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The global protein bar market is expected to witness crucial growth during the forecast period, owing to the rising demand for instant and energy-rich snacks across the globe. Changing lifestyle has led to increased demand for conventional and protein-rich food products and confectioneries which is anticipated to aid the growth of the global protein bar market. Increasing protein bar product launches by key market players is expected to contribute to the growth of global protein bar market.
Key companies operating in the global protein bar market are centering on innovative product launches, strengthening their R&D capabilities, and increasing their global reach to keep themselves competitive in the world market. Atkins Nutritional Inc. (U.S.), General Mills, Inc.(U.S.), and Kellogg Co. (U.S.) are some of the key companies performing in the global protein bar market.
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Protein bars are made by using a number of protein sources, some of the common raw materials used in the production of protein bars are casein protein, whey protein, and others. Protein bars are convenient sources to obtain protein that is required by the body and hence their popularity is increasing rapidly. Protein bars are considered as a relevant appetite suppressor, hence their popularity is expected to grow among consumers who are working on weight management and reduction.
Rising consumer awareness regarding the importance and nutritional benefits of protein in their diet is anticipated to boost the growth of the global protein bar market during the forecast years. The rising working population, coupled with increasing per capita income of the consumers across the globe is projected to foster the growth of protein bar market. Furthermore, fostering demand for functional food & convenience food is expected to aid the market growth of the protein bar.
Presence of a high number of product substitutes such as lentil energy bites, boiled eggs, crackers & tuna, and others is expected to hinder the market growth during the forecast period. Furthermore, high product price is expected to hinder its market growth in countries where the per capita income of consumers in comparatively low.
Some of the major companies that are present in the global protein bar market are General Mills, Inc., Atkins Nutritional Inc., Kellogg Co., Lenny & Larry’s, LLC, Clif Bar & Company, Premier Nutrition, Herbalife Nutrition, Mars Incorporated, Abbott Nutrition Manufacturing Inc., and Quest Nutrition among the other players operating in the global protein bar market.
· Animal Protein
· Plant Protein
By Protein Content
· High Protein
· Medium Protein
· Low Protein
By Distribution Channel
· Specialty Retailers
· Convenience Stores
· Online Channels
· North America (USA, Canada, and Mexico)
· Europe (France, Germany, Italy, Spain, U.K., Russia, and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
· South America (Brazil, Argentina, and Rest of South America)
· Middle East & Africa (South Africa and Rest of ME&A)
On the basis of source, the global protein bar market has been segmented into plant protein and animal protein. The demand for plant protein is expected to be high throughout the forecast period, owing to the rising number of vegan population. Increasing demand for gluten-free protein is further expected to contribute to the growth of plant protein during the forecast years.
On the basis of the distribution channel, the global protein bar market has been segmented into supermarket/hypermarkets, specialty retailers, Convenience stores, online channels, and others. The supermarket/hypermarket segment is expected to hold a considerable market share in the global protein bar market, owing to the availability of a wide range of products within them and discounts offered by the sales channel. Specialty store segment is projected to grow at a considerable pace during the forecast years, owing to rising interest of protein bar manufacturers in selling specialized or premium protein bars through specialty stores.
North America, followed by Europe is anticipated to hold the major market share during the forecast years, owing to the growing demand for sports and nutrition product, coupled with the presence of significant market players in the region. Rising demand for functional food in Europe is projected to influence the growth of protein bar market of the region positively. The Asia Pacific is expected to be the fastest-growing region during the forecast period, due to the presence of emerging economies such as China and India, where the demand for protein products is increasing.