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The protein bar market size is estimated to grow at a CAGR of 8.1% between 2022 and 2027. The protein bar market size is forecast to increase by USD 1,920.42 million. The growth of the market depends on several factors, including the increasing demand for sports nutrition, the rising product innovations in protein bars, and the high demand for protein bars from millennial population.
This protein bar market report extensively covers market segmentation by product type (medium protein bar, low protein bar, and high protein bar), distribution channel (supermarkets and hypermarkets, convenience stores, drug stores, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing demand for sports nutrition is notably driving the market growth, although factors such as the easy availability of substitutes may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for sports nutrition is the key factor driving the growth of the market. The global sports nutrition industry is experiencing significant growth due to an expanding consumer base that includes professional athletes and fitness enthusiasts. A balanced diet containing carbohydrates, dietary protein, dietary fat, vitamins and minerals covers the athlete's basic energy needs. In addition to regular intake, sports supplements such as shakes, protein bars, and other beverages are also consumed. Moreover, professional sportspersons are considered core users, while recreational athletes are considered casual users. Energy bar users who are engaged in active lifestyle cultures are considered lifestyle users, and those who invest in technology-based solutions such as apps, trackers, and wearables are considered mobile consumer users.
Such expansion of the consumer group is facilitating sports nutrition vendors to provide personalized solutions to their end-consumers through a wide variety of nutritional products such as protein bars. Therefore, the increasing demand for sports nutrition is anticipated to drive the demand for protein bars which will boost the growth of the market in focus during the forecast period.
Increasing sales of energy bars through online retailing is the primary trend in the market. Protein bars, part of a packaged nutritious food product, are increasingly being purchased online from both online retailers and traditional food retailer. The growing number of mobile consumers (users of health and wellness apps, trackers, wearables) has greatly contributed to online sales of packaged nutritious foods such as energy bars. Today's fitness enthusiasts are looking for convenient options when shopping for nutrition. Online grocery retailers such as Walmart Inc. (Walmart), Tesco Plc (Tesco), and Honestbee Pte. Ltd. (Honestbee) are engaged in selling protein bars to regional consumers. Walgreens Co. (Walgreens), an online drugstore, also offers protein bars under its fitness and nutrition segment.
Moreover, vendors are also providing their own online platforms for reaching their end-consumers. A few vendors engaged in the online selling of protein bars are Chicago Bar, owned by Kellogg, and PROBAR LLC (PROBAR). Thus, the rising sales of protein bars through online channels are expected to spur the growth of the market during the forecast period.
Easy availability of substitutes is a major challenge to the growth of the market. Protein bar alternatives include different types of snack bars such as protein cookies, protein powders, protein shakes, protein fortified drinks, etc. Protein bars are designed to give users a quick energy boost. Nowadays, physical and outdoor activities have become more luxuries among the younger population. They seek functional and practical food, especially a variety of snack bars while traveling, outdoor activities, physical activities, and sports. This consumer segment demands a taste, wholesome ingredients, and organic materials in snack bars.
However, protein bars are experiencing competition from substitute products regarding ingredient composition. Protein bars have higher sugar content than other snack bars. Consumers often lack product information about different protein bar brands, especially the composition. Consumers with higher body mass indexes are not suggested to take protein bars for quick hunger satisfaction. Therefore, protein bars are claimed to have adverse health effects for the wrong user group. As a result, many consumers shift to other substitute products, such as granola bars and cereal bars. Thus, the easy availability of substitutes at a competitive price is likely to hamper the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Protein Bar Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
EAT Anytime: The company offers protein bars such as berry blast bars and orange bars. Also, the company focuses on offering energy bars, protein cookies, and trail mixes.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the medium protein bar segment will be significant during the forecast period. Protein bars are generally categorized on the basis of protein content. Protein bars whose protein content vary between 16-25 grams are considered medium protein bar. Such bars are low in carbohydrates and high in protein. The major consumers of medium protein bars include sports athletes and bodybuilders. Apart from these, individuals who work out for more than 2 hours a day or on a weight management program need medium protein bars.
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The medium protein bar segment was valued at USD 1,477.68 million in 2017 and continue to grow by 2021. Professional athletes and other fitness-minded consumers make up the consumer base of the global protein bar market. Traditional energy bars are popular with consumers due to their diverse properties such as taste, aroma, composition of ingredients, and quick energy source. OPTIFAST Bars from Nestle and ZonePerfect Classic Bars from Abbott are some examples of medium protein bars. The growing popularity of healthy snacking and increasing health awareness among customers will drive the growth of the medium protein bar segment of the global protein bar market during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is projected to be the largest geographic segment of the global protein bar market during the forecast period owing to the growing consumption of prepared foods in the region. The growing interest in health, fitness, and well-being has increased the demand for sports nutrition, resulting in intense competition in the North American protein bar market between established and emerging players. Key players in the region are expanding their product line to capitalize on the growing demand for protein bars. In addition, suppliers update their products in terms of taste and nutritional value and offer different types of protein bars. Chocolate, fruits, and nuts are trending ingredients for protein bars sold in the region.
The COVID-19 pandemic had a severe negative influence on the growth of the protein bar market in this region in 2020. However, in Q3 2020, many vendors used innovative approaches to offer protein bar items online, which helped the market deal with the pandemic's negative impacts by reporting growth in the online segment. Furthermore, owing to widespread vaccination drives across the region, lockdown limitations were relaxed across the region in 2021. It allowed the resumption of many commercial and developmental activities both in the online and offline mediums. Moreover, the increasing demand for healthy snacks and the digitization of business activities by vendors are expected to augment the growth of the regional protein bar market during the forecast period.
The protein bar market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global protein bar market as a part of the global packaged foods and meats market under the global food products segment of the global food, beverage, and tobacco market. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Protein Bar Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.1% |
Market growth 2023-2027 |
USD 1,920.42 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.81 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Bright Lifecare Pvt. Ltd., EAT Anytime, General Mills Inc., Glanbia plc, Hormel Foods Corp., Kellogg Co, Lotus Bakeries NV, Mars Inc., Mondelez International Inc., Nestle SA, NuGo Nutrition, O T E Sports Ltd., PepsiCo Inc., Post Holdings Inc., Premier Nutrition Co. LLC, Prinsen BV, PROBAR LLC, The Balance Bar Co., and Torq Performance Nutrition |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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