Market Trends of protein bar Industry
There is a rising demand for protein-enriched bars by consumers indulging in different sports and fitness activities
- Across the globe, protein bars are highly preferred by Gen Z consumers as a replacement for oil-based snacks. The North American market is the largest market for protein bars in the world. In 2023, Americans were consuming snack bars as a grab-and-go convenience food.
- In the protein bar segment, brand loyalty acquires the first position under product attributes. In the global protein bar market, it was observed that 43% of consumers choose protein bars from their preferred brands. Crunch Plus, Nature Valley, One, ProBar, and MxBar are some brands that hold higher shares in the market.
- In 2023, protein bars witnessed a hike in their sales. The sales growth was linked to the healthy eating habits of consumers. Economic crises such as the COVID-19 pandemic promoted the sales of snack bars by highlighting their benefits and replacing oily stuffed snacks with healthy snack bars. In 2023, the price fluctuation of protein bars was valued at USD 2.34.
- Around the globe, the consumption of protein bars is generally viewed from a health perspective. The availability of protein bars in different flavors makes it a healthy snack among the different age groups. Around the globe, there are a few additional factors to consider in the context of protein bar consumption from a health perspective. About 70% of the global population prefers protein bars in their daily routine. One factor to consider is ingredient significance. Ingredients such as whole grain oats, vegetable oil, and dry fruits (almonds, raisins, cranberries, corn starch) are mainly affecting the product’s standards. As these ingredients provide vitamins, energy, protein, minerals, calories, etc., these are considered some of the key ingredients by the population.
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The rising demand for high protein sources is likely to promote the ongoing demand for protein bars
