Protein Bars are nutritional bars, enriched with the high protein content & fortified with a range of vitamins and minerals. Recently, Protein bars are creating quite a buzz in the market, escalating its market to booming heights on the global platform. Evidently, consumers’ inclination towards the convenience food is the key factor driving the market growth predominantly.
People nowadays are increasingly becoming health conscious owing to the awareness towards the benefits of good health. When it comes to the food, whether it is snacks or meal, they wisely choose the food with the most nutritional value, suiting to their palates, physical requirements & to their pockets. Besides, owing to a general perception of maintaining a better health coupled with a current trend of consumption of ‘free from ___’ products is increasing uptake of Protein Bars worldwide fueling its market growth constantly.
Furthermore, other benefits that Protein Bars provide, such as availability of varieties & in various flavors along with the fact that it is a healthy option to substitute a meal; is widening its popularity & hence its uptake worldwide. Leverage to the heady lifestyle today, the growing working population is increasingly depending upon Protein Bars, substituting for a proper meal or to get a quick energy boost.
In addition, other factors that propel the market growth include growing health-centric (health conscious) populace, the millennial generation, growing industrialization & urbanization along with the improving economic conditions worldwide. These factors trending worldwide; not only drive the market growth but also encourage the maker/manufacturer of the Protein Bars to bring novelty in the bars. For which, these manufacturers make substantial investments in R&D activities. This, in turn, pays off well by increasing popularity of these protein bars, hence its demand, sale & eventually, its market size.
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On the other hand, availability of various counterfeited, low-cost Protein Bars in the market is considered as the market growth hampering factor over the review period.
The distribution channels have played an important role in the development of this market. The penetration of large format retail including supermarkets, hypermarkets, and online shopping for groceries has been increasing, especially in the developing countries. On the other hand, the online channels provide convenience to price-sensitive consumers. The increasing disposable income of consumers in the developing countries has been encouraging them for bulk purchase of these bars.
The Protein Bars Market appears to be highly competitive owing to the presence of numerous well-established vendors. Owing to the low product differentiation and availability of a wide range of similar products; vendors are increasingly focusing on reducing the brand recall of their products among consumers through effective marketing communications. High potential growth demonstrated by the market is expected to attract several new entrants during the anticipated period. Resultantly, intensifying the competition further.
Clif Bar & Company. (US), Atkins Nutritionals, Inc. (US), General Mills Inc. (US), Premier Nutrition (US), Kellogg Co. (US), Lenny & Larry’s Incorporated (US), Quest Nutrition (US), Mars Incorporated (US), Caveman Foods LLC (US), and Abbott Nutrition Manufacturing Inc. (US) are some of the prominent players profiled in MRFR Analysis and are at the forefront of the competition in the Global Protein Bars Market.
March 22, 2018 – ONE Brands (US), a renowned global maker of protein & nutritional bars launched their newest innovation, ONE Basix Bars, the sweetened line made with all natural products & no artificial preservatives or flavors. The launch took place at the Natural Products Expo West Show. Available in 3 delicious flavors, ONE Basix will be available at select specialty stores & gyms in the US starting in May 2018.
The Protein Bars Market is segmented into 4 key dynamics for the convenience of the report and enhanced understanding;
By Source: Comprises Plant & Animal Protein among others.
By Flavors: Chocolates, Fruits, Peanut Butter, Savory, & Spices among others.
By Distribution Channel : Store Based & Non-Store Based
By Regions: North America, Europe, APAC and Rest of the World.
Segment – Plant Protein, by Source, is expected to grow with a substantial CAGR over the review period attributing to the augmenting demand for the gluten-free plant sources from the patients with celiac diseases.
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Segment – Chocolate, by Flavors, is estimated to dominate the global market with the largest market share.
Whereas Segment – Fruits & Peanut Butter, by Flavors, will be growing with the steady pace over the review period.
Segment – grocery wholesalers and retail stores, by distribution channel are expected to be the major contributors to the market growth.
Globally, North America dominates the market for Protein Bars with the largest market share. This growth attributes to America’s largest market backed by the high per capita income coupled with the inclination towards easy to carry, convenience foods.
Attributing to the growing markets for Protein Bars in the region, Europe accounts for the second-largest market. Besides factors such as high disposal income & increasing health eccentric populace coupled with the influence of media industry provide impetus to the regional market growth.
Asia Pacific region is expected to be the fastest growing region for Protein Bars. Attributing to the improving economic conditions in countries like India & China, the market is expected to grow with a phenomenal CAGR during the assessment period.