Protein Bar Market Analysis 2024-2033: Size, Restraints, Drivers, Trends, and Insights

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Overview and Scope

Protein bars are healthy snacks that comprises of plant-based or milk-derived proteins such as hemp, whey, pea, or rice protein. Protein bars includes 2:1 carbohydrate-to-protein ratio for energy and recuperation. Protein bars provide instant energy, that is needed after hectic activity.

Sizing and Forecast

The protein bar market size has grown strongly in recent years. It will grow from $4.81 billion in 2023 to $5.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to rising health and wellness trends, fitness and sports nutrition, on-the-go snacking culture, weight management and dietary trends, increasing vegan and plant-based options.

The protein bar market size is expected to see strong growth in the next few years. It will grow to $6.78 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to focus on clean label and transparency, customization and personalization trends, e-commerce growth, health and fitness apps integration, sustainability and eco-friendly packaging. Major trends in the forecast period include plant-based protein dominance, functional ingredients and nutrient boosts, personalization and customization, snacking convenience, innovative flavors and textures.

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Segmentation & Regional Insights

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

North America was the largest region in the protein bar market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global protein bar market report forecast period. The regions covered in the protein bar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increasing popularity of protein-based diets is expected to propel the growth of the protein bar market going forward. Protein-based diets consist of foods that contain high amounts of protein, like meat, eggs, milk, nuts, beans, seafood, and vegan products like soy. The increased protein-based diets demand boosts the protein bar market as they are sources of proteins and other vital nutrients. For instance, in June 2022, according to the Canada National Statistical Agency, a Canada-based federal agency that offers important facts about the economy, society, and environmental issues, poultry meat sales climbed for the seventh year in a row, rising 14.9% from the previous year to $3.7 billion. Similarly, Canada produced 848.2 million dozen eggs in 2021, an increase of 1.1% annually. Since the last decade, the production of eggs in Canada has been rising year over year. Therefore, the increasing popularity of protein-based diets is driving the protein bar market.

Key Industry Players

Major companies operating in the protein bar market report are 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

The protein bar market report table of contents includes: