Protein Bars Market Projected to Grow at CAGR of 4.6% from 2018 to 2023 : Available in New Report

Pune, India -- (SBWire) -- 08/18/2018 --Market Overview:
The global protein bar market is projected to widen in size and reach a substantial assessment by the end of the forecast period of 2017 to 2023, reveals Market Research Future (MRFR), in a minutely analyzed research report. The growth of the market mainly stems from the growing desire for a healthy and fit lifestyle coupled with an increasing number of consumers opting for convenient and healthy food options. Proteins bars are nutritional bars with high protein content and are increasingly gaining traction among consumers. Growing demand for portable convenience food drives the growth of the market. Being an excellent alternative to unhealthy snacks, they on-the-go food products which are readily available too. Protein bars are being marketed heavily by a multitude of brands and are easily accessible in supermarkets, drug stores, and retail stores. Availability in a wide variety of flavors, serving size and variants is a vital driver of the market growth.

Protein bars come in various tastes and which attract a diverse range of consumers. Increasing preference for protein bars among athletes and weight watchers also contributes to the market growth. Protein bars are a popular post-workout food as they are nutrient rich and help in muscle enhancement. Widespread consumer trend of turning to protein bars as an alternative to breakfast is also aiding the growth of the protein bar market. Rising affinity for organic, gluten-free food options by weight-watchers and the perceived notion of protein bars being healthy among young population also propels the growth of the market.

Moreover, the surging popularity of plant-based protein bars and gluten-free protein bars support the market growth. However, the high price is hindering the growth of the market. Lack of taste, high sugar content and the threat from alternatives are also major impediments to the growth of the market.

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Major Key Players Analysis:
The notable players in the global protein bar market include Atkins Nutritionals, Inc. (U.S.), General Mills Inc. (U.S.), Premier Nutrition (U.S.),   Mars Incorporated (U.S.), Caveman Foods LLC (U.S.),  Clif Bar & Company. (U.S.), Kellogg Co. (U.S.), Lenny & Larry's Incorporated (U.S.), Quest Nutrition (U.S.), and Abbott Nutrition Manufacturing Inc. (U.S.).

Industry Updates:
In July 2018, Cadbury announced plans to release Cadbury Boost+, a protein bar with 32% less sugar and without any added artificial sweeteners, colors or preservatives. The launch will be aided by a £1m campaign including sampling, out-of-home advertising, and digital and social media activity.

In August 2018, Herbalife Nutrition, a global nutrition company, announced the launch of its first protein bar. Named Herbalife24, the protein bar is made with whole food-derived ingredients and would offer 20 grams of high-quality whey. The protein bar is available in two flavors, chocolate chip cookie dough, and dark chocolate brownie.

Segmentation:
The global protein bars market has been segmented based on type, flavors, and distribution channel. By type, the market has been segmented into plant protein and animal protein. The plant protein segment is expected to gain high growth over the forecast period owing to increased demand for plant sources of protein among consumers. By flavors, the market has been segmented based on chocolates, fruits, peanut butter, savory, spices, and others. The chocolate segment is dominating the market. However, the fruits and peanut butter segment is expected to grow considerably over the forecast period. By distribution channel, the market has been segmented into store-based and non-store based. The store-based distribution channel is more popular as protein bars are mainly sold through store channels such as wholesale and retail stores.

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Regional Analysis:
The global protein bars market spans over regions namely North America, Europe, Asia Pacific, and the rest of the world (RoW). North America controls the global market followed by Europe. The presence of key players in North America coupled with the rising popularity of convenience foods is attributed to the dominance of North America. The high inclination for functional foods and nutritional products drive the Europe protein bar market. The Asia Pacific is poised to be the fastest growing market. Emerging fitness trend and rising disposable income in fast developing countries can be attributed for this growth.  The RoW is expected to witness steady growth owing to increasing consumer preference for healthy foods and a growing trend of fitness worldwide.