Pune, Aug 07, 2020 (GLOBE NEWSWIRE via COMTEX) -- The global protein bar market size is anticipated to rise at a CAGR of 5.6% between 2020 to 2027 on account of the rising shift towards healthy living and preference for healthy snacking. These bars have recently gained immense popularity as they provide all the necessary supplements to the body. As per a recent report published by Fortune Business Insights titled, "Protein Bar Market Size, Share & COVID-19 Impact Analysis, By Source (Plant-Based, and Animal-Based), By Type (Sports Nutritional Bars, Meal-Replacement Bars, and Others), By Distribution Channel, and Regional Forecast, 2020-2027,".
The value of this market was USD 4.66 billion in the year 2019 and is expected to reach USD 7.03 billion by the end of 2027.
Browse Summary of this Research with Table of Content:
The year 2020 is witnessing the devastating effects of the novel coronavirus pandemic. Most of the businesses are temporarily not working due to the imposition of stringent lockdown regulations to stop the spread of the virus. The others who are operating from homes are barely able to generate revenue. The whole world is waiting for an antidote to fight the COVID-19 pandemic and various research organizations are investing massively for the same. People across the world are becoming health-conscious and trying to avoid unhealthy food items. This has shifted their attention towards some of the delicious and nutritious food products such as protein bars.
The impact of the coronavirus pandemic on various markets have been analyzed and formed into reports. These special reports will help investors study the current scenario and accordingly prepare for the future.
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The Report Answers the Following Questions:
-- What is the nature of the market for protein bar?
-- Who are the current players of the protein bar market and what are their key strategies?
-- What are the major challenges and upcoming opportunities of this market?
-- How will rising health awareness bode well for this market?
Drivers & Restraints-
Increasing Prevalence of Various Diseases to Bolster Growth
The increasing prevalence of various acute and chronic diseases worldwide has propelled the demand for healthy food products. This further boosted the need for healthy snacking, thereby propelling the global protein bar market growth. Additionally, the rising awareness about chemical-free, naturally benefitting, and gluten-free nutritious food is also aiding to the expansion of the market. Besides this, the increasing preference for adopting cereal food products and muscle building food products will also add impetus to the market in the coming years.
On the contrary, the occurrence of the current COVID-19 pandemic that disrupted the supply chain of food products may pose a major challenge to the market. In addition to this, the presence of multiple local snack food sellers may cause hindrance to the market in the coming years. Nevertheless, the increasing number of health and fitness facilities and convenience stores for supplement products are likely to create lucrative growth opportunities for the market in the coming years.
Snack & Energy Bars to Hold Dominance Owing to Rising Trend of Nