Protein Bar Global Market Report 2024

The protein bar market size has grown strongly in recent years. It will grow from $4.81 billion in 2023 to $5.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth observed in the historic period can be attributed to various factors, including the surge in health and wellness trends, the popularity of fitness and sports nutrition, the on-the-go snacking culture, the emphasis on weight management and dietary trends, and the increasing availability of vegan and plant-based options.

The protein bar market size is expected to see strong growth in the next few years. It will grow to $6.78 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The projected growth in the forecast period can be attributed to a focus on clean label and transparency, the adoption of customization and personalization trends, the continued growth of e-commerce, integration with health and fitness apps, and an emphasis on sustainability and eco-friendly packaging. Key trends anticipated in the forecast period include the dominance of plant-based protein, the incorporation of functional ingredients and nutrient boosts, an increased focus on personalization and customization, the convenience of snacking options, and innovation in flavors and textures.

The surge in popularity of protein-based diets is anticipated to drive the growth of the protein bar market in the foreseeable future. These diets revolve around the consumption of foods rich in protein, including meat, eggs, milk, nuts, beans, seafood, and vegan alternatives such as soy. The growing demand for protein-based diets contributes to the expansion of the protein bar market, as these bars serve as convenient sources of proteins and essential nutrients. For example, in June 2022, as reported by the Canada National Statistical Agency, poultry meat sales in Canada witnessed a seventh consecutive year of growth, increasing by 14.9% to reach $3.7 billion. Similarly, egg production in Canada rose by 1.1% annually to 848.2 million dozen eggs in 2021, reflecting a consistent upward trend over the past decade. Hence, the rising popularity of protein-based diets is a key driver for the protein bar market.

The growing demand for convenience foods is poised to fuel the expansion of the protein bar market in the coming years. Convenience foods encompass commercially prepared or partially prepared food products designed for quick and easy consumption or preparation by consumers. Protein bars typically feature a mix of protein sources, carbohydrates, healthy fats, fiber, sweeteners, and occasionally added vitamins and minerals, providing a convenient and nutritionally balanced option for individuals on the go. For instance, in April 2022, the Institute of Food Technologists reported a 5% increase in U.S. snack sales during the first half of 2021 compared to the same period in 2020. Moreover, frozen lunch product sales rose by 36.4%, and frozen meal sales increased by 26% in 2021. As a result, the rising demand for convenience foods is a driving force behind the growth of the protein bar market.

The prevailing trend in the protein bar market centers around product innovation. Major players in this market are dedicated to creating novel products as a means of reinforcing their market standing. For example, in June 2022, the US-based Kellogg Company, known for its production of protein bars, breakfast cereals, cookies, and other items, introduced Protein Snack Bars under its Special K brand. These Protein Snack Bars by Special K are robust, delectable, and satiating, offering 90 calories and a quick protein boost for those on the go, all without compromising on taste. Featuring six grams of protein, they are available in two tempting flavors – sweet Berry Vanilla and rich chocolaty Brownie Sundae.

Prominent companies in the protein bar market are introducing innovative products such as low-sugar protein bars to gain a competitive advantage. Low-sugar protein bars are a category tailored for individuals who seek a convenient protein source while keeping sugar intake in check, often achieved through the use of sugar substitutes. In August 2023, Mars Inc., a US-based food company, expanded its protein product range with the launch of Snickers Hi Protein Low Sugar and Snickers Hi Protein Low Sugar White. These low-sugar bars, retaining the familiar Snickers flavors of peanut, nougat, and caramel, contain only 2g of sugar, 20g of protein, and 217-218 calories. Mars aims to capture both major multiples and impulse channels, leveraging the well-known Snickers brand to attract new consumers in a competitive market. The individually wrapped Snickers Low Sugar High Protein Bar not only offers a delicious and protein-packed snack but also provides the convenience of easy transport, making it a suitable choice for a quick and satisfying post-workout or on-the-go indulgence.

In December 2021, US-based Tattooed Chef Inc., a manufacturer of plant-based protein bars and products, completed the acquisition of Belmont Confections Inc. for around $18 million. This acquisition enables Tattooed Chef Inc. to expand its product line and enter the global market for plant-based bars. Aligned with Tattooed Chef's expansion strategy, which focuses on producing more ambient and chilled items, the acquisition aims to free up additional shelf space and extend its channel penetration beyond retail and club settings, allowing customers to enjoy Tattooed Chef products both at home and on the go. Belmont Confections Inc. specializes in private-label protein and health bars.

Major companies operating in the protein bar market report are Nestlé S.A., Abbott Laboratories, Mars Incorporated, Mondelez International Inc., General Mills Inc., Kellogg Company, Hormel Foods Corporation, Amway Corporation, Glanbia PLC, Post Holdings Inc., Danone North America LLC, GNC Holdings LLC, ONE Brands LLC, The Simply Good Foods Company, Premier Nutrition Company LLC, The Nature's Bounty Co., Nature's Bounty Co., Clif Bar & Company, Quest Nutrition LLC, Orgain Inc., MusclePharm Corporation, NuGo Nutrition, Natural Balance Foods Limited, RXBAR & Co., KIND LLC, PowerBar Inc., Small Planet Foods Inc., GoMacro LLC, Caveman Foods LLC, Naturells India Private Limited, ProBar LLC.

North America was the largest region in the protein bar market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global protein bar market report forecast period. The regions covered in the protein bar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the protein bar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Protein bars derive protein from either plant-based or animal-based sources. Plant-based proteins, obtained from sources such as pulses, tofu, soy, nuts, and certain cereals, offer advantages such as increased fiber intake, reduced risk of heart disease and certain cancers, and weight management benefits. Protein bars are available in forms such as gluten-free, vegetarian, and sports nutrition bars, each with varying protein content, catering to different demographics such as adult males, adult females, and others.

The protein bar market research report is one of a series of new reports that provides protein bar market statistics, including protein bar industry global market size, regional shares, competitors with a protein bar market share, detailed protein bar market segments, market trends and opportunities, and any further data you may need to thrive in the protein bar industry. This protein bar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The protein bar market consists of sales of low-sugar protein bars, chocolate protein bars, peanut butter protein bars, collagen protein bars. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.