PROTEIN BARS MARKET ANALYSIS

Protein bars are nutritional supplements that provide protein and other nutrients, including carbohydrates, vitamins, fats, and minerals. Protein bars include isolated protein from plant or animal source such as soy, milk, and eggs. They have high content of essential amino acids, which help maintain muscle mass, repair wounds or rebuild damaged tissues, synthesize red blood cells, and boost immunity. Protein bars are gaining popularity among all age groups, especially sport persons and athletes, who are involved in vigorous physical activities.

Rising awareness regarding protein deficiency or protein-energy is majorly driving growth of the protein bar market. Additionally, increasing fitness trends coupled with growing demand for on-the-go food products due to the hectic lifestyle is expected to boost growth of the protein bars market. Furthermore, high prevalence of lactose intolerance worldwide, is expected to fuel the demand for protein bars made from gluten-free plant sources. This in turn, is expected to support the overall growth of this market during the forecast period. According to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), around 75 percent of all native and African Americans and 90 percent of Asian Americans were reported as lactose intolerant in 2017.

Protein Bars Market Taxonomy:

On the basis of protein source type, the global protein bars market is segmented into:

• Plant Protein
• Animal Protein

On the basis of product type, the global protein bars market is segmented into:

• Energy Protein Bars
• Low- Carb Protein Bars
• Meal Replacement Bars
• Others

On the basis of protein content, the global protein bars market is segmented into:

• Low Protein ( 0-15 gm)
• Medium Protein (16 gm - 25 gm)
• High Protein ( Above 25 gm)

Among protein source type, the plant protein segment held a dominant position in 2016 and is expected to retain its dominance throughout the forecast period. The consumption of plant-based protein is associated with various health benefits, including reduced risk of heart diseases, blood pressure, and cholesterol levels. High protein bars are highly preferred by athletes whereas, low protein bars are preferred by consumers interested in maintaining a healthy protein diet.

Protein Bars Market Outlook:

• North America held a dominant position in the global protein bars market in 2016, with S. being the major contributor. Increasing awareness regarding protein supplements and growing demand for convenience food in the region are key drivers for growth of the market in North America. Additionally, according to the U.S. Department of Labor, average daily participation rates in sports and exercise rose by 3.6% from 2003 to 2015. This in turn, is expected to fuel the consumption of protein bars in the region.
• In Europe, the U.K. accounted for a major share in the protein bars market, owing to the steadily increasing adoption of nutritional products among consumers in the country. Meal-replacement bars are largely gaining popularity among the obese and overweight population. According to the American Dietetic Association, protein bars help in reducing weight, when part of a well-balanced diet. According to the European Commission, in 2014, around 51.6% adults were reported to be obese in the European Union. Thus, increasing obesity in is expected to propel the demand for meal-replacement bars in the region, in turn boosting growth of the protein bars market.
• Asia Pacific is expected to exhibit a significant market growth, owing to the rising prevalence of protein deficiency in the region. According to Coherent Market Insights’ analysis, in 2015, over 80 percent of the people living in India were found deficient in protein. The protein bars market in emerging economies such as China and India is expected to exhibit rapid growth, owing to the rising inclination of the young populace, towards maintaining good physique. Furthermore, increasing participation in sports-related activities in Australia is expected to boost growth of the protein bars market during the forecast period. According to the Australian Sports Commission (ASC), over 17 million people aged 15 years and above, participated in a sport or physical activity during 2015-2016, in Australia.

Key Players in the Global Protein Bars Market:

Some of the key players operating in the global protein bars market are Groupe Danone, Kellogg Co., General Mills, Inc., Premier Nutrition, Abbott Laboratories, Quest Nutrition, Universal Nutrition Corp., and Active Nutrition International GmbH.

Protein Bars Market Key Developments:

• In August 2018, Herbalife International of America, Inc. launched new ‘Herbalife24 Achieve Protein Bar’. This is company’s first protein bar offering 20 grams of total protein. This protein bar will provide high quality whey & milk protein with only four grams of sugar and no artificial sweeteners, flavors or added colors. This protein bar is available in two flavors, ‘Chocolate Chip Cookie Dough’ and ‘Dark Chocolate Brownie’.
• In July 2019, Grenade (UK) Ltd. partnered with a multinational company Costa Coffee and launched Grenade’s protein bars in UK’s Costa Coffee stores. Grenade ‘Carb Killa protein bars’ with flavors ‘Peanut Nutter’ and ‘Birthday Cake’ are made available in Costa Coffee stores from July 2019 in UK.
• In July 2019, Mondel?z International announced acquisition of majority interest in Perfect Snacks company. Perfect snacks offers ‘Perfect Bar’, ‘The Original Refrigerated Protein Bar’, ‘nut-butter based protein bars’ among other snack products. This acquisition is expected to expand Mondel?z product portfolio of protein bars and strengthen its position in snack products market.