New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Protein Bar Global Market Report 2023" - https://www.reportlinker.com/p06466532/?utm_source=GNW
, Amway, Nestlé S.A, GNC Holdings LLC, Hormel Foods Corporation, The Bountiful Company, NuGo Nutrition, Orgain Inc., Abbott, Atkins Nutritionals Inc., Naturells India Private Limited, Post Holdings Inc., Natural Balance Foods, Nature’s Bounty, Small Planet Foods Inc., and The WhiteWave Foods Company.
The global protein bar market is expected to grow from $3.93 billion in 2022 to $4.22 billion in 2023 at a compound annual growth rate (CAGR) of 7.31%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The market is expected to reach $5.53 billion in 2027 at a CAGR of 7.04%.
The protein bar market consists of sales of low-sugar protein bars, chocolate protein bars, peanut butter protein bars, collagen protein bars.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the protein bar market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in protein bar report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main type of source of protein bars include plant based and animal based.Plant based protein is a useful protein supply derived from crops such as pulses, tofu, soy, nuts, certain cereals.
Plant-based protein has several advantages, including higher fiber consumption, a reduced chance of heart disease and some forms of cancer, and weight management benefits.The various product forms are gluten-free protein bars, vegetarian protein bars, sports nutrition bars, others, that has different protein content type such as low protein content, medium protein content, high protein content.
It is consumed by adult male, adult female, and others.
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.
Product innovation is the key trend gaining popularity in the protein bar market.Major companies operating in the protein bar market are focused on developing innovative products to strengthen their position in the market.
For instance, in June 2022, Kellogg Company, a US-based company that manufactures and markets protein bars, breakfast cereals, cookies, and other products, launched Protein Snack Bars through its brand Special K.The Special K Protein Snack Bars are powerful, equally tasty and filling, and include 90 calories and provide a quick boost of protein on the move without compromising on flavor.
They include six grams of protein and come in two mouth-watering flavors including sweet Berry Vanilla and rich chocolaty Brownie Sundae.
In December 2021, Tattooed Chef Inc., a US-based manufacturer of plant-based protein bars and plant-based products, acquired Belmont Confections Inc. for approximately $18 million. Tattooed Chef Inc. will be able to extend its product line and enter into the worldwide plant-based bar. The acquisition is consistent with Tattooed Chef’s expansion strategy of producing more ambient and chilled items, freeing up more shelf space, and expanding its channel penetration beyond retail and club to provide customers with the chance to experience Tattooed Chef products at home and on the go. Belmont Confections Inc. is a US-based producer of private-label protein and health bars.
The countries covered in the protein bar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The protein bar market research report is one of a series of new reports that provides protein bar market statistics, including protein bar industry global market size, regional shares, competitors with a protein bar market share, detailed protein bar market segments, market trends and opportunities, and any further data you may need to thrive in the protein bar industry. This protein bar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466532/?utm_source=GNW
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