. Additionally, the wide presence of the local snack makers also hampers the businesses of the global industry players. Besides this, the wide availability of the substitute products for these bars such as energy drinks, cookies, and powder is expected to limit the protein bar industry growth.  


SEGMENTATION


By Source Analysis


Plant-Based Protein Bars Segment to Exhibit the Largest Share Owing to their Beneficial Properties


The plant-based segment holds a prominent share owing to the increasing usage of the pea & soy proteins as well as the attractive taste and texture of the bars. Additionally, growing usage of the slow-releasing soy proteins for making sports nutritional snacks will further drive the growth of this segment.


However, the animal-based segment has witnessed a considerable growth in the market as such items are highly consumed as meal replacement food. Additionally, the use of the unprocessed ingredients in animal-based snacks helps in muscle mass building which thereby attracts the fitness enthusiasts to regular consume such items.


By Type Analysis


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Snack & Energy Bars Segment to Hold a Major Share Attributed to Rising Demand for Energy Boosting Products


The other segment including the snack & energy bars section is holding the largest protein bar market share owing to the high consumption of the energy-boosting food items. According to the International Food Information Council Foundation survey data, nearly 60% of the American consumers between the age of 18 to 80 looked for health benefiting healthy food products to build up their body’s energy level, in April 2019. Additionally, the growing trend of having a morning breakfast has increased the demand for this segment.


However, the sport nutritional segment holds a considerable share in the market during the forecast period owing to the increasing participation rate of sports enthusiasts which is likely to fuel demand for such products. According to the report ‘STUDENT-ATHLETE PARTICIPATION 1981-82 to 2018-19’, published by National Collegiate Athletic Association, in 2018-19, the total number of American athletes’ participation has reached to 449,219 in all types of championship sports. The busy working lifestyle of the global population has also propelled the demand for the meal replacement segment.


By Distribution Channel Analysis


Online Channel Segment Emerge Dominant Owing to Strong Presence of Prominent E-Commerce Stores


The online channel segment is dominating the market owing to the large revenues earned from the online sales of premium nutritional snacks items. Additionally, a strong global presence of the various prominent e-commerce stores such as Amazon, Nature’s Basket Co., Puritans Pride Inc., and many others have boosted the growth of this segment. The mass merchandising segment, on the other hand, holds a considerable share in the market owing to the increasing adoption of the offers & discounts strategies adopted by the merchandising stores on bulk purchase of food items.


The convenience stores segment has witnessed slight growth accountable to the demand for items that are easily accessible to the user. The others segment including hypermarkets & supermarkets are expected to grow at a faster rate as users can gain a luxury shopping experience while purchasing the products from these stores which further motivates them to regularly visit to such stores & purchase these bars. The specialty segment has also witnessed considerable growth because of the presence of branded & high-quality nutritional food items in such stores. 


REGIONAL INSIGHTS


North America Market Size, 2019 (USD Billion)

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North America stood at USD 2.69 billion in 2019 and Emerged Dominant


The dominance of the North American region is attributed to the large presence of the associated manufacturers such as Mondelez International Inc., POST HOLDINGS Inc., OPTIMUM NUTRITION Inc., and many others. This, coupled with the large import value of the snacking food items in countries such as the United States, Canada, and Mexico that resulted into the incremental consumption of snack bars, will bode well for the market. According to the data published by the USDA Foreign Agricultural Service, as of 2018, Canadian import of the snacks food has reached up to USD 1,400 million and is expected to grow at the rate of 17% by 2023.


On the other hand, the market in Asia Pacific is likely to exhibit faster growth attributed to the growing infrastructural facilities related to the various conventions, and brick & mortar stores that have supported the growth of the market in countries such as India, and China. According to the data published by the USDA Foreign Agricultural Service, as of 2018, India had over 12 million small independent retail stores, and the number increased by 10% in 2019. Moreover, the escalating consumer expenditure on quick snacks and ready-to-eat products has also supported the protein bar market growth.


