Growing health consciousness among the global populace is majorly driving the global protein bars market. Protein bars are perceived to be a healthy food item among consumers. Moreover, increasing demand for convenience food has induced greater demand within the market. Due to fast-paced lifestyle, millennial and the working population highly prefer on-the-go food products such as protein bars which can also be an alternative to breakfast. Protein bars have attracted the attention of athletes and weight watchers as a post workout food.
A high number of the world’s populace is lactose intolerant or allergic to milk protein. Against the backdrop of increasing incidence rate of lactose intolerance and celiac diseases, plant-sourced protein has gained massive popularity. This has urged food manufacturers to introduce plant-based, dairy free protein bars which can cater to a broader consumer base. Availability in various flavors, tastes, serving size and variants is a key factor driving growth within the market. Easy accessibility through supermarkets, hypermarkets, and retail stores and are marketed rigorously by a multitude of brands.
Atkins Nutritionals, Inc. (U.S.), Lenny & Larry’s Incorporated (U.S.), Caveman Foods LLC (U.S.), Premier Nutrition (U.S.), Quest Nutrition (U.S.), Clif Bar & Company. (U.S.), General Mills Inc. (U.S.), Abbott Nutrition Manufacturing Inc. (U.S.), Mars Incorporated (U.S.), and Kellogg Co. (U.S.) are the key players in the Global Protein Bars Market.
Global Protein Bars Market Trend has been segmented based on type, flavor, and distribution channel.
By type, the global protein bars market has been segmented into plant protein and animal protein. The plant protein segment is estimated to showcase rapid growth over the forecast period due to increasing demand for plant-based, gluten-free protein source to cater to the dietary needs of celiac patients.
By flavor, the global protein bars market has been segmented into chocolates, fruits, peanut butter, savory, spices, and others. The chocolate segment is dominating the market while the fruits and peanut butter segments are likely to showcase substantial growth over the forecast period.
By distribution channel, the global protein bars market has been segmented into store based and non-store based. Protein bars are majorly sold through store-based distribution channel, especially wholesale and retail stores.
By region, the global protein bars market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
North America has commanded the topmost position in the global protein bars market. Majority of the market players are based in the US which coupled with high demand for convenience food in the region is fostering the growth of the North America market.
North America is followed by Europe. Growing number of health-conscious population and higher affinity for functional food items are boosting the growth of the Europe market.
APAC is poised to showcase relatively faster growth rate as compared to other regional markets. Emerging trend of health & fitness and market players increasing their foothold in the region are factors supporting the growth of the market. China, Japan, and Australia are the key contributors to the APAC market.