MarketOverview
As per the assessment conducted by MarketResearch Future (MRFR), the global protein bars market is anticipated to
acquire a market value of USD 1,820.6 million while expanding at a CAGR of 7.24%
by 2024. Protein bars are nutritional supplements, which offer vitamins,
proteins, and others. These products maintain muscle, boost immunity, and
provide essential amino acids to the body.
The growing prevalence of several healthdiseases such as; obesity and diabetes has resulted in an increased inclination
of people to consume healthy food. The increasing demand for organic
ingredients in food and nutritional supplements are likely to boost the market
in the coming time. Further, the surging trend of veganism and changing
lifestyle are other salient causes that can enhance the market expansion during
the forecast tenure. In addition to these, the surging demand for healthy
packaged food can be recognized as a crucial factor that can boost the market
significantly. On the contrary, the unpredictable behavior of the consumer and
changing eating habits of consumers are anticipated to hamper the market in the
coming time. In addition to this, the presence of cheaper substitutes is
another important cause that can hinder the market rise in the assessment
tenure.
The outbreak of COVID-19 has brought apositive impact on the protein bars market. The growing requirement to boost
the immunity generated significant demand for such bars, thereby benefitting the
market during the pandemic period.
KeyPlayers
Some of the renowned players of the global proteinbars market are General Mills Inc.(US), Clif Bar & Company (US), Kellogg Company (US), Mars, Natural Balance
Foods Ltd. (UK), Naturells India Pvt. Ltd. (India), Incorporated (US), Atkins
Nutritionals, Inc. (US), Abbott Laboratories Inc. (US) The Nature's Bounty Co.
(US), and Quest Nutrition, LLC (US).
MarketSegmentation
The segmental analysis of the global profitprotein bars market share is done by product type, category anddistribution channel.
The product type based segments of theglobal protein bars market are meal replacement bars, snack bars, energy bars,
and others. Among all, the snack bars segment is anticipated to procure
significant market share during the forecast period. The expansion of the
segment can be attributed to the increasing preference for ready to eat snacks.
On the other hand, the meal replacement bars is anticipated to witness a CAGR
of 7.74% in the assessment tenure.
The category-based segments of the global proteinbars market size are organic, multi-claim, gluten-free, vegan, and others.The multi-claim segment is projected to display the highest CAGR during the
forecast tenure. The segment led the market in 2018 as well.
The distribution channel based segments ofthe global protein bars market revenue are store-based and non-store-based. The
store-based segments of the market are anticipated to acquire a larger market
share during the forecast period. On the contrary, the non-store segment is
likely to witness a higher growth rate due to the growing popularity of
e-commerce.
RegionalAnalysis
As per the assessment by MRFR, NorthAmerica is anticipated to dominate the market during the forecast period. The
increasing cases of obesity, diabetes, and other diseases are anticipated to
grow the market during the assessment tenure. Among all, the US is likely to
make a significant contribution in developing the market during the review
time. On the other hand, APAC is anticipated to witness the highest CAGR during
the review time. The rising health consciousness among the expanding populace
of the region is expected to play a salient cause in driving the market. The
increasing popularity of the Keto diet is another salient cause that can grow
the market in the coming time. In addition, the rising disposable income of the
population can be recognized as another important factor that can augment the protein
bars market analysis of the region during the assessment tenure. Europe is
estimated to procure a market value of USD 539.3 million by 2024. Among all,
the UK is predicted to make a notable contribution owing to the rising demand
for healthy ready to eat packaged food. In addition, the salient contribution
of the established players of the region can make a notable contribution to
expand the market in the region in the coming time.
Industry News
January 2021- General Mills, Inc. is expandingits portfolio of Nature Valleys bars with new dual-textured Nature Valley Protein
Crunch Bars. The bars contain 200 calories, 2 grams of fiber, 11 grams of fat
and 7 to 8 grams of sugar.
NOTE: Our Team of Researchers areStudying Covid19 and its Impact on Various Industry Verticals and wherever
required we will be considering Covid19 Footprints for Better Analysis of
Market and Industries. Cordially get in Touch for More Details.
Contact us:
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