PROTEIN COOKIE MARKET ANALYSIS

Global protein cookie market is projected to reach US$ 47.78 Bn by 2030, exhibiting a CAGR of 5.94% over the forecast period, owing to increasing consumption of protein cookies and growing awareness regarding health benefits of such cookies.

Key market players are focusing on manufacturing of protein cookies with various flavors, and this is expected to drive the global protein cookie market growth. For instance, Quest Nutrition’s chocolate chip cookies, peanut butter cookies, oatmeal raisin cookies, snickerdoodle cookies, double chocolate chip cookies, and others. Moreover, growing health awareness has led to high health expenditure among the populace, and this is also expected to increase demand for protein-based cookies with plant and animal sources. According to the World Bank data, in 2014, worldwide health expenditure was 9.60% of the global GDP, which increased to 10.02% in 2016.

Global Protein Cookie Market-  drivers

Increasing prevalence of obesity around the world and need for nutritional convenience food

The prevalence of hectic consumer lifestyles results in on-the-go food consumption, and this boosts global demand for protein cookies. Furthermore, rising health concerns among nutrient-dense diet consumers have increased the product demand. Growing number of health awareness programmes emphasizing on the importance of wellness and a nutritious diet has influenced global protein cookie consumption.

Benefits of consuming protein cookie as well as growing per capita income

As the global demand for nutrition bars grows, many new players are entering the market. Traditional nutrition bars continue to attract new customers, several brands are increasingly focusing on niche preferences, such as gluten-free and plant-based products.

Global Protein Cookie Market- Restraints

High production cost and cost effectiveness

High production cost and cost effectiveness of protein cookie as it is not budget friendly will be the restraints for the protein cookie market during the forecast period, which will be a further challenge for the protein cookie market.

On the basis of distribution channel, global protein cookie market is segmented into hypermarkets & supermarkets, convenience stores, online stores, and others. Other distribution channel includes grocery stores, retail stores, and departmental stores. The online stores segment is expected to witness rapid growth during the forecast period, owing to increasing use of internet services and mobile phones. For instance, according to the World Bank data, in 2010, the global internet users was 1.99 billion, which reached to 3.41 billion users in 2016.

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Among flavor, the chocolate segment is expected to witness significant growth during the forecast period,  owing to health benefits associated with chocolate consumption such as reduction in blood pressure, and improvement in blood circulation. High cocoa content in chocolate is a good source of antioxidants that aids in slowing ageing process. Moreover, chocolate increases serotonin levels in the brain and the gut, and improves functioning of the immune system.

Among protein source, the animal source segment is expected to witness significant growth during the forecast period, owing to presence of whey protein as a key ingredient in protein cookies.

Global Protein Cookie Market- Regional Analysis

Among region, North America is expected to account for a significant market share during the forecast period, owing to growing bakery and confectionery industry in this region. According to Market Access Secretariat Global Analysis Report published by Agriculture and Agri-Food department of Canada, in May 2016, European Union observed 126 new cookie launches in 2014, which was increased by 41.27% and reached 178 launches by August 2015. These cookies consist of protein cookies, and therefore the European protein cookie market is further expected to witness various product launches during the forecast period.

Figure 2. Global Protein Cookie Market, By Region, 2022

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Global Protein Cookie Market- Impact of Coronavirus (Covid-19) Pandemic

During the lockdown due to the COVID-19 pandemic, there was increase in  sales of products such as snacks, bars, and other convenience foods,  and this increased demand for protein bars. The ambiguous situation around the world urged consumers to increase their nutritional intake, and to consume safer and healthier foods as their interest in products that support the overall maintenance of health and wellness increased. Due to work-from-home or stay-at-home trend, people began working out at home, which increased demand for protein bars.

Global Protein Cookie Market-Recent Developments

• In June 2021, RXBAR launched a plant-based protein bar. The all-new RXBAR protein bar contains 10 grams of plant-based protein instead of RXBAR's signature egg whites, and is available on RXBAR.com and in stores such as Target and Kroger.
• In 2020, Nestle launched a pea protein bar as part of its YES snack bar line. This snack bar contains 10 gm of protein, and is made up of nuts and peas. These snacks come in a variety of flavors including almond, peanut, double dark chocolate, cashew, blueberry, and dark chocolate.
• In 2020, Post Holdings Inc, expanded the reach of Premier Protein's brand snack bar in convenience stores in the U.K., in order to increase its market share.

Global Protein Cookie Market: Key companies

Major players operating in the global protein cookie market include Lenny & Larry's LLC, Quest Nutrition, Munk Pack, Justine’s Limited, NuGo Nutrition, No Cow LLC, Buff Bake, MuscleTech, Xterra Nutrition, and The Hershey Company

Definition: Protein cookie is a rich source of energy and protein. These cookies offer various health benefits such as reduction of blood pressure and improvement in brain functioning. Moreover, these cookies can be added with various ingredients/ flavors such as fruit & nuts, chocolate, spices & seeds, and other similar flavors.