Additionally, business expansion by prominent companies such as the Hershey Company, POST HOLDINGS Inc., and others in India and China has fueled the growth of the Asia Pacific market. For instance, according to the article ‘Snacking Portfolio Expansion Continues to Fuel Hershey’s Growth’, published by Forbes News, in January 2020, The Hershey Company launched ‘Hershey kisses brand’ in the Indian market with the objective of spreading the brand’s presence and help the company generate significant revenue from their protein bar products.


KEY INDUSTRY PLAYERS


Mondelez International Inc. Holds a Dominant Position owing to the Expansion of its Product Portfolio


The global market includes various prominent companies such as Mondelez International Inc., Glanbia Plc., General Mills Inc., The Kellogg’s Company, and others.  Mondelez International Inc. is a leading player in the market with their most popular product namely, the ‘Perfect Bar’. The company is keen to conduct different acquisition activities to achieve the first-mover advantage in the various vegan, diet, sports, meal-replacing and energy-boosting niche markets. Additionally, the company is also focused on establishing partnerships with the various brick & mortar and e-commerce affiliate stores to gain revenues in the forecast period. 


LIST OF KEY COMPANIES PROFILED:



  • Mondelez International Inc. (Illinois, U.S.)

  • The Kellogg’s Company (Michigan, U.S.)

  • Glanbia Plc. (Kilkenny, Ireland)

  • General Mills Inc. (Minnesota, U.S.)

  • Amway Corp. (Michigan, U.S.)

  • POST HOLDINGS Inc. (Missouri, U.S.)

  • The Nature’s Bounty Co. (New York, U.S.)

  • The Simply Good Foods Company (Colorado, U.S.)

  • Mars Incorporated (Virginia, U.S.)

  • Premier Nutrition Corporation (Emeryville, U.S.)

  • Clif Bar & Company (California, U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • September 2019 – Celsius Holding Inc., a global leader of fitness drinks, acquired Func Food, a Nordic Wellness company of the various comprehensive wellness products to expand the company’s drink & bar business in the Swedish market. 

  • March 2020 – ONE Brands LLC launched new plant-based banana nut bread, and chocolate peanut butter flavored protein bars to expand its plant-based product line.


REPORT COVERAGE


The global protein bar market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, source, types, and distribution channels of the product. Besides this, the report offers insights into the market, latest protein bar market trends, and highlights the key industry developments. In addition to the aforementioned factors, the report exhibits several factors that have contributed to the growth of the market over recent years.


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Report Scope & Segmentation


















































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



Source, Type, and Geography



By Source


 




  • Plant-Based

  • Animal-Based



By Type


 




  • Sports Nutritional Bar

  • Meal Replacement Bar

  • Others



By Distribution Channel




  • Mass Merchandisers

  • Specialty Stores

  • Convenience Stores

  • Online Channel

  • Others



By Geography


 




  • North America (the U.S., Canada, and Mexico)

  • Europe (U.K., Germany, France, Italy, Spain, and the Rest of Europe)

  • Asia-Pacific (Japan, China, India, South Korea, Australia, and the Rest of Asia- Pacific)

  • South America (Brazil, Argentina, and the Rest of South America)

  • The Middle East & Africa (South Africa, UAE, Saudi Arabia and the Rest of the Middle East & Africa)



 

Frequently Asked Questions

Fortune Business Insights says that the global protein bar market size was USD 4.66 billion in 2019 and is expected to reach USD 7.03 billion by 2027.

In 2019, the North America market value stood at USD 2.69 billion.

Growing at a CAGR of 5.6%, the market will exhibit a steady growth in the forecast period (2020-2027).

The plant-based segment is the leading segment during the forecast period.

Growing consumer demand for packaged snacks to bode well for the market.

Mondelez International Inc., Glanbia Plc., General Mills Inc., and The Kellogg’s Company are some of the key players of this market.

North America dominated the market in 2019.

Rising number of fitness and health conscious people to drive the adoption of such products.

Protein Bar  Market Size, Share and Global Industry Trend Forecast till 2026
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