June 25, 2024

The Expanding Global Protein Bars Market is Driven by Rising Health Consciousness

The global protein bars market comprises widely consumed nutritional snacks containing relatively high amounts of protein derived from various plant and animal sources. Protein bars offer various health benefits including promoting muscle growth, boosting energy levels, aiding weight management efforts and controlling hunger pangs. As more people become aware about the importance of protein-rich diets and balanced macronutrient intake, demand for convenient protein-supplementing food products like protein bars is rising significantly. The global protein bars market offers a variety of flavors, textures, protein sources and dietary options including vegan, gluten-free, low sugar and others to suit diverse tastes and dietary preferences.

The global Protein Bars Market is estimated to be valued at US$ 5.22 billion in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends driving the protein bars market is the growing demand for organic and natural products. More consumers are looking to avoid artificial ingredients, colors, flavors, preservatives and other chemicals in their food products. In response to this demand, key players in the protein bars market are launching new organic and natural product varieties containing only whole food, plant-based ingredients. Another significant trend is the advent of protein bars targeted at kids and teenagers. Considering protein is vital for growth and development of muscles and bones, brands are introducing protein-fortified snack bars in attractive flavors and packaging to boost protein intake among children and youth. Plant-based protein sources like pea, soy, nuts and legumes are also gaining popularity as more people adopt vegan and flexitarian diets. Hence, protein bars featuring innovative plant-protein blends are entering the marketplace.\

Porter’s Analysis

  • Threat of new entrants: Low. Significant capital requirements and economies of scale in manufacturing act as barriers for new companies to enter the market.
  • Bargaining power of buyers: High. The protein bars market has several buyers and brands, giving buyers high bargaining power.
  • Bargaining power of suppliers: Moderate. Key ingredients such as proteins, nuts and fibres have few suppliers globally but can be substituted, limiting supplier power.
  • Threat of new substitutes: Moderate. Other snacks and nutritious food have potential to take share, though protein bars have dedicated consumers.
  • Competitive rivalry: High. Major brands compete intensely for market share and continually launch new products.

Key Takeaways

The global protein bars market is expected to witness high growth. The global Protein Bars Market is estimated to be valued at US$ 5.22 billion in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.

Regional analysis: North America currently dominates the global protein bars market accounting for over 30% share. However, Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising health awareness and increasing disposable incomes in countries such as China and India.

Key players: Key players operating in the protein bars market are Groupe Danone, Kellogg Co., General Mills, Inc., Premier Nutrition, Abbott Laboratories, Quest Nutrition, Universal Nutrition Corp., and Active Nutrition International GmbH. These major brands focus on product innovation and expansion in different regions to strengthen their market position.