Pune, India, June 08, 2021 (GLOBE NEWSWIRE) – The world protein bars market size is expected to reach $ 7.03 billion by 2027, while posting a 5.6% CAGR over the forecast period suggests Fortune Business Insights ™ in its report, titled “Protein Bars Market, 2020-2027”. The report further mentions that the market was worth $ 4.66 billion in 2019.
According to the US Department of Health and Human Resources and the Center for Disease and Control Prevention, the adult diabetic population in the region was 34.10 million in 2018. Additionally, a recent report published in the National Health and Nutrition Examination Survey (NHANES) in 2019, states that 39.6% of adults in the United States are obese. Thus, the demand for these protein bars is increasing among adults to balance a healthy weight with an adequate calorie intake.
Impact of COVID-19:
The outbreak of the COVID-19 pandemic crippled the global economy, and the packaged snack and food industry suffered losses as well. The pandemic has cut most food manufacturing units due to the lockdown and as a result the supply chain has been hampered, leading to a lack of raw materials needed to produce protein bars such as chocolate, milk and nuts. . According to a report released by Bell Rings Brand, in May 2020, Power Bar sales were down 19.7%. However, the increased demand for healthy and immunity boosting foods is expected to fuel the market growth.
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The list of top players presented in the Global Protein Bars Market are:
- Glanbia Plc.
- General Mills Inc.
- Amway Corp.
- POST HOLDINGS Inc.
- Nature’s Bounty Co.
- The company Simply Good Foods
- Mars incorporated
- Premier Nutrition Company
- Clif Bar & Company
The protein bars market share is segmented by source, type, distribution and geography. The market is divided into plants and animals by its source. By type, it is divided into sports nutrition bars, meal replacement bars and others.
On the basis of type, the sports nutrition bars segment held a global construction equipment market share of approximately 40.56% in 2020. The segment is expected to experience considerable growth supported by the increased participation of sports fans.
Based on its distribution, it is divided into mass merchants, specialty stores, convenience stores, and online channels. Finally, the market has been categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa by geography.
Main features of the report:
The Protein Bar report provides insights into the drivers and restraints influencing the market size, share, and growth. It also identifies all possible segments present with regional growth. He follows developments, such as recent mergers, acquisitions and new product launches. Finally, it gives information about the major market players and their main strategies for making informed business decisions.
Browse the detailed summary of the research report with the table of contents:
Conductors and constraints
Growing demand for packaged snacks to drive growth
Rising demand for healthy packaged snacks is driving the growth of the protein bars market as people lead hectic and busy lifestyles today. In order to save time and maintain their health requirements, the demand for protein bars has increased.
According to data released by the CBI Foreign Office in 2018, the market value of packaged snacks in Europe was around 14,648.10 million in 2018. In addition to increasing retail infrastructure, for example , in Thailand in 2017, around 17,205 grocery retail outlets were present, but in 2018, there were 954 new openings. At the same time, the growing supply of fast food and packaged snacks in online stores has attracted more revenue to the market.
On the other hand, the ever increasing customer demand for flavor, ingredients and availability from local manufacturers are the main constraints in the market.
Increase import activities in North America to promote growth
North America is expected to hold a significant market share in the market due to the presence of many manufacturers such as post holdings inc, optimum Nutrition and Mondelez International. In addition, North American countries import a large number of snack foods. For example, a report from the USDA Foreign Agricultural Service released in 2018 indicates that Canada imports up to 1,400 million snack foods, and that number is expected to increase by 17% by 2023. On the other hand, the Asia-Pacific is also expected to grow faster due to increased infrastructure facilities in India and China. According to a USDA FAS report, India has 12 million independent small retail stores, which saw a 10% increase in 2019.
Key players to focus on forging partnerships to increase competition
The market is consolidated by the presence of large companies which strive to maintain their position by favoring acquisitions and the establishment of partnerships. For example, Kellogg’s Company and other Mondelez international inc. are focused on acquiring and establishing partnerships with several e-commerce and stores to strengthen their vegan diet and sports diet market. In addition, other key players are adopting proactive strategies such as new product launches, mergers and facility expansion which will drive the market growth in the years to come.
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September 2019: The Nordic wellness company, a world leader, has acquired Func Food in the fitness drinks business Celsius Holding Inc. This acquisition will help develop the company’s beverage and bar business in the Swedish market.
March 2020 –Different flavors of protein bars such as Banana Nut Bread and Chocolate Peanut Butter have been launched by ONE Brands LLC. This will help them develop their herbal protein bars in the market.
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