Protein are consumed across the globe as a protein supplement for muscle gaining activity or for general nutrition. Protein bars are made with plant or animal extracted protein along with other nutrition as well. Protein bars market is growing exponentially as it is one of the prominent sources of protein for health conscious people across the globe.
Leaning trend towards healthy & fit lifestyle and rising demand for healthy and convenience food among people are some of the vital factors driving the global protein bars market. Other factors supporting the market growth are availability of protein bars across the globe and rising consumer base for protein bars. Advertisements and marketing campaigns by new entrants are expected to play major role in positively influencing the market growth.
However, high cost of the protein bars and side effects associated with the excessive consumption of protein are some of the factors which are likely to affect the global protein bars market adversely. Entry of substitute including cereal bars and energy bars is the other factor which is anticipated to hinder the market growth during the forecast period 2019–2026.
The global protein bars market was valued at USD 940 million in 2017 and is expected to grow at a CAGR of 4.3% throughout the forecast period 2019-2026.
The global protein bars market is segmented on the basis of protein content, product type, protein source type, and region.
Based on protein content, the global protein bars market is segmented into low protein (0-15 gm), medium protein (16 gm - 25 gm), and high protein (Above 25 gm). Amongst protein content, high protein (above 25 gm) is expected to account for major share of the market owing to the leaning trend towards healthy and fit lifestyle. Medium protein bar (16 gm - 25 gm) segment accounts for significant share of the market followed low protein bar (0-15 gm).
Based on product type, the market is segregated into energy protein bars, women's protein bar, meal replacement bars, low-carb protein bars, and others. Amongst product type, energy protein bars is expected to dominate the market. Meal replacement bars is expected to experience significant growth followed by low-carb protein bars with highest CAGR. Women’s protein bar is expected to experience swift growth during the forecast period 2019–2026.
On the basis of protein source type, the global protein bars market is segmented into plant protein and animal protein. Amongst protein source type, animal protein segment dominates the market. Easy availability of the animal protein source is the vital factor for the segmental growth. Plant protein segment is expected to account for minimal share of the market owing to the high protein extraction cost for the production of protein bars.
In terms of region the global protein bars market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
North America dominates the global protein bars market owing to the high number of health conscious people in the region and rising demand for healthy & convenience food. Awareness regarding the consumption of healthy food and protein sourced protein bars is rising in the North America. Rising consumption is in turn increasing demand for the protein bars. The U.S. is expected to account for largest share followed by Canada. Mexico is anticipated to account for least share of the market owing to the lower per capita expensing power of people.
Europe accounts for significant share of the global protein bars market owing to the presence of major players in the region and high demand for protein bars by the health conscious people. Demand for protein bars is rising by the people who eat protein bars for general wellness. Healthy & fit lifestyle trend has taken Europe by storm and thus the demand for protein bars is increasing as it provides high amount of protein nutrition with other nutrition as well.
Asia Pacific is the fastest growing market for protein bars mainly owing to the huge population base coupled with high number of overweight people. Protein bars are consumed for completion of the dietary supplements and for supporting the muscle gain activities as well. Due to huge population base, major companies are targeting Asia Pacific market with constant marketing and advertisement to attract customers. Asia Pacific market is expected to grow at highest CAGR during the forecast period 2019–2026.
The Middle East & Africa is expected to grow steadily owing to the growing number of health conscious people and increasing per capita income. Major players in the market are targeting the Middle East & Africa for expansion due to rising tourist inflow.
Latin America is expected to account for least share of the global protein bars market owing to low per capita income and low expenditure capacity of people. Low per capita income of people directly affects the protein bars market as the cost of protein bars is comparatively higher than other healthy bars.
Some of the major players in the market are The Kellogg Company, Abbott Laboratories, General Mills Inc., Inc., Mars, Inc., Groupe Danone, Hormel Foods Corporation, The Whitewave Foods Company, Small Planet Foods, Inc., Universal Nutrition Corp., Premier Nutrition Corporation, Quest Nutrition, Llc, Active Nutrition International GmbH, and Musclepharm.
In October 2017, The Kellogg Company acquired RXBar, a Chicago based protein bar company. In August 2018, The Kellogg Company announced that the acquisition of RXBar has boosted the company’s revenue by USD 110 million.
In February 2017, General Mills Inc. announced of the investment in D's Naturals, a 2015 start up and producer of natural food products.
Major players in the protein bars are acquiring the local players for product portfolio and geographical expansion. Other major players are investing in local players for strategic development of the company.
Our report covers the protein bars market insights, focusing on recent developments in the market in different regions and development strategies of the companies. Moreover, following sections are specifically covered in the report.