The Protein Bar Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Protein Bar Global Market Report 2024, The protein bar market size has grown strongly in recent years. It will grow from $4.81 billion in 2023 to $5.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to rising health and wellness trends, fitness and sports nutrition, on-the-go snacking culture, weight management and dietary trends, increasing vegan and plant-based options.
The protein bar market size is expected to see strong growth in the next few years. It will grow to $6.78 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to focus on clean label and transparency, customization and personalization trends, e-commerce growth, health and fitness apps integration, sustainability and eco-friendly packaging. Major trends in the forecast period include plant-based protein dominance, functional ingredients and nutrient boosts, personalization and customization, snacking convenience, innovative flavors and textures.
The increasing popularity of protein-based diets is expected to propel the growth of the protein bar market going forward. Protein-based diets consist of foods that contain high amounts of protein, like meat, eggs, milk, nuts, beans, seafood, and vegan products like soy. The increased protein-based diets demand boosts the protein bar market as they are sources of proteins and other vital nutrients. For instance, in June 2022, according to the Canada National Statistical Agency, a Canada-based federal agency that offers important facts about the economy, society, and environmental issues, poultry meat sales climbed for the seventh year in a row, rising 14.9% from the previous year to $3.7 billion. Similarly, Canada produced 848.2 million dozen eggs in 2021, an increase of 1.1% annually. Since the last decade, the production of eggs in Canada has been rising year over year. Therefore, the increasing popularity of protein-based diets is driving the protein bar market.
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The protein bar market covered in this report is segmented –
1) By Source: Plant-Based, Animal-Based
2) By Product: Gluten-Free Protein Bars, Vegetarian Protein Bars, Sports Nutrition Bars, Other Products
3) By Protein Content: Low Protein Content, Medium Protein Content, High Protein Content
4) By End-User: Adult Male, Adult Female, Other End-User
Major companies operating in the protein bar market are developing new products such as low-sugar protein bars to gain a competitive edge in the market. Low-sugar protein bars are a category of protein bars formulated with reduced sugar content, often using sugar substitutes, catering to individuals seeking a convenient source of protein while maintaining control over sugar intake, making them suitable for weight management and specific dietary preferences. For instance, in August 2023, Mars Inc., a US-based food company, launched Snickers Hi Protein Low Sugar and Snickers Hi Protein Low Sugar White, expanding its protein product range. With familiar Snickers flavors of peanut, nougat, and caramel, these low-sugar bars contain only 2g of sugar, 20g of protein, and 217-218 calories. Mars targets both major multiples and impulse channels, emphasizing the potential of the well-known Snickers brand to attract new consumers in a competitive market. The individually wrapped Snickers Low Sugar High Protein Bar not only provides a delicious and protein-packed snack but also offers the convenience of being easily transportable, making it a convenient option for a quick and satisfying post-workout or on-the-go indulgence.
The protein bar market report table of contents includes:
1. Executive Summary
2. Protein Bar Market Characteristics
3. Protein Bar Market Trends And Strategies
4. Protein Bar Market – Macro Economic Scenario
5. Global Protein Bar Market Size and Growth
…..
32. Global Protein Bar Market Competitive Benchmarking
33. Global Protein Bar Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Protein Bar Market
35. Protein Bar Market Future Outlook and Potential Analysis
36. Appendix
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