Protein Bar Market Forecasts to 2028 - Global Analysis By Source, Type, Distribution Channel, Product (Low Protein, Medium Protein and High Protein ), Category, Application and By Geography

According to Stratistics MRC, the Global Protein Bar Market is accounted for $4.90 billion in 2022 and is expected to reach $7.83 billion by 2028 growing at a CAGR of 8.1% during the forecast period. Protein/nutrition bars are healthy dietary items that give the body the extra protein it needs. The market for these products is rising as consumers' preferences for ready-to-eat (RTE), meal-replacing, and packaged foods expand. A major driving force behind the rising demand for these bars in the international market is the growing understanding of the advantages of health and nutrition bars, including how they can help to build and repair tissue, lower blood pressure, help people lose weight, and other benefits. Consumption of bars as a convenient and healthful snack has increased as a result of consumers' busier lifestyles.

According to Maeil Business Newspaper, in South Korea, the market for protein products including protein bars was expected to be worth KRW 336.4 billion in 2021.

Market Dynamics:

Driver:

Rising inclination toward fitness and protein diet

A recently developed food category called a protein bar has been widely used as a dietary supplement. Because its main constituent, proteins, has the capacity to help develop muscle, this simple ready-to-eat protein source is becoming more and more popular among fitness-conscious organisations. It is regarded as a suitable post-workout snack for athletes, persons active in sports, and those doing heavy-duty jobs that necessitate vigorous physical exercise. For weightlifters and athletes, consuming protein is essential to sustaining energy levels and improving performance. Therefore, it is anticipated that increased global adoption of fitness activities will boost product demand.

Restraint:

Availability of alternative products and high sugar content

Protein supplements come in a wide range of substitute items that are easily accessible on the market, including protein bars, protein powders, and protein shakes and beverages with added protein. Market expansion is anticipated to be hampered by the availability of competing goods like multivitamin bars and other snack bars that offer essential nutrition. The market for the product is also anticipated to be constrained by public awareness of the harmful health effects of artificial sweeteners and hydrogenated fats in the product.

Opportunity:

Increasing trend of on-the-go breakfast/meal items

The need for nutritious meal options is becoming more pressing as people's lifestyles change, travel distances increase, and work schedules become busier. At the same time, the market for convenience foods is expanding quickly. Because they are portable and work as an instant energy boost, nutritious bars are a viable replacement for meals because they help regulate hunger. In the 'Food & Health Survey', which was done by the International Food Information Council (IFIC) Foundation, 10% of the American population indicated that they preferred protein for energy. As a result, the demand for protein-rich bars is anticipated to increase in the near future due to the high demand for healthy foods caused by the growth in the number of health clubs.

Threat:

Strict rules and regulation

The market for protein supplements is predicted to grow in the next years as a result of factors including the rising middle-class population and the penetration of organised retail. However, the Therapeutic Goods Administration in Australia has advocated for the reclassification of supplements as therapeutic goods or medications. This development is predicted to hinder the nation's current economic expansion, which is predicted to have a negative impact on the expansion of the regional market.

COVID-19 Impact:

Bars are a go-to for quick and portable eating. When the coronavirus (COVID-19) pandemic limited activities and forced many people to stay at home in 2020, sales of nutrition bars and a variety of other nutrition bars dropped precipitously. Furthermore, the COVID-19 epidemic forced the suspension or cancellation of the majority of sporting events around the world. Due to lockdown, the bulk of health clubs and fitness centres were also closed. However, during such an outbreak, the growing consumer preference for food products that improve immunity is anticipated to increase demand for wholesome & energy-efficient snack foods. The expanding trend of goods with specialised health benefits has been driven by the increased concern for health and wellbeing.

The plant-based segment is expected to be the largest during the forecast period

The plant-based segment is estimated to have a lucrative growth, as they are prepared from a variety of healthy natural nutrients, including fruit, nut butter, seeds, and others, that assist the body fight off numerous ailments. As more individuals switch to eating a plant-based diet in order to lead healthier lifestyles, the prevalence of vegetarianism around the world contributes to the product's rising demand.

The online channels segment is expected to have the highest CAGR during the forecast period

The online channels segment is anticipated to witness the highest CAGR growth during the forecast period, due to the vast number of well-known companies offering food supplements online through stores. Bar sales will continue to benefit from the e-commerce trend, which includes buying in multipacks rather than singles and the growth and development of direct-to-consumer partnerships. Additionally, enticing web marketing and deals on premium protein bars are luring customers to purchase those goods.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the expanding infrastructure facilities for various conventions and brick-and-mortar establishments that have aided the market expansion in developing nations. The demand for protein bars will increase, which will have an effect on regional growth overall as protein intake becomes more well known in areas like China and India. In recent years, as Chinese consumers' awareness of healthy living has increased as a result of the epidemic, the high protein concept has served as an excellent example of the huge potential of healthy bars.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the growing number of fitness aficionados and the expansion of health clubs, gyms, and fitness training facilities across North America. The American population is concentrating on improving their health, and a diet high in protein is one of the possible strategies to do this. The region's customs of between-meal snacking are thought to be responsible for the emergence of protein-enriched snacks.

Key players in the market:

Some of the key players profiled in the Protein Bar Market include: The Kellogg Company, Mondelez International, General Mills Inc., Amway Corp., The Simply Good Foods Company, The Bountiful Company, GNC Holdings Inc., Glanbia Plc., Clif Bar & Company, POST HOLDINGS INC., Mars, Incorporated, Tom Oliver Nutrition, Abbott, The Balance Bar Company, Caveman Foods LLC.

Key Developments:

In June 2022, Kellogg's Special K launched a range of new protein snack bars. The products contain 6 grams of protein and 90 calories per bar. The products were initially available in two flavors including sweet berry vanilla and chocolatey brownie sundae.

In June 2021, RXBAR launched a plant-based protein bar. The all-new RXBAR protein bar is made with 10 grams of plant-based protein in place of RXBAR's signature egg whites and is available on RXBAR.com and on shelves at several retailers including Target and Kroger.

In June 2021, RXBAR, a Kellogg subsidiary, launched its first plant-based product. RXBAR Plant contains 10 grams of protein and substitutes pea and almond protein for the brand's distinctive egg white protein.

Sources Covered:

• Animal-Based
• Plant-Based

Types Covered:

• Meal Replacement Bars
• Sports Nutrition Bars
• Women's Protein Bar
• Low-Carb Protein Bar
• Energy Protein Bar
• Other Types

Distribution Channels Covered:

• Convenience Stores
• Mass Merchandisers
• Online Channels
• Specialty Stores
• Supermarkets /Hypermarkets
• Other Distribution Channels

Products Covered:

• Low Protein (0-15 grams)
• Medium Protein (16-25 grams)
• High Protein (Above 25 grams)

Categories Covered:

• Vegan
• Multi-Claim
• Gluten-Free
• Organic
• Other Categories

Applications Covered:

• Bodybuilders
• Pro/Amateur Athletes
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances