Key Market Insights

“Growing health awareness increases the demand for protein bars market”

The protein bars market expected to grow at a CAGR of 5.9% during the forecast period from 2023 to 2030, starting from US$ 1,471.25 Mn in 2021.

Consumers nowadays are more inclined towards using convenience and high-protein content food products. As per the recent research studies, about 90% of Americans purchase convenience food. Moreover, 25% of consumers opt for the time saving and ready to eat food products. Thereby, increases the demand for protein bars globally. Additionally, protein bars can be consumed by chronic kidney disease patients as these bars can act as good of protein. Moreover, protein bars resemble snack or candy bars thereby, gaining wide acceptance among patients globally.

Manufacturers are launching new and improved protein bars in the market. Key manufactures are focusing to provide innovative protein bar products in the market. For instance, in June 2018, Think kids launched a new protein bar for kids. The new protein bar for kids 45 percent less sugar. The Think kids bar offers a balance between taste and nutrition. Moreover, the Think kids bar is GMO-free, Gluten-free, and produced without adding artificial colors and flavors. The increasing demand for collagen-based products is one of the key factors driving the protein bars market. 

Category Analysis                                                         

“Rising demand for meal replacement products supports the demand for nutritional bars globally” 

In 2021, the nutrition bar dominated the protein bars market and expected to continue its dominance during the forecast period. Consumers nowadays are more inclined to use meal replacement products. Nutrition bars are the best available source for meal replacement. As per research studies, 95% of the people in the U.S. suffer from type 2 diabetes and the majority of type 2 diabetes patients are overweight. Thereby, increases the demand for nutrition bars as nutrition bars is a simple and effective weight-loss tool. Moreover, nutrition bars have gained a lot of popularity in recent years are proven to be a viable option for supportive weight loss.  

Major manufacturers are increasing their product portfolio for providing consumers new nutrition bars. For instance, in August 2019, the Hershey Company acquired One Brand LLC. The One Brand LLC produces high-protein nutrition bars with low-sugar content. Through the acquisition, Hershey aims to increase its product portfolio in the nutrition bars.

Regional Analysis

“Rising demand for healthy food in the North American region propels the market growth”

North America dominated the protein bars market in 2021 and expected to continue its dominance during the forecast period. Consumers in the North America region are more inclined towards using plant-based and clean label based bars. Thereby, increases the demand for protein bars in the region. Moreover, consumers is inclining towards protein-rich food in the U.S. and Canada. The research study suggests that the growth of products labeled as a good source of protein accounts for about 4%, additionally, products labeled as an excellent source of protein records growth up to 12% in the past few years.

“Asia Pacific is projected to be the fastest-growing market for protein bars market”

Increasing awareness of consumers towards healthy foods products and the rising per capita income of people in the Asia Pacific region supports the growth of the market. Moreover, increasing the number of gyms and health clubs and fitness trends in the region also drives the protein bars market.

List of Companies Covered:

• Tom Oliver Nutrition
• Abbott.
• The Balance Bar Company
• Think!
• Caveman Foods LLC
• Clif Bar & Company.
• QuestNutrition
• Kellogg NA Co.
• Simply Good Foods USA, Inc.
• NuGo Nutrition
• Prinsen Berning
• Mars Inc.
• General Mills, Inc.

Key Industry Developments:

• In October 2017, Kellogg Co. acquired RXBAR. RXBAR is a niche manufacturer of protein bars. Through the acquisition, Kellogg Co. aims to add clean-label, high-protein snacking to its product portfolio.
• In February 2017, General Mills Inc. invested in D’s Natural. D’s Natural is a Denver-based company that manufactures vegan, dairy-based protein bars.  D’s Natural is famous for its No Cow Bar, a protein-infused nut spread, and Fluffbutter. D’s Natural products are sold around 10,000 stores nationwide.  
• In July 2019, General Mills Inc. launched a new product. The new Larabar is a protein bar prodded from plant-based proteins. The Larabar protein bar contains 11 grams of plant-based protein from nuts and peas. The new protein bars are vegan, dairy, and gluten-free and are available in an almond chocolate brownie, chocolate peanut butter cup, and apple cobbler flavors.
• In January 2018, Nature’s Bounty acquires protein bar manufacture The Best Bar Ever. The acquisition aims to introduce a new range of sport nutrition products to Nature’s Bounty product portfolio. The Best Bar Ever produces protein bars from natural ingredients, that are available in flavors such as cookie dough peanut butter crunch, and chocolate peanut butter. 

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Protein Bars market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Protein Bars market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Protein Bars market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Protein Bars market?
• Which is the largest regional market for Protein Bars market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Protein Bars market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Protein Bars market worldwide?