by Protein crisps are crunchy snacks made from protein ingredients such as whey, soy, casein or pea protein. They come in various flavors and resemble potato chips or crisps. Protein crisps are an ideal snack for health conscious consumers as they are low in calories and fat, but high in protein content. Some key uses of protein crisps include post-workout snacks, trail mixes or meal replacements. The snacks come in resealable bags and pouches for easy portability. The global protein crisps market is driven by rising health awareness and demand for portable protein-rich snacks with low sugar and calorie content.
The global Protein Crisps Market is estimated to be valued at Us$ 2.59 Bn in 2023 and is expected to exhibit a CAGR Of 12% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increased snacking and on-the-go lifestyles: Protein crisps are popular for their crunchy texture and protein-rich formulation. They are filling and satisfying, making them ideal as meal replacements or late-night snacks. The fast-paced lives of consumers and growing trend of snacking between meals is fueling demand for protein-fortified snacks like crisps.
Growing health consciousness: There is rising awareness about leading an active and healthy lifestyle. Protein crisps cater to this demand as they contain high protein and low amounts of sugar and fat. The snacks support weight management goals and muscle building, appealing to fitness enthusiasts and calorie-conscious consumers. Various flavors also make the protein crisps tasty alternatives to regular potato chips.
Segment Analysis
The global protein crisps market is dominated by the savory segment. This segment accounted for over 50% of the global market share in 2023. The savory protein crisps are rich in taste and come in various flavors like barbecue, smokey bacon, ranch etc. which make them very popular. The sweet segment is the fastest growing segment and is expected grow at a CAGR of around 15% during the forecast period. The availability of sweet protein crisps in flavors like chocolate, peanut butter, vanilla etc. is driving the growth of this segment.
PEST Analysis
Political: The regulations around food labeling and marketing especially for health claims are becoming stricter. This can impact the growth and marketing strategies of players in the protein crisps market.
Economic: The rising disposable income and health consciousness among consumers is fueling the demand for healthier snacks which is positively impacting the protein crisps market growth.
Social: Changing lifestyles, busier schedules and urbanization are increasing the demand for convenient and on-the-go snacks. This is driving the demand for protein crisps.
Technological: Advancements in processing and packaging is helping manufacturers develop protein crisps with different textures and flavors while maintaining nutrition. This is attracting more consumers.
Key Takeaways
The Global Protein Crisps Market Demand is expected to witness high growth during the forecast period. North America dominated the market in 2023 and is expected to maintain its position thanks to the increasing focus on health and wellness. Europe is expected to be the second fastest growing regional market for protein crisps between 2023 to 2030 supported by rising vegan population.
Key players operating in the protein crisps market are Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc. Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., Bioventus LLC. Johnson & Johnson and Stryker Corporation are the global leaders in the market owing to their strong brand recognition and extensive product portfolio.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
