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The protein bar market size is estimated to increase by USD 2.04 billion and continued to grow at a CAGR of 8.09% between 2023 and 2028. Market expansion hinges on several factors, such as the surging interest in sports nutrition, ongoing innovations in protein bar formulations, and the considerable demand for these bars among millennials. However, impediments to this growth include the abundant availability of substitutes, adverse effects stemming from product recalls, and the complexities associated with product distribution. Despite the momentum generated by the burgeoning sports nutrition trend and the continuous evolution of protein bar offerings, challenges persist due to competitors offering alternatives and the reputational damage incurred through product recalls. Moreover, the intricacies of effectively distributing these products present logistical hurdles. Overcoming these challenges demands strategic approaches to differentiate offerings, rebuild consumer trust, convenience stores, and streamline distribution networks, ensuring sustained market growth and consumer satisfaction in the dynamic landscape of sports nutrition.
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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 1.55 billion in 2018. Professional athletes and other fitness-minded consumers make up the consumer base of the global 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 segment of the global market during the forecast period.
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North America is estimated to contribute 43% 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 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 market between established and emerging players. Key players in the region are expanding their product line to capitalize on the growing demand. In addition, suppliers update their products in terms of taste and nutritional value and offer different types. Chocolate, fruits, and nuts are trending ingredients for protein bars sold in the region.
In today's fast-paced world, health and nutrition are paramount, especially for athletes and sports enthusiasts. Protein bars, a convenient ready-to-eat option, play a vital role in fulfilling these needs. Formulated with high-quality ingredients like whey protein from the Lacprodan line and milk protein, they provide essential nutrients for muscular growth and weight management. With low sugar content and a focus on high nutritional value, these bars offer energy boosts without compromising health. As fitness trends continue to soar, protein bars become indispensable for maintaining optimum protein intake. Enhanced with whole grain oats, dry fruits like almonds, raisins, and cranberries, they cater to the discerning palate while promoting overall wellness. Whether consumed on-the-go or delivered conveniently through grocery services, protein bars foster brand loyalty among health-conscious consumers. Our researchers analyzed the data with 2023 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.
Thus, 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. Therefore, the increasing demand for sports nutrition is anticipated to drive the demand 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 these 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 online selling 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.
The 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. They 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, they are experiencing competition from substitute products regarding ingredient composition. They have higher sugar content than other snack bars. Consumers often lack product information about different brands, especially the composition. Consumers with higher body mass indexes are not suggested to take these for quick hunger satisfaction. Therefore, they 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.
Market Customer Landscape
Companies 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 companies, 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 research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
In the bustling market, the demand for convenient and nutritious options is on the rise. With consumers prioritizing health and nutrition, ready-to-eat options like nutrition bars, fortified with high quality proteins such as whey protein from the Lacprodan line and milk protein, gain prominence. These bars cater to various segments, including athletes, fitness enthusiasts, and gym-goers seeking energy boosts and support for muscular growth. As fitness trends continue to soar, fueled by smartphone usage and the proliferation of fitness clubs and health clubs, protein bars serve as dietary supplements for physically demanding lifestyles. Moreover, the market sees a surge in plant-based and organic protein bars, appealing to vegetarians and vegans alike. With a focus on premium ingredients like whole grain oats, almonds, and organic compounds, protein bars exemplify the fusion of health, convenience, and taste, capturing the loyalty of consumers amidst the era of functional foods and brand loyalty.
Moreover, amidst the burgeoning health and nutrition movement, the market thrives as consumers seek convenient and nutritious options. Ready-to-eat protein bars cater to the needs of athletes, Gyms, and fitness enthusiasts, providing high nutritional value to support physical demands. With a focus on protein intake, these bars offer a balance of calories and carbs, ideal for individuals prioritizing fitness growth and optimal performance. Fitness enthusia and athletes are increasingly turning to ready to eat, plant based prot products and dietary supplements to support their physically demanding routines, with many opting for premium coffee and organic compound in their fitness training regimens, while grocery delivery services make it easier to access these items, along with vegetable oil and corn starch for their nutritional needs. Plant-based and organic options appeal to the rising popularity of organic foods and the Vegan Society, meeting the demands of those seeking dietary supplements derived from organic compounds. This trend is further supported by shifts in consumer preferences away from traditional products in other sectors, such as the meats market and the tobacco market, where health-conscious choices are becoming more prevalent.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market growth 2024-2028 |
USD 2.04 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 43% |
Key countries |
US, Germany, UK, China, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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, OTE Sports Ltd., PepsiCo Inc., Post Holdings Inc., Premier Nutrition Co. LLC, Prinsen BV, PROBAR Inc., 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, Market growth and Market Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period |
Customization purview |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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