Protein Bars Market Overview
The global protein bar market is projected to register a CAGR of 6.34 % and USD 7.05 billion during the forecast period (2023-2030), as highlighted by the relevant market trends and analysis. Protein is considered an important element that supports fitness progress. Therefore, consumers opt for weight management and energy products, such as protein bars, to remain fit and healthy. Owing to their high nutrition levels, protein bars market are gaining prominence among health-conscious consumers.
Due to the COVID-19 pandemic, increased sales of snacks, bars, and other convenience foods were observed during the lockdown, which sustained the demand for protein bars. As consumers’ interest in products that support the overall maintenance of health and wellness increased, the ambiguous situation across the world urged them to increase their nutritional intake and consume safer and healthier foods. Also, due to the work-from-home or stay-at-home trend, people started working out in their homes, and hence, the demand for protein bars was further boosted.
The major consumers include sports athletes and those who want to have a wholesome meal without the trouble of cooking. Consumers have a preference for buying protein bars for various purposes, such as weight management, improving muscle mass, and increasing energy.
Moreover, marketing campaigns by fitness clubs for protein bars as a substitute for meal replacement have skyrocketed the sales of these products.
Competitive Landscape
The global key protein bar market players is highly competitive due to various giant players and local players such as The Kellogg Company, General Mills Inc., and others like Caveman Foods LLC, followed by Quest Nutrition LLC, and Clif Bar & Company. These industry participants employ strategies like business expansions, mergers, and acquisitions to expand their regional presence across the global market. The global market-leading brands are increasingly focusing on product line expansions to emerge as category winners.
Market segmentation
Protein bars are nutrition bars that contain a high proportion of protein compared to carbohydrates and fats. The global protein bar market is segmented by distribution channel and based on geography. The market is segmented into supermarkets/hypermarkets, convenience stores, specialist retail stores, online stores, and other distribution channels. The global market discussion also analyses the emerging and established economies across the global market, including North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. The market and forecasts have been done for each segment based on protein bar market insights.
Regional analysis
Healthy snacks and food supplements are on the rise, with a high-protein bar brand demonstrating huge success in the region. Natural and non-GMO protein bars are expected to become the best-selling wholesome protein bar in Asia-Pacific. The influence of the Asia Pacific is increasing in the protein bar market, with increasing potential and product innovation in China, India, and other countries. Moreover, protein bars made up ko different flavors are widely consumed by people during festival events. The factor has resulted in high revenue generation from products in the APAC region. Also, there has been an increase in the consumption of meal replacers for weight loss is a key trend bolstering the protein bar market outlook in the region.
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