The protein bar market increased from $4.81 billion in 2023 to $5.15 billion in 2024, with a CAGR of 7.0%. This growth is driven by health and wellness trends, fitness nutrition, and on-the-go snacking. The market is expected to reach $6.78 billion by 2028 at a CAGR of 7.1%. Emerging trends include plant-based proteins, functional ingredients, and innovations in flavors and textures, with a focus on personalization and sustainability.
Major Driver In The Protein Bar Market
The protein bar market is set to experience growth propelled by the increasing popularity of protein-based diets. Protein-based diets, comprising foods rich in protein such as meat, eggs, and nuts, have gained traction among consumers. Protein bars, serving as convenient sources of protein and essential nutrients, are witnessing heightened demand. In Canada, for instance, poultry meat sales surged by 14.9% to $3.7 billion in 2022, while egg production rose annually, reflecting a growing preference for protein-rich diets. Thus, the rising popularity of protein-based diets is driving the growth of the protein bar market. Market analysis forecasts significant growth in 2023, with continued expansion expected in 2024 and 2028.
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Protein Bar Market Competitive Landscape
Nestlé 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
Key Protein Bar Market Trend
Product innovation is the key trend gaining popularity in the protein bar market. Major companies operating in the protein bar market are focused on developing innovative products to strengthen their position in the market. For instance, in June 2022, Kellogg Company, a US-based company that manufactures and markets protein bars, breakfast cereals, cookies, and other products, launched Protein Snack Bars through its brand Special K. The Special K Protein Snack Bars are powerful, equally tasty and filling, and include 90 calories and provide a quick boost of protein on the move without compromising on flavor. They include six grams of protein and come in two mouth-watering flavors including sweet Berry Vanilla and rich chocolaty Brownie Sundae.
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Protein Bar Market Segmentation
The protein bar market covered in this report is segmented –
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
By Geography:The regions covered in the protein bar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the protein bar market in 2023.
The Protein Bar Global Market Report 2024 furnishes information about the global protein bar market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
