IMARC Group, a leading market research company, has recently releases report titled “Protein Bar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global protein bar market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the protein bar market?
|Market Size in 2022||US$ 3.4 Billion|
|Market Forecast in 2028||US$ 5.5 Billion|
|Growth rate (2023 to 2028)||CAGR of 5.47%|
|Base Year of the Analysis||2022|
What is protein bar?
A protein bar is a nutrition bar prepared from dates, dried fruit, nuts, seeds, and whole grains like oats and quinoa. It is consumed as a portable meal replacement by individuals preferring a healthy diet. It has essential nutrients, such as carbohydrates, fats, minerals, vitamins, and protein. It consequently aids in promoting weight management, boosting energy, strengthening bones and muscles, minimizing blood sugar levels, and maintaining a balanced diet. It is readily available through online and offline retail platforms. At present, the emerging trend of the gym and rising adoption of a protein-based diet is catalyzing the demand for protein bars across the globe.
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What are the growth prospects and trends in the protein bar industry?
At present, factors like rapid urbanization, expanding purchasing power, and the increasing inclination of individuals towards a healthy and nutritious diet are among the major factors positively influencing the demand for protein bars around the world. In addition, there is a shift in consumer preference for convenient snacking options like protein bars on account of busy lifestyles, which is contributing to the market growth. Moreover, the growing health consciousness among individuals and the increasing awareness among the masses about the benefits of consuming protein bars is driving the market. The rising prevalence of obesity and other lifestyle diseases is also favoring the market growth. Along with this, the increasing focus of people on their physical appearance is catalyzing the demand for meal supplements like protein bars to maintain a desirable body shape and size. In addition, the rising need for clean label products and avoiding allergens is increasing the demand for plant-based protein bars. Apart from this, the rising participation of individuals in recreational sports, fitness, and athletic activities is creating a positive outlook for the market. The emerging popularity of protein bars among sports athletes, bodybuilders, and sportspeople for replacing their meals is also propelling the growth of the market. Furthermore, product manufacturers are investing in advertising campaigns, such as celebrity and influencer endorsements, for improving their existing sales and profitability. They are also introducing gluten-free and organic product variants in multiple flavors like chili chocolate, chocolate almond, peanut, blueberry, orange and herbal to expand their product portfolio. This is providing lucrative growth opportunities to leading players operating in the industry. Besides this, the increasing trend of gifting unique premium items in innovative wrappers and labels is anticipated to provide a thrust to the growth of the market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Source:
Breakup by Type:
- Sports Nutrition Bar
- Meal Replacement Bar
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Amway Corp.
- Caveman Foods LLC
- Clif Bar & Company (Mondelez International Inc.)
- General Mills Inc.
- Hormel Foods Corporation
- Kellogg Company
- Mars Incorporated
- Nestlé S.A.
- NuGo Nutrition
- Orgain Inc.
- Premier Nutrition Company LLC (BellRing Brands Inc.)
- The Simply Good Foods Company.
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