Market Challenges And Opportunities
Protein Crisps Market Drivers
- Growing health and fitness consciousness: The rising health and fitness consciousness among consumers is a major factor driving the growth of the protein crisps market. More people are now focused on leading active lifestyles and eating healthier foods. Protein crisps are viewed as nutritious snacks that can help meet daily protein needs. The high protein content of these crisps makes them ideal snacks for health-conscious consumers looking to build lean muscle, manage hunger, and avoid unhealthy, salty snacks. According to a 2022 survey by the International Food Information Council, 58% of consumers include high-protein foods in their diet. The popularity of high protein diets like paleo, keto, and flexitarian will continue to drive the demand for protein-rich foods, including protein crisps.
- On-the-go snacking habits: Busy modern lifestyles and evolving snacking habits are expected to propel the protein crisps market. Consumers are seeking convenient, nutritious snacks that they can eat on-the-go between meals. Protein crisps offer portability and nutritional benefits, making them the perfect any-time, anywhere snack. The rising number of people eating snacks at least once a day provides enormous opportunity for protein crisp manufacturers. According to a 2022 Snacking Occasion Consumer Trend Report, 70% of consumers eat snacks for breakfast, lunch, or dinner. Protein crisps can effectively fulfill consumer demand for nutritious, grab-and-go snack options.
- Demand from sports enthusiasts and bodybuilders: Surging demand from athletes, sportspeople, and bodybuilders is fueling the protein crisps market expansion. Protein is vital for building and repairing muscles. Protein crisps provide an easy way for sports enthusiasts to meet their elevated daily protein needs and maximize workout efforts. The additional protein content also makes protein crisps more satiating after an intense workout. With rising participation in sports and fitness activities globally, the application of protein crisps as pre- and post-workout snacks will continue to rise. According to the Sports & Fitness Industry Association (SFIA), there were 5 million more frequent sports participants in the U.S. in 2021 than in 2020.
- Innovative flavors and varieties: Manufacturers launching innovative flavors and varieties of protein crisps are working favorably for market growth. Consumers are now accustomed to the nutritional benefits of protein crisps and are looking for more exciting flavors beyond the regular cheese or salt flavors. Companies are innovating with newer, enticing flavors like buffalo ranch, Thai sweet chili, and honey mustard. Limited edition and seasonal flavors are also being introduced to attract consumers. The variety of protein sources is also expanding, with crisps made from egg whites, whey, plant proteins etc. Catering to changing consumer preferences will widen the appeal and consumption of protein crisps.
Protein Crisps Market Opportunities
- Expanding e-commerce distribution channels: The expansion of online and e-commerce distribution channels presents significant profitable opportunities for protein crisp manufacturers. The growing adoption of online grocery shopping since the pandemic has been highly favorable for new and niche snacking brands looking to enter the e-commerce space. Protein crisp companies can tap into this highly popular retail channel to reach a wider demographics of health-conscious consumers seeking the convenience of home delivery. Investing in the digital marketing of their e-commerce stores and online listings can further boost product visibility and sales.
- Innovating plant-based protein crisps: The rising popularity of plant-based diets and flexitarian eating is creating lucrative prospects for plant-based protein crisps. Consumers looking to add more plant-based foods are expected to positively receive crisps made from nutrient-dense sources like peas, lentils, chickpeas, etc. Companies have already commercialized quinoa crisps, lentil crisps, and more. Further innovations in ingredients and flavors will enable firms to attract the plant-curious demographic. According to data from Upfield Professional, 79% of consumers are adding more plant-based foods to their diet compared to three years ago.
- Kids protein crisps: Developing protein crisps targeted towards children and teenagers can unlock new consumer segments for companies. Protein crisps with kid-friendly flavors, shapes, and fun packaging can gain wide acceptance among busy young parents seeking healthy snacking options for their children. Portable pouches and multipacks with fun designs can further drive trial and repeat purchases. Protein crisp manufacturers can also collaborate with schools to offer samples and promote their snacks as recess snacks. As per Piper Sandler research, kids 9-12 years old in the U.S. spend over US$40 billion annually.
- Marketing as protein meal accompaniments: There is potential for protein crisp brands to position their snacks as accompaniments to protein shakes or meals for added nutrition. The crisps can be marketed as tasty croutons for salads and soups that also provide extra protein content. Co-promotions with supplement brands targeting gym-goers or promotions at gyms can effectively showcase this benefit. Additionally, cafes, bars, and restaurants can be targeted to offer ready protein crisps as healthy side orders. Consumers will appreciate the convenience of getting additional protein from snacks accompanying their meals and drinks.
Protein Crisps Market Restraints
- High pricing may limit mass adoption: The relatively high retail pricing of protein crisps compared to regular potato chips is a major restraining factor for full-scale mainstream adoption. The specialized protein ingredients raise the cost of production, which translates to premium retail pricing. This can deter middle and lower income consumers from purchasing protein crisps for everyday snacking. Price-sensitive consumers may only limit their consumption to occasional indulgence. Mass market growth will require manufacturers to create more cost-effective products without compromising nutrition. For instance, according to statistics from the Food and Agriculture Organization, over 820 million people globally did not have enough food to lead an active lifestyle in 2020. High prices of protein crisps deprive large sections of addressing their hunger and nutrition needs via affordable functional foods.
Counterbalance- High-quality protein ingredients can be costly, which may put pressure on manufacturers to manage pricing and margins while maintaining quality.
- Presence of competitive substitute snacks: Protein crisps face significant competition from other high protein snacks like protein bars, jerky, high-protein cookies, etc. that enjoy consumer loyalty. Consumers looking to increase their daily protein intake have several snacking options. Protein crisp brands need compelling value propositions to divert consumers from alternate snacks. Limited innovation and product homogeneity can also make the category seem unappealing. Maintaining product diversity and introducing differentiated benefits is imperative. For instance, according to data from the United Nations’ Food and Agriculture Organization, sales of tree nuts such as almonds and peanuts have been steadily rising over the past few years in many regions worldwide. Almonds and peanuts, in particular, offer a cheaper protein-rich snacking option compared to protein crisps. This has impacted the demand for protein crisps.
- Consumer skepticism about nutrition claims: General consumer skepticism regarding label claims on food products also limits protein crisp adoption. Though most protein crisps are positioned as nutritious, some products contain high sodium, fats, and carbohydrates. Exaggerated claims or false messaging fuel a lack of trust. Transparent labeling, clean ingredients, and third-party certifications like Non-GMO Project Verified can enable brands to overcome skepticism. Investing in consumer education about reading labels is important for long-term success. For example, as per a study by the European Commission in 2020, it was found that certain cereal bars and snacks marketed as high-fiber did not meet the labeling criteria for the "high fiber" claim. Such instances have made consumers wary of bold nutrition claims for new product categories like Protein Crisps.
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