ID: MRFR/F-B & N/3974-CR | May 2019 | Region: Global | 129 pages
Global Protein Bars Market is expected to hold a market value of USD 1,820.6 Million while flourishing at a CAGR of 7.24% by 2024, evaluates Market Research Future (MRFR).
COVID-19 has brought a positive impact on the demand for protein bars. The growing need to boost immunity is likely to grow the need for such bars. However, the limited availability of machinery and the imposition of lockdown disrupted the manufacturing and supply chain.
Growing Health Consciousness among the Expanding Populace to Boost the Market
As per the protein bars market analysis prepared by MRFR, the growing health consciousness among the expanding populace is expected to be a crucial factor during the analysis term. The increasing inclination towards fitness and sports is likely to steer the market expansion in the assessment term. The surging trend of gyms among the young crowd is expected to grow the demand for cereal-based energy-producing food, which is predicted to augment the protein bars market share in the analysis period.
Growing Adoption of Healthy Diet to Offer Significant Opportunities
The growing popularity of a healthy diet is another salient cause that is predicted to offer a significant opportunity in developing the market for protein bars in the coming term. Also, the growing awareness about chemical-free healthy products is likely to drive the industry. Another salient cause that is projected to play an essential role in augmenting the protein bars market size is the escalating demand for healthy packaged food.
Rapid Change in Consumer Perception towards Snack Bars can hamper the Market Expansion
The unpredictable behavior and changing eating habits of consumers are anticipated to be a significant factor that can pose a substantial challenge to the market growth in the coming time.
Presence of Alternatives to Pose a Challenge
The robust presence of local vendors can offer various alternatives to the bar that is expected to pose a significant challenge to the market. The availability of cheaper substitutes is likely to obstruct trade expansion.
Cumulative Market Growth Analysis
MRFR asserts that the global market for protein bars is projected to showcase notable market growth during the analysis term. The expansion of the market can be accredited to expanding the health-conscious populace.
In the distribution-channel segment of the global protein bars, the store-based segments is expected to acquire a larger market share during the forecast period. The segment had achieved the same position in 2018 as well. On the other hand, the growing usage of e-commerce in the retail sector is expected to provide a higher growth rate to the non-store based segment.
By Product Type
In the product type segment of the global protein bars, the snack bars segment is anticipated to be a significant market share during the forecast period. The market is likely to expand due to the rising preference for ready to eat snacks. On the other hand, the meal replacement bars are estimated to witness the highest CAGR of 7.74% during the review period. The expansion of the segment can be attributed to the increasingly hectic lifestyle.
In the category type segment of the global protein bars, the multi-claim segment is expected to witness the highest CAGR during the assessment term. The multi-claim segment had acquired the largest market share in 2018.
North America to Dominate the Global Market during the Assessment Term
North America is expected to dominate the global market during the forecast period. The regional expansion of the market can be attributed to the growing demand for protein bars among the health-conscious crowd. The US is one of the most lucrative markets owing to the increasing inclination towards sports and fitness. The region had acquired a market share of 38.14% in 2018.
Europe to Garner a Market Value of USD 539.3 Mn by 2024
Europe is anticipated to acquire a market value of USD 539.3 million by 2024. The UK is expected to make the most significant contribution in developing the regional market during the assessment tenure. The growing demand for healthy ready to eat food owing to the growing work pressure is likely to bolster the industry in the forecast tenure.
APAC to Witness the Highest CAGR During the Forecast Period
APAC is anticipated to display the highest CAGR during the forecast period. The growing popularity of gym and increasing health consciousness among the expanding populace is expected to grow the market during the forecast period. Besides, the presence of growth-centric countries such as; India, China, and Japan are likely to play an essential role in developing the market in the forthcoming tenure.
Various players are adopting strategies that will grow their consumer base, which will also grow the competition among the key players. The growing demand for healthy ready to eat snacks is expected to motivate players to incorporate innovation in their product, which will give them an upper hand. Strategies such as; partnerships, mergers, and acquisitions are some of the salient tactics that will help in expanding their product portfolio.
The market report on the global market for protein bars is an exhaustive study that consists of market segmentation, market overview, and market dynamics. The analysis report is a thorough study of the market nature. The report throws light on the factors that are driving the market and as well as the factors that are impeding the market. The market has been segmented into various segments that will provide a better understanding of the market. The evaluation report comprises the key players and their strategies employed to stay relevant in the market. The market report also evaluates the contribution of key regions that played a salient role in developing the global market for protein bars. The other market dynamics have also been studied across an array of developments, which provides a holistic view of the market in the analysis timeframe. In addition, the report also throws light on the impact of COVID-19 on the global market for protein bars.
Global Protein, By Product Type
Global Protein, By Category
Global Protein, By Distribution Channel