Protein Bars Market Projected to Deliver Greater Revenues during the Forecast Period
Emerging fitness trends, the availability of protein bars catering to the needs of people with various allergies and the high demand for convenience foods are anticipated to benefit the protein bar market for the foreseeable future. Consumers are seeking out protein bars primarily for general wellness as opposed to any specific medical requirement. Protein bar makers have witnessed strong demand for their products and this has compelled new entrants to enter this highly dynamic market. The protein bar market is expected to record a robust CAGR of 7.8% from 2017-2022.
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- Plant protein dominates the protein bar market in terms of protein source and is expected to retain this share in the future. The plant protein segment is estimated to be worth more than US$ 720 million in 2017 and protein bar makers should focus on this key segment. Animal protein is considerably smaller as a source but it can hardly be overlooked entirely notwithstanding. Animal protein has a greater share in North America and Europe and companies are advised to make note of this accordingly
- Energy protein bars account for more than a third of the global protein bar market revenue share and are assessed to gain share going forward. A robust CAGR in excess of 7.5% from 2017 to 2022 makes the energy protein bar segment highly lucrative for all key stakeholders in the protein bar market. Women’s protein bars are also increasing in popularity as a greater number of women have now entered the workforce or are taking part in strenuous physical sports demanding a high protein diet. Along with North America, companies could target Europe for women’s protein bars as the market potential is greatest in these two developed regions of the globe
- The online store segment is a small portion of the protein bar market by distribution channel but is poised to be extremely important in the days ahead. The proliferation of smartphones coupled with falling 4G LTE data rates could steer consumers towards ecommerce portals. In addition to this, the sheer comfort and convenience of online shopping may triumph over all other distribution channels in the future. The APEJ online store segment is projected to be valued at just under US$ 41 million by the end of the forecast period
- The modern trade segment occupies the first place in the protein bar market by distribution channel in 2017 and is likely to remain so. Key stakeholders in the protein bar market may wish to focus their attention on North America and Europe as both these regions are on track to push past US$ 120 million by end 2022 with a slightly higher CAGR estimated in the former
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- The companies studied in the protein bar market report are Vitaco Health Group, Glanbia Plc., GNC Holdings, GlaxoSmithKline Plc., Abbott Laboratories, Amway Corporation, General Mills, Kellogg Co., Premier Nutrition Corporation, and The WhiteWave Foods Co.