New York, United States, Oct. 01, 2021 (GLOBE NEWSWIRE) -- The protein bar market is expected to grow at a compound annual growth rate (CAGR) of 4.3% in the forecast period from 2021 to 2026.
The global protein bar market is expected to reach USD 79.3 billion by 2027.
Convenience food is gaining popularity among consumers. In today's hectic lifestyle, convenience food assists people in spending less time cooking and planning meals. Increasing snackfication, specifically in North America, Western Europe, and Australia, is driving the convenience food demand. Additionally, rising demand for a healthy lifestyle combined with protein intake need is expected to drive the protein bar market.
COVID-19: Necessitates Protein Intake
The COVID-19 pandemic has impacted several industries worldwide. With increasing restrictions amid the pandemic, protein bar consumption has suffered. The unavailability of machines, labor, and raw materials negatively impacted the protein bar supply. For instance, the value of snacks and confectionery exports to CAFTA-DR and Panama declined around 24% due to the supply chain disruption.
On the other hand, the COVID-19 has created opportunities for market players to innovate and meet the demand. The market started to gain momentum after October, as the lockdown was lifted, benefiting the companies. E-commerce played a vital role in the positive figures.
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Protein Bar Market by Protein Source
Animal Segment Dominates the Market
Depending upon the protein source, the protein bar is segmented into animal and plant protein. Animal protein bar dominates the market owing to the easy availability of the animal protein. Protein consumed from animal sources are complete proteins, as they contains all the essential amino acids.
Plants-based protein bars find interest among people who are vegan or yet to become vegan. With the increasing number of vegan people, the demand for plant-based protein bar is expected to increase.
Now a days, manufacturers are coming up with the hybrid protein bars which emphasize on plant and animal protein. The people who are flexitarian would prefer these kinds of protein bars.
Protein Bar Market by Protein Content
High Protein (above 25 gm) accounts for major share of the market.
Protein is the main ingredients when it comes to the supplement diet. The high protein bar finds the interest between athletes, bodybuilders, and people who want to loose weight. Also, owing to the growing trend among consumer for healthy, natural, and convenience foods, its is necessary to developed snack foods with high nutritional value. Additionally, flavors ranging from chocolate to peanut butter, burgeon the attractiveness of high protein bars. Medium protein bar segment acquires significant share of the market owing to its consumption being essential in day-to-day life.
Protein Bar Market by Product Type
A Shift Towards Snackification
Meal replacement bar acquires the largest market share as they address the needs of the general population. Rapid growth in snacks has led to snackification of food. Consumers tend to replace meals with snacks. The meal replacement bar is similar to the protein bar but usually higher in calories, fat, and fiber. The rise of snackification alongside the rising health awareness has increased the popularity of the meal replacement bar.
According to the Midwest Independent Retailers Association, the U.S. snack bar market is doubled to USD 6 billion over the last decade. The U.S. snack bar market is 60% owned by three players, namely General Mills, Kellogg's, and Clif Bar. Moreover, trends such as high protein, high fiber, healthy kid-bars are expected to bolster the snacking options during the forecast period.
Protein Bar Market by Regions
North American Dominion over the Protein Bar Market
Regionally, North America has the largest saturated market for protein bars due to prominent players such as Kellogg's, General Mills Inc, Mondelez International, Clif Bar and Company, etc. The U.S. accounts for the largest share, followed by Canada.
In addition, the expanding middle-class population with discretionary income is more likely to purchase snack food from retails. In addition, a hectic lifestyle combined with the fructifying awareness of fitness has encouraged people in North America to opt for healthy snack options. The protein bar snacks are in high demand; 1 in 4 U.S. consumers seek protein-rich snacks.
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Detailed Table of Content
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions and Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation and Scope
4.2 Value Chain Analysis: Protein Bar Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Covid-19 Impact Analysis
4.5.1 Pre-Covid-19 Market Scenario Analysis
4.5.2 Post-Covid-19 Market Scenario Analysis
4.5.3 Measures Taken by Top Players
5 Global Protein Bar Market by Protein Source
5.1 Introduction
5.1.1 Market Size and Forecast (Value)
5.2 Animal-Based
5.2.1 Market Size and Forecast (Value)
5.3 Plant-Based
5.3.1 Market Size and Forecast (Value)
5.4 Others
5. 4.1 Market Size and Forecast (Value)
6 Global Protein Bar Market by Product Type
6.1 Introduction
6.1.1 Market Size and Forecast (Value)
6.2 Energy Protein Bars
6.2.1 Market Size and Forecast (Value)
6.3 Meal Replacement Bars
6.3.1 Market Size and Forecast (Value)
6.4 Women's Protein Bars
6.4.1 Market Size and Forecast (Value)
6.5 Low-carb Protein Bars
6. 5.1 Market Size and Forecast (Value)
6.6 Others
6.6.1 Market Size and Forecast (Value)
7 Global Protein Bar Market by Distribution Channel
7.1 Introduction
7.1.1 Market Size and Forecast (Value)
7.2 Supermarkets/ Hypermarkets
7.2.1 Market Size and Forecast (Value)
7.3 Convenience Store
7.3.1 Market Size and Forecast (Value)
7.4 E-commerce
7.4.1 Market Size and Forecast (Value)
7.5 Others
7.5.1 Market Size and Forecast (Value)
8 Regional Overview
8.1 Introduction
8.1.1 Market Size and Forecast (Value)
8.2 North America
8.2.1 Economic Overview
8.2.2 Market Scenario
8.2.3 The U.S.
8.2.4 Canada
8.3 Europe
8. 3.1 Economic Overview
8. 3.2 Market Scenario
8. 3.3 Germany
8. 3.4 The U.K.
8. 3.5 France
8. 3.6 Italy
8. 3.7 Spain
8. 3.8 The Rest of Europe
8.4 Latin America
8.4.1 Economic Overview
8.4.2 Market Scenario
8.4.3 Mexico
8.4.4 Brazil
8.4.5 Rest of Latin America
8.5 Asia-Pacific
8.5.1 Economic Overview
8.5.2 Market Scenario
8.5.3 China
8.5.4 Japan
8.5.5 India
8.5.6 Australia
8.5.7 South Korea
8.5.8 The Rest of Asia-Pacific
8.6 The Middle East and Africa
8.6.1 Economic Overview
8.6.2 Market Scenario
8.6.3 Saudi Arabia
8.6.4 UAE
8.6.5 Egypt
8.6.6 South Africa
8.6.7 The Rest of Middle East & Africa
9 Competitive Landscape — Manufacturers and Suppliers
9.1 Competition Dashboard
9.2 Market Share Analysis, 2020
9.3 Competition Dashboard
9.4 Key Developments
10 Company Profile
10.1 The Kellogg's Company
10.2 General Mills Inc.
10.3 Clif Bar and Company
10.4 Mondelez International Inc
10.5 Atkins Nutritional
10.6 Caveman Food LLC
10.7 Hornel Food Corporation
10.8 Others
11 Conclusion and Recommendation
12 Acronyms and Abbreviations
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