Pune, India, July 31, 2019 (GLOBE NEWSWIRE) -- Protein Bars Market is poised to touch USD 1,820.6 Mn by 2024 at an impressive 7.24% CAGR during the forecast period (2018-2024), reveals the latest report by Market Research Future (MRFR).
Market Insights
Protein, like carbohydrate, fats, vitamin, and minerals, is an essential nutritional block that helps in proper body growth. It is a macronutrient that the body utilizes in the process of building body muscles and repair tissues. According to Dietary Reference Intake (DRI), the regular protein intake for an adult should be 0.8 grams protein per kilogram of body weight. Nutritional bars laden with a high proportion of protein to carbohydrate ratio, that enhance protein synthesis, increase muscle mass, and curbs down fat are called protein bars. Protein bars comprise of three crucial components. They are a protein source, sweetener, and other additives. Soya, whey, calcium caseinate, hydrolysed protein, brown rice, hemp, quinoa, seeds, nuts, and meat are some of the sources of protein.
Protein bars are gaining popularity among people due to rise in the trend of health consciousness. Protein bars are on-the-going snacks that are replacing meals, owing to its wholesomeness. Its adoption is increasing not only among athletes and people undertaking heavy physical workouts, but also among the common crowd those willing to avoid the hassle of cooking. Additionally, the urge for salubrious diet and the surge in the vegan population are factor that are responsible to spur the demand for plant-based protein product and supplements. As most of the protein source are derived from plants, a hike in number of organic protein bar consumers is expected. Protein is an element that supports fitness progress. The increase in number of fitness centres and wellness clubs, due to the growing demand for weight management is also boosting the intake rate of protein bar among fitness-drawn population, which can positively impact brand loyalty. MRFR identified these factors as market dynamics that are expected to impel the protein bar market to the forefront.
Furthermore, supplementary factors substantiating the global protein market growth are technical developments and digitalization. Technical advancements are largely influencing the protein bar market proliferation. Generally, food with high nutritional value, lack taste. But modern manufacturing techniques are helping to retention the taste. The availability of protein bars in different flavors like lemon meringue, peanut butter, caramel almond, fudge, brownie, coconut, and chocolate can trigger its preference among consumers. Besides, innovative product launches that are categorized under wellness such as, diabetes-friendly, digestion enhancement, and cognitive enhancement protein bars are helping to widen the consumer base. Today, when the world is shifting towards digitalization, emerging e-commerce is boosting the protein bar trade, making the purchase easier.
On the flip side, the high cost and large availability of substituents at an affordable price can interfere with the global protein bar market expansion over the assessment period.
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Key Players and Industry Buzz
MRFR profiled significant companies operating in the Protein Bars Market are Quest Nutrition, LLC (US), The Nature's Bounty Co. (US), Abbott Laboratories Inc (US), Atkins Nutritionals, Inc. (US), Naturells India Pvt. Ltd. (India), Kellogg Company (US), General Mills Inc. (US), Clif Bar & Company (US), Mars Incorporated (US), and Natural Balance Foods Ltd. (UK).
In May 2019, Myprotein, the leading online sports nutrition provider released the 6-Layer Protein Bar packed with 21g of protein and high in fiber. It is available in four flavors namely, lemon meringue, cookies and cream, birthday cake, and chocolate sundae.
Segment Overview
The segmental analysis of the global Protein Bars Market provides a comprehensive understanding of the market. The protein bar market study has been segmented into product type, distribution channel, and category.
The Protein Bars Market Growth Progress Draws on Hectic Lifestyle of Professionals.
Based on product type, the protein bar market has been segmented into meal replacement bars, energy bars, snack bars, and others. The meal replacement bars segment is forecasted to register the highest CAGR of 7.74% over the review period, owing to the hectic lifestyle of the rising number of working professionals.
Benefits of Multi-claim Protein Bars Accounted for the Market Growth
Based on category, the Protein Bars Market has been segmented into gluten-free, organic, multi-claim, vegan, and others. The multi-claim segment secured the largest market share in 2018 and is estimated to grow with the highest CAGR over the assessment period. Factor influencing rapid growth of the segment is the surge in demand for multi-claim protein bars owing to the increase in its preference among the consumers.
E-commerce to Boost the Protein Bars Market Growth
Based on distribution channel, the market has been segmented into non-store based and store based. The store-based segment has been classified into supermarkets and hypermarkets, convenience store, and others. The supermarkets and hypermarkets segment are expected to largely contribute the proliferation of protein bar market. The facility of one-stop shopping experience and the maximum number of sales though the supermarkets and hypermarkets channels are factors accounted to foster the market growth in the coming years. However, the non-store-based segment is predicted to experience the highest growth rate owing to the increase in application of e-commerce in the retail sector.
Browse the market data and Information spread across 219 pages with 104 data tables and 42 figures of the report “Protein Bars Market Report - Forecast 2018-2024” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/protein-bars-market-5417
North America to Hold the Largest Market Share, Followed by Europe and Asia Pacific
The regional segmentation of the Protein Bars Market has been performed across North America, Asia-Pacific, Europe, and Rest of the World (RoW). This helps grasp the demographic progress of the market.
The North American Protein Bars Market secured 38.14% of the market share in 2018 and is likely to register a notable CAGR over the assessment period. The rise in demand for high protein snacks due to increase in fitness awareness and shift in eating pattern towards healthy food are factors projected to drive the regional market growth.
The rise in health awareness and extensive research and developmental activities in Europe are factors anticipated to prompt the market growth in the upcoming years. MRFR estimated the European protein bar market to attain a market value of USD 539.3 million by 2024.
The Asia- Pacific region is reckoned to exhibit the highest CAGR over the forecast period with India in the lead.
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