Top Companies in Protein Bar Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Protein Bar Market is projected to reach a value of USD 6.0 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 5.8% over the forecast period.
The Global Protein Bar Market is valued at USD 4.3 billion in 2021 and is projected to reach USD 6.03 billion by 2028 at a CAGR of 5.8% over the forecast period. Protein bars are becoming more and more popular among consumers as their awareness of their health grows. They are also more wholesome and practical than other types of snack foods. This is one of the main forces propelling the global market growth. The increased public understanding of the advantages of eating protein bars also increases overall sales.
Consumers' demand for packaged, ready-to-eat, and meal-replacing products is driving the market growth for these products. Growing awareness of the advantages of health and nutrition bars, including how they can promote healthy tissue growth and repair, reduce blood pressure, aid in weight loss, and other advantages, is a key element in the rise in demand for these bars on the international market.
Consumers' shifting preferences drive the demand for protein bars for ready-to-eat (RTE), meal-replacing, and packaged foods. Rising demand for convenience foods is also driving the global industry. The popularity of bars as a wholesome and practical snack alternative has grown due to consumers' busier lifestyles.
However, protein supplements come in a wide range of substitute items easily accessible on the market, including protein bars, protein powders, and protein shakes and beverages with added protein. Due to the availability of competing items like multivitamin bars and other snack bars that offer essential nutrients, the market's expansion is anticipated to be difficult.
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Amidst Exponential Growth in Protein Bar Adoption, What Trends Should We Look Forward to?
- The rising need for immunity-boosting food products during the COVID-19 pandemic is projected to increase demand for wholesome and energy-efficient snack foods. The growing concern about health and well-being has driven the rising trend of products with functionally specialised health advantages.
- As more people look for more organic, savory, and easily accessible snacks, protein-rich, healthy bars are growing in popularity. The producers also use technology to remove most lactose to accommodate lactose sensitivity and produce portable protein-fortified food items for the younger generation since product innovation is crucial for market expansion.
- Protein bars are a newly popular food category that has been widely used as dietary supplements. It is a suitable post-workout snack for athletes, persons active in sports, and those doing heavy-duty jobs that necessitate vigorous physical exercise. Therefore, it is anticipated that the demand for the product will increase as fitness activities become more widely adopted.
- It is essential to have healthy meal options in an environment where the demand for convenience foods is quickly rising due to changes in lifestyle, longer commutes, and busy work schedules. Because they are portable and work as an instant energy boost, nutritious bars are a viable replacement for meals because they help regulate hunger.
The protein bar market is dominated by globally established players such as General Mills Inc. (U.S.), Simply Good Foods Company (U.S.), Kellogg Company (U.S.), Clif Bar & Company (U.S.), Glanbia Plc. (Ireland), GNC Holdings Inc. (U.S.), Mars, Incorporated (U.S.), Mondelez International (U.S.), POST HOLDINGS INC. (U.S.), Amway Corp. (U.S.), The Bountiful Company (U.S.).These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth protein bar market.
Let's Look at the Top 5 Companies That are Taking the Protein Bar Market by Storm
The protein bar market is expected to grow from USD 4.3 billion in 2021 to USD 6.03 billion in 2028 because more people are becoming aware of the advantages of health and nutrition bars, such as how they can help to grow and repair tissue, lower blood pressure, assist people in losing weight, and lessen instantaneous food cravings.
- General Mills Inc.:
When Cadwallader Washburn bravely made the audacious purchase of the largest flour mill in west of the Mississippi, General Mills was established in 1866. Through its leadership group, which preserves a goal of continuous innovation while standing for good, that pioneering spirit is still alive today. It creates inexpensive food, such as protein bars, that is available and fits various demands.
- Simply Good Foods Company:
The mission of Simply Good Foods is to pioneer the nutritious snacking trend by partnering with reputable brands to provide a wide range of quick-to-eat, novel, delicious, healthier snacks and meal replacements like protein bars. Its goal is to promote healthy lifestyles through savvy and pleasant eating.
- Clif Bar & Company:
An American company called Clif Bar & Company makes energy snacks, including protein bars and beverages. Gary Erickson and Lisa Thomas developed the company's signature item, the CLIF Bar. The Emeryville, California-based business was privately held until 2022 when Mondelez International paid $2.9 billion to acquire it.
A distinctive array of brands and ingredients is brought together by Glanbia. For customers who are concerned about their health, the Glanbia Performance Nutrition family provides both novel positive-nutrition products and recognized, pillar sports nutrition and lifestyle brands. Leading supplier of nutrition solutions to the world's food business is Glanbia Nutritionals. Additionally, the U.S., the U.K., and the E.U. all have joint venture relationships.
- Mondelez International:
In more than 150 countries, Mondelez International's protein bars give individuals the freedom to nibble on the go. With global net revenues of about $28.7 billion in 2021, it will rank as one of the biggest snack firms in the world.
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