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.”
According to the analysis, a palpable trend for ready-to-eat (RTE) protein sources among the millennial and gen Z population will encourage leading companies to invest in the landscape. Stakeholders expect meal-replacement bars and sports nutritional bars to gain considerable traction. Moreover, online channels and convenience stores could further their investments in nutritional bars.
COVID-19 Impact
Shutdown of Fitness Centers and Health Clubs Dented Growth Prospect
The pervasive COVID-19 pandemic did not bode well for the nutrition bar suppliers and manufacturers. Sports tournaments were predominantly postponed or canceled, sending shockwaves in the global market. The prevailing trends led to the shutdown of fitness centers and health clubs across emerging and advanced economies. Meanwhile, the resumption of sports tournaments and reopening of fitness centers following the dip in COVID-19 cases and robust vaccination campaigns augured well for the business outlook.
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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.)
Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
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.
Drivers and Restraints
Trend for On-the-go Breakfast to Bolster Growth Potentials
The prevalence of sedentary and hectic lifestyles is expected to foster protein bar market share. Nutrition bars have become highly sought-after in the wake of the soaring demand for convenience food. Moreover, the growing fitness culture among millennials and gen Z populations will prompt companies to inject funds into protein bars. To illustrate, in September 2020, Maxim Nutrition rolled out the Maxim Apple cinnamon energy bar to offer sports enthusiasts a solid foundation for good performance and high-quality nutrients. Major companies could invest in innovative flavors to cash in on prevailing opportunities in the global market.
However, high sugar content and availability of alternative products could impede the industry growth.
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Regional Insights
North America to Provide Lucrative Opportunities with Soaring Number of Fitness Enthusiasts
The U.S. and Canada are poised to offer promising growth opportunities in the wake of an increasing number of gyms, fitness enthusiasts, health clubs, and fitness training centers. The North America market size stood at USD 2.61 billion in 2021 and will witness a similar trend due to heightened awareness of protein-enriched bars and consumption of snacks. The healthy snacking trend has augured well for the regional growth as consumers seek non-GMO products with no preservatives, colors, and artificial flavors.
Europe protein bar market growth will be noticeable on the back of the trend for vegan products. The outlook is attributed to a surge in the vegan population across Spain, the U.K., Italy, and Germany. Plant-based protein bars have become the go-to product across the region. Furthermore, an upsurge in working-class population will trigger the product demand.
Stakeholders expect Asia Pacific to emerge as a lucrative destination due to growing awareness about protein intake. For instance, the General Office of the State Council’s Outline for China’s Food and Nutrition Development (2014-2020) recommends that Chinese people intake 78g of daily protein per person. Besides, the trend for plant-based protein bars will also expedite investments in the landscape.
Competitive Landscape
Major Players Invest in Product Portfolio Expansion to Boost Footprint
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements, and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
TOC Continued…!
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Key Industry Development
- September 2021 - Sun Pharma Consumer Healthcare forged an entry into India’s nutrition bar segment with the launch of Revital NXT.
