The global protein bar market size stood at USD 4.54 billion in 2021. The market is anticipated to grow from USD 4.68 billion in 2022 to USD 7.07 billion by 2029 at 6.1% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Protein Bar Market, 2022-2029.”
According to the analysis, a palpable trend for ready-to-eat (RTE) protein sources among the millennial and gen Z population will encourage leading companies to invest in the landscape. Stakeholders expect meal-replacement bars and sports nutritional bars to gain considerable traction. Moreover, online channels and convenience stores could further their investments in nutritional bars.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/protein-bar-market-100805
COVID-19 Impact
Shutdown of Fitness Centers and Health Clubs Dented Growth Prospect
The pervasive COVID-19 pandemic did not bode well for the nutrition bar suppliers and manufacturers. Sports tournaments were predominantly postponed or canceled, sending shockwaves in the global market. The prevailing trends led to the shutdown of fitness centers and health clubs across emerging and advanced economies. Meanwhile, the resumption of sports tournaments and reopening of fitness centers following the dip in COVID-19 cases and robust vaccination campaigns augured well for the business outlook.
Segments
Plant-based Protein Bars to Remain Dominant with Rising Vegan Population
In terms of source, the market is segmented into animal-based and plant-based. Plant-based protein bars will grow during the forecast period, largely due to the soaring number of vegan population. Moreover, strong demand for natural ingredients, such as seeds, nut butter, and fruit, will encourage leading companies to invest in the portfolio.
Sports Nutrition Bars to Gain Traction Due to Soaring Popularity among Sportsperson
On the basis of type, the market is segregated into meal replacement bars, sports nutrition bars, and others. Sports nutrition bars will contribute notably to the global market in the wake of soaring popularity among sportspeople.
Online Channels to be Sought-after with Soaring Demand from E-Commerce Stores
With respect to the distribution channel, the market is classified into specialty stores, mass merchandisers, online channels, convenience stores, and others. The online channels segment will expand at a dominant share in the light of expanding penetration of e-commerce stores.
Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
Drivers and Restraints
Trend for On-the-go Breakfast to Bolster Growth Potentials
The prevalence of sedentary and hectic lifestyles is expected to foster protein bar market share. Nutrition bars have become highly sought-after in the wake of the soaring demand for convenience food. Moreover, the growing fitness culture among millennials and gen Z populations will prompt companies to inject funds into protein bars. To illustrate, in September 2020, Maxim Nutrition rolled out the Maxim Apple cinnamon energy bar to offer sports enthusiasts a solid foundation for good performance and high-quality nutrients. Major companies could invest in innovative flavors to cash in on prevailing opportunities in the global market.