Protein Bar Market
The global protein bar market size is
anticipated to rise at a CAGR of 5.6% between 2020 to 2027 on account of the
rising shift towards healthy living and preference for healthy snacking. These
bars have recently gained immense popularity as they provide all the necessary
supplements to the body. As per a recent report published by Fortune Business
Insights titled, “Protein Bar Market Size, Share & COVID-19 Impact
Analysis, By Source (Plant-Based, and Animal-Based), By Type (Sports
Nutritional Bars, Meal-Replacement Bars, and Others), By Distribution Channel,
and Regional Forecast, 2020-2027,”.
The value of this market was USD 4.66
billion in the year 2019 and is expected to reach USD 7.03 billion by the end
of 2027.
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Summary of this Research with Table of Content:
https://www.fortunebusinessinsights.com/industry-reports/protein-bar-market-100805
The year 2020 is witnessing the devastating
effects of the novel coronavirus pandemic. Most of the businesses are
temporarily not working due to the imposition of stringent lockdown regulations
to stop the spread of the virus. The others who are operating from homes are
barely able to generate revenue. The whole world is waiting for an antidote to
fight the COVID-19 pandemic and various research organizations are investing
massively for the same. People across the world are becoming health-conscious
and trying to avoid unhealthy food items. This has shifted their attention
towards some of the delicious and nutritious food products such as protein
bars.
The impact of the coronavirus pandemic on
various markets have been analyzed and formed into reports. These special reports
will help investors study the current scenario and accordingly prepare for the
future.
The
Report Answers the Following Questions:
·
What is the nature of the
market for protein bar?
·
Who are the current players of
the protein bar market and what are their key strategies?
·
What are the major challenges
and upcoming opportunities of this market?
·
How will rising health
awareness bode well for this market?
Drivers
& Restraints-
Increasing
Prevalence of Various Diseases to Bolster Growth
The increasing prevalence of various acute
and chronic diseases worldwide has propelled the demand for healthy food
products. This further boosted the need for healthy snacking, thereby
propelling the global protein bar market growth. Additionally, the rising
awareness about chemical-free, naturally benefitting, and gluten-free
nutritious food is also aiding to the expansion of the market. Besides this,
the increasing preference for adopting cereal food products and muscle building
food products will also add impetus to the market in the coming years.
On the contrary, the occurrence of the
current COVID-19 pandemic that disrupted the supply chain of food products may
pose a major challenge to the market. In addition to this, the presence of
multiple local snack food sellers may cause hindrance to the market in the
coming years. Nevertheless, the increasing number of health and fitness
facilities and convenience stores for supplement products are likely to create
lucrative growth opportunities for the market in the coming years.
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Protein Bar Industry,
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Segmentation:
Snack
& Energy Bars to Hold Dominance Owing to Rising Trend of Nutritional
Morning Breakfast
On the basis of segmentation by type, the
others segment dominated the market on account of the increasing consumption of
energy boosting food items. However, the sports nutritional bar segment earned
40.56% share in 2019 and is expected to witness considerable growth in the
coming years on account of increasing participation rate by sports enthusiasts.
Regional
Analysis
Presence
of Major Manufacturers will Help North America Maintain Dominance
In 2019, North America earned USD 2.69
billion and gained dominance on account of the presence of major companies such
as Post Holdings, Inc., Optimum Nutrition Inc., Mondelez International Inc.,
and others. In addition to this, there is a high import value of snack food
items in nations such as the United States, Mexico, and Canada that further
propels the demand for protein bar in the respective nations. The factor
mentioned above is likely to help North America continue dominating this market
in the coming years.
The market in Asia Pacific is expected to
generate significant revenue in the forecast period on account of the rise in
infrastructural facilities and offline stores. This, coupled with the
increasing expansion of businesses by companies such as Post Holdings, Inc.,
Hershey Company, and others will also aid in expansion of the regional market
in the forecast period.Speak to Analyst:
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Competitive
Landscape
Expansion
of Product Portfolio – Key Strategy Adopted by Players
Companies such as Glanbia Plc., The
Kellogg’s Company, General Mills Inc., Mondelez International Inc., are holding
the major protein bar market share on account of their brand presence and
diverse portfolio. These companies offer products under innovative categories
such as diet bars, sports bars, vegan, energy-boosting, and meal-replacing
protein bars, thereby attracting major shares. Other players are engaging in
collaborative efforts such as tie-up with e-commerce platforms, mergers and
acquisitions, partnerships, and contracts to stay put in the competition.
Prominent
Industry Developments of this Market include:
September 2019 – Celsius Holding Inc.,
acquired the wellness company called Func Food for expansion of the drink and
bar business of the company in Sweden.
October 2019 – A premier nutritional fruit
& nut bar manufacturing company, called Kind LLC adopted a creative snack
making company based in North Carolina for widening the category of healthy and
tasty snack protein bars.
List
of the Leading Companies Profiled in the Protein Bar Market Research Report are
·
General Mills Inc. (Minnesota,
U.S.)
·
Amway Corp. (Michigan, U.S.)
·
POST HOLDINGS Inc. (Missouri,
U.S.)
·
Premier Nutrition Corporation
(Emeryville, U.S.)
·
Mondelez International Inc.
(Illinois, U.S.)
·
The Nature’s Bounty Co. (New
York, U.S.)
·
The Simply Good Foods Company
(Colorado, U.S.)
·
Mars Incorporated (Virginia,
U.S.)
·
Glanbia Plc. (Kilkenny,
Ireland)
·
Clif Bar & Company
(California, U.S.)
·
The Kellogg’s Company
(Michigan, U.S.)
·
Others
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