Global Protein Bar Market to Reach US$ 5.5 Billion by 2028, Propelled by the Rising Consumer Preferences Toward Healthy Snacking Option

September 06, 2022 | Food & Beverages

The latest report by IMARC, titled “Protein Bar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global protein bar market reached a value of US$ 3.4 Billion in 2022. A protein bar refers to a nutritious snack food designed to serve as a convenient source of nutrition. It is produced from dates, nuts, dried fruits, seeds, and whole grains like oats and quinoa. It is a rich source of fats, vitamins, carbohydrates, protein, and other vital nutrients. It offers numerous health benefits, including strengthening bones and muscles, boosting energy, reducing sugar levels, and promoting weight management. It is available in numerous flavors, including caramel, honey, chocolate, coconut, and orange. In recent years, protein bars have gained traction due to their adoption to meet the nutritional requirements of the body.

Global Protein Bar Market Trends:

One of the primary factors driving the market is the changing consumer preferences toward ready-to-eat (RTE), healthy, and meal-replacing snacking options. Additionally, the growing awareness about the health benefits offered by protein bars is creating a positive market outlook. Besides this, with the increasing health consciousness among individuals, key players are constantly introducing innovative product variants. For instance, they are launching gluten-free, plant-based, and organic variants to expand their consumer base. Moreover, the growing trend of fitness centers and gyms and the innovative marketing strategies adopted by them to promote protein bars are creating lucrative growth opportunities for the key players operating in the industry. Apart from this, the easy accessibility of the product through online and offline modes and the availability of numerous payment options are catalyzing market growth. Looking forward, IMARC Group expects the market value to reach US$ 5.5 Billion by 2028, expanding at a CAGR of 5.47% during the forecast period (2023-2028).

Market Summary:

  • The market has been bifurcated based on the source into plant-based and animal-based.
  • Based on the type, the market has been segmented into sports nutrition, meal replacement and other bars.
  • On the basis of the distribution channel, the market has been divided into supermarkets and hypermarkets, convenience, specialty, online stores, and others.
  • Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, Indonesia, South Korea, Australia, and others), Europe (Germany, France, Italy, the United Kingdom, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some of the key players being 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.), and The Simply Good Foods Company.

 

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Protein Bar Market to Reach US$ 5.5 Billion by 2028, Propelled by the Rising Consumer Preferences Toward Healthy Snacking Option
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