Market Overview
Protein Bars Market is presumed to expand at 7.24 % during the forecast period (2017-2024) owing to the growing health-awareness, asserts Market Research Future (MRFR). Protein bars are referred to nutritional bars which comprise high protein content. Protein bars are a healthy option as a substitute for meals and are available in a wide variety and flavors such as fruits, chocolates, peanut butter, spices, savory, and others. They also help to reduce cravings and prevent constant snacking.
Drivers and Constraints Impacting the Market
Protein bars can be consumed as a substitute for proper meal for the ones who require quick energy. They are rich in protein which is a major factor driving the market. With the growing working population coupled with a hectic lifestyle, the protein bars market is likely to boom in the coming years. Additionally, with the increasing trend of fitness and health along with rising disposable income, protein bars are gaining popularity during the assessment period. Moreover, with the penetration of online stores and availability of 4G LTE infrastructure makes consumers opt for online store segment, thereby fuelling the market growth for protein bars globally.
On the flip side, the large number of substitutes available in the market is estimated to hamper the growth of protein bars in the coming years. Moreover, lack of taste coupled with high sugar content forces consumers to rethink about protein bars as a healthy food product, thereby inhibiting the market growth.
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Competitive Analysis
The major player operating the global market are Mars Incorporated (U.S.), Caveman Foods LLC (U.S.), Atkins Nutritionals Inc. (U.S.), Quest Nutrition (U.S.), Kellogg Co. (U.S.), General Mills Inc. (U.S.), Lenny & Larry’s Incorporated (U.S.), Premier Nutrition (U.S.), Clif Bar & Company. (U.S.), Abbott Nutrition Manufacturing Inc. (U.S.), and more.
Industry News
Fulfil has expanded its offering with the launch of an all-new 40g bar that comprises 15g of protein, nine vitamins, and less than 2 grams of sugar. The new range introduces two new flavors such as chocolate hazelnut whip and chocolate salted caramel. Fulfil is aiming to appeal to a wider range of consumers who are looking for healthier and tastier snacks.
Segmental Analysis
The global protein bars market has been segmented on the basis of type, flavors, distribution channel, and region.
By mode of type, the protein bars market has been segmented into animal protein and plant protein. Among these, the segment for plant protein is presumed to gain substantial growth during the forecast period owing to the growing demand for gluten-free plant sources among the people suffering from celiac disease.
By mode of flavors, the market has been segmented into peanut butter, fruits, chocolates, spices, savory, and others. Among these, the segment for chocolate is presumed to dominate the global market. The segments for peanut butter and fruits are also anticipated to show steady growth during the review period.
By mode of distribution channel, the market has been segmented into store-based and non-store based. Protein bars are mainly sold through the store-based distribution channel. The retail stores and grocery wholesalers are the major contributors among them.
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Regional Insights
Geographically, the protein bars market spans across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World.
Among all the regions, the North American market is presumed to dominate the global market during the review period closely followed by Europe due to the presence of major players in the United States. Also, with the growing inclination towards portable convenience foods, the market is anticipated to fuel in the coming years.
The European region is anticipated to show a significant growth due to a high inclination towards nutritional products and functional foods. Asia Pacific is presumed to be the fastest growing market for protein bars due to the presence of major contributors such as China, Japan, and India. Moreover, due to the increasing adoption of sports-based activities in India and Australia, the market is predicted to trigger during the review period.
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