Protein Bars Key Market Players, Revenue, Growth Ratio, and Forecast 2030
Protein Bars Market Overview
Protein Bars Market is expected to hold a market value of USD 7.10 billion while flourishing at a CAGR of 6.3% by 2030.
Market Dynamics
Nowadays, customers have a strong preference for meals that provide health advantages while being simple to consume, handle, and store, as well as ready-to-eat products such as protein bars. That is why the protein bar market is growing at a rapid pace. Additionally, demand for nutritious processed meals is increasing as people's health worries grow. Additionally, shifting socioeconomic necessities and an insufficient amount of time to cook will support global market trends. Additionally, customers are selecting for weight training and energy items, for which protein bars are the optimal choice. The change in lifestyle will also be a significant influence in the expansion of the protein bars market.
The protein bars market has been rising at a quick pace due to a number of favourable factors. Not just athletes but also everyday individuals are turning to protein bars to meet their daily protein requirements. Manufacturers of protein bars have included a variety of components to create wholesome and nutritious bars that aid in increasing muscle growth and energy levels. There appears to be a great need for protein bars as people's lifestyles have become increasingly diverse, and the market will rise at a faster rate over the worldwide market forecast period.
The greatest impediment to growth in the protein bars industry is continuously changing consumer preferences for snack bars. Additionally, domestic snack manufacturers have harmed the worldwide market. Additionally, the widespread availability of substitute items for protein supplements, such as cookies, beverages, and powder, is likely to exert downward pressure on the market for protein bars.
Competitive Dynamics
The Protein bars key market players are Naturells India Pvt. Ltd. (India), General Mills Inc. (US), Kellogg Company (US), Mars, Incorporated (US), Natural Balance Foods Ltd. (UK), Atkins Nutritionals, Inc. (US), The Nature's Bounty Co. (US), Clif Bar & Company (US), Abbott Laboratories Inc. (US), Quest Nutrition, LLC (US), and others.
Segmental Analysis
The protein bar market is segmented by source, type, and distribution channel.
The protein bar market is segmented into plant-based and animal-based products, according to the source. Due to the rising use of soy and pea proteins, this plant-based sector has the largest global market share. Animal-based products are expected to increase at the fastest rate in the industry.
Protein bars are classified into two types: sports nutritional bars and meal replacement bars. Globally, the meal replacement bar has the largest market share. The sports nutrition category is also expanding in popularity, owing to the increasing number of participants in sporting activities.
The protein bar market is categorised by distribution channel into mass merchandisers, online channels, specialty stores, convenience stores, and others. At the moment, the online channel dominates the market for protein bars. Numerous large e-commerce platforms, such as Amazon, have fueled the market's demand in this area.
Regional Overview
The protein bars market is segmented into four primary regions: North America, Europe, Asia-Pacific, and the Rest of the World. North America currently dominates the industry, owing to the presence of established significant players. Additionally, North America's economic strength will contribute to the region's protein bar business growth.
Asia-Pacific is expected to emerge as a profitable income source for the protein bar market in the coming years. This is mostly attributable to the increasing endeavours of fitness organisations to grow their businesses and the brands' numerous marketing techniques. Europe will also experience a moderate rise in global market demand as a result of increased investment.
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