by Protein bars are gaining popularity as a convenient source of protein as part of a healthy snacking routine. Protein bars provide sustained energy, help maintain muscle mass, and promote fullness between meals. Available in various flavors, protein bars offer a portable snack ideal for active lifestyles and on-the-go consumption. The growing health and wellness trend has boosted demand for protein-rich snacks that support fitness goals and diverse dietary needs. Moreover, busy work schedules leave little time for meals, generating demand for nutritious yet portable food items.
The global Protein Bars Market is estimated to be valued at US$ 1332.21 million in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the protein bars market is the launch of innovative products tailored to specific consumer needs. Manufacturers are introducing new product lines free from common allergens like nuts, dairy and gluten to accommodate individuals with food sensitivities. Additionally, variations targeting specific fitness activities are gaining traction. For example, protein bars formulated for pre-workout or post-workout recovery are gaining popularity among gym-goers and athletes. Rising health awareness is also driving demand for protein bars made from organic, non-GMO and plant-based ingredients. Sustainability has likewise emerged as an important consideration for consumers, driving brands to use minimal packaging and eco-friendly materials.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires substantial initial investments and R&D to develop new protein bar formulations.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitutes and price sensitivity of buyers. Buyers can switch to alternative snacks easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials required for protein bars like soy, whey, and casein.
Threat of new substitutes: The threat of substitutes is high as consumers have options like energy bars, nuts, dried fruits and yogurt which offer similar benefits.
Competitive rivalry: The competitive rivalry is high among existing players due to frequent new product launches and innovation.
Key Takeaways
The global Protein Bars Market Share is estimated to be valued at US$ 1332.21 million in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
The global protein bars market is expected to witness high growth over the forecast period driven by rising health concerns and demand for on-the-go snacks. From a regional perspective, North America dominates the protein bars market currently due to rising adoption of healthier lifestyles. The US accounts for the largest share in the North American protein bars market. The Asia Pacific region is expected to be the fastest growing market for protein bars over the forecast period owing to growing population, rising health awareness and busy lifestyles. China dominates the Asia Pacific protein bars market currently and rising disposable incomes are boosting demand further.
Key players operating in the protein bars market are Apogee Enterprises Inc., Fletcher Building, Ply Gem Holdings Inc., YKK AP Inc., LIXIL Group Corporation, Xingfa Aluminium, Sapa Group, PGT Inc., Wacang, and Fenan Group. Innovation is the key to success in this market as consumers demand variety and new flavors. Brands are investing heavily in new product development, flavor innovations and marketing campaigns to capture more market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
