Protein Bar Global Market Report 2024

Protein bars are nutritious snacks composed of plant-based or milk-derived proteins such as hemp, whey, pea, or rice protein. Featuring a 2:1 carbohydrate-to-protein ratio, protein bars are designed for energy and recovery. These bars offer quick energy replenishment, especially beneficial after strenuous activities.

Protein bars derive protein from either plant-based or animal-based sources. Plant-based proteins, obtained from sources such as pulses, tofu, soy, nuts, and certain cereals, offer advantages such as increased fiber intake, reduced risk of heart disease and certain cancers, and weight management benefits. Protein bars are available in forms such as gluten-free, vegetarian, and sports nutrition bars, each with varying protein content, catering to different demographics such as adult males, adult females, and others.

The protein bar market research report is one of a series of new reports from The Business Research Company that provides protein bar market statistics, including protein bar industry global market size, regional shares, competitors with a protein bar market share, detailed protein bar market segments, market trends and opportunities, and any further data you may need to thrive in the protein bar industry. This protein bar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The protein bar market size has grown strongly in recent years. It will grow from $4.81 billion in 2023 to $5.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth observed in the historic period can be attributed to various factors, including the surge in health and wellness trends, the popularity of fitness and sports nutrition, the on-the-go snacking culture, the emphasis on weight management and dietary trends, and the increasing availability of vegan and plant-based options.

The protein bar market size is expected to see strong growth in the next few years. It will grow to $6.78 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The projected growth in the forecast period can be attributed to a focus on clean label and transparency, the adoption of customization and personalization trends, the continued growth of e-commerce, integration with health and fitness apps, and an emphasis on sustainability and eco-friendly packaging. Key trends anticipated in the forecast period include the dominance of plant-based protein, the incorporation of functional ingredients and nutrient boosts, an increased focus on personalization and customization, the convenience of snacking options, and innovation in flavors and textures.

The surge in popularity of protein-based diets is anticipated to drive the growth of the protein bar market in the foreseeable future. These diets revolve around the consumption of foods rich in protein, including meat, eggs, milk, nuts, beans, seafood, and vegan alternatives such as soy. The growing demand for protein-based diets contributes to the expansion of the protein bar market, as these bars serve as convenient sources of proteins and essential nutrients. For example, in June 2022, as reported by the Canada National Statistical Agency, poultry meat sales in Canada witnessed a seventh consecutive year of growth, increasing by 14.9% to reach $3.7 billion. Similarly, egg production in Canada rose by 1.1% annually to 848.2 million dozen eggs in 2021, reflecting a consistent upward trend over the past decade. Hence, the rising popularity of protein-based diets is a key driver for the protein bar market.

The growing demand for convenience foods is poised to fuel the expansion of the protein bar market in the coming years. Convenience foods encompass commercially prepared or partially prepared food products designed for quick and easy consumption or preparation by consumers. Protein bars typically feature a mix of protein sources, carbohydrates, healthy fats, fiber, sweeteners, and occasionally added vitamins and minerals, providing a convenient and nutritionally balanced option for individuals on the go. For instance, in April 2022, the Institute of Food Technologists reported a 5% increase in U.S. snack sales during the first half of 2021 compared to the same period in 2020. Moreover, frozen lunch product sales rose by 36.4%, and frozen meal sales increased by 26% in 2021. As a result, the rising demand for convenience foods is a driving force behind the growth of the protein bar market.

The prevailing trend in the protein bar market centers around product innovation. Major players in this market are dedicated to creating novel products as a means of reinforcing their market standing. For example, in June 2022, the US-based Kellogg Company, known for its production of protein bars, breakfast cereals, cookies, and other items, introduced Protein Snack Bars under its Special K brand. These Protein Snack Bars by Special K are robust, delectable, and satiating, offering 90 calories and a quick protein boost for those on the go, all without compromising on taste. Featuring six grams of protein, they are available in two tempting flavors - sweet Berry Vanilla and rich chocolaty Brownie Sundae.

Prominent companies in the protein bar market are introducing innovative products such as low-sugar protein bars to gain a competitive advantage. Low-sugar protein bars are a category tailored for individuals who seek a convenient protein source while keeping sugar intake in check, often achieved through the use of sugar substitutes. In August 2023, Mars Inc., a US-based food company, expanded its protein product range with the launch of Snickers Hi Protein Low Sugar and Snickers Hi Protein Low Sugar White. These low-sugar bars, retaining the familiar Snickers flavors of peanut, nougat, and caramel, contain only 2g of sugar, 20g of protein, and 217-218 calories. Mars aims to capture both major multiples and impulse channels, leveraging the well-known Snickers brand to attract new consumers in a competitive market. The individually wrapped Snickers Low Sugar High Protein Bar not only offers a delicious and protein-packed snack but also provides the convenience of easy transport, making it a suitable choice for a quick and satisfying post-workout or on-the-go indulgence.

In December 2021, US-based Tattooed Chef Inc., a manufacturer of plant-based protein bars and products, completed the acquisition of Belmont Confections Inc. for around $18 million. This acquisition enables Tattooed Chef Inc. to expand its product line and enter the global market for plant-based bars. Aligned with Tattooed Chef's expansion strategy, which focuses on producing more ambient and chilled items, the acquisition aims to free up additional shelf space and extend its channel penetration beyond retail and club settings, allowing customers to enjoy Tattooed Chef products both at home and on the go. Belmont Confections Inc. specializes in private-label protein and health bars.

Major companies operating in the protein bar market report are Nestle S.A., Abbott Laboratories, Mars Incorporated, Mondelez International Inc., General Mills Inc., Kellogg Company, Hormel Foods Corporation, Amway Corporation, Glanbia PLC, Post Holdings Inc., Danone North America LLC, GNC Holdings LLC, ONE Brands LLC, The Simply Good Foods Company, Premier Nutrition Company LLC, The Nature's Bounty Co., Nature's Bounty Co., Clif Bar & Company, Quest Nutrition LLC, Orgain Inc., MusclePharm Corporation, NuGo Nutrition, Natural Balance Foods Limited, RXBAR & Co., KIND LLC, PowerBar Inc., Small Planet Foods Inc., GoMacro LLC, Caveman Foods LLC, Naturells India Private Limited, ProBar LLC

North America was the largest region in the protein bar market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global protein bar market report forecast period. The regions covered in the protein bar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the protein bar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The protein bar market consists of sales of low-sugar protein bars, chocolate protein bars, peanut butter protein bars, collagen protein bars. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Protein Bar Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on protein bar market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for protein bar ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The protein bar market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Source: Plant-Based; Animal-Based
• 2) By Product: Gluten-Free Protein Bars; Vegetarian Protein Bars; Sports Nutrition Bars; Other Products
• 3) By Protein Content: Low Protein Content; Medium Protein Content; High Protein Content
• 4) By End-User: Adult Male; Adult Female; Other End-User
• Companies Mentioned: Nestle S.A.; Abbott Laboratories; Mars Incorporated; Mondelez International Inc.; General Mills Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.