The global protein bar marketis expected to grow at a CAGR of around 8% during the forecast period, according to Technavio's latest report.
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Technavio has published a new report on the global protein bar market from 2017-2021. (Graphic: Business Wire)
In this report, Technavio covers the market outlook and growth prospects of the global protein barmarket for 2017-2021. The market is segmented based on product, which includes medium protein bar, low protein bar, and high protein bar and distribution channel, which includes supermarket and hypermarket, convenience store, and drug stores.
The global protein bar market is currently growing steadily, owing to factors like increasing fitness trends, increasing demand for protein foods, and the increasing availability of protein bars with reduced allergen and gluten-free contents. One of the most important developments in the global protein bar market is the shift of protein bars from a specialist product that delivers endurance and performance to athletes to a mainstream consumer product.
Technavio's food and beverages research analysts categorize the global protein bar market into the following segments by regions:
- Americas
- EMEA
- APAC
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Americas: largest protein bar market
Protein bar market in the Americas is expected to experience a steady growth rate during the forecast period. Earlier, protein bars had very few takers, mostly athletes and bodybuilders, but during the last few years, even average consumers have started to adopt protein bars as a supplement to their regular meals. Some time-pressed consumers substitute their regular meals with a protein bar or two on the go.
"Currently, the US and Canada are the largest markets for protein bars. The presence of many convenience and health food stores in these countries is boosting the market growth. These retail outlets are perfect for planned and impulse purchases of protein bars. In Canada, consumers are increasingly becoming aware of the ingredients used in protein bars," says Manjunath Reddy, a lead analyst at Technavio for research on food.
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Protein bar market in EMEA
The sales of protein bars are increasing in Europe owing to the consumer demand for health and convenience food products. The growing awareness of health and nutrition is boosting the sales of protein bars. The demand for protein bars is mainly driven by the increased consumption by sportspersons and athletes. However, players are currently positioning these bars as a meal replacement solution, making them attractive to general consumers.
"In Germany, the demand for sport nutrition products, mainly protein bars, is increasing gradually due to current trends in fitness and health and wellness segments. Also, interesting fitness and sports challenges on social media and in gymnasiums motivate consumers to lead an active and healthier lifestyle. Thus, many consumers who look to upgrade energy and fitness levels increasingly opt for protein bars," adds Manjunath.
Protein bar market in APAC
Compared to other regions: North America and Europe, the consumption of protein bars is still low in APAC as consumers depend on home-cooked foods for protein consumption. The high selling prices and low awareness of protein bars in suburban and rural areas restrict the growth of the global protein bar market. However, the demand and sales of protein bars are projected to increase during the forecast period.
The Chinese government is currently taking steps to enhance the overall development of the sports industry and drive the national fitness movement. Such initiatives are expected to increase the demand for sports nutrition products and protein bars. While in Japan, the demand for sports nutrition products is gradually increasing among athletes and consumers who are into yoga and dancing.
The top vendors in the global protein barmarket highlighted in the report are:
- Kellogg
- General Mills
- Premier Nutrition
- Quest Nutrition
- thinkThin
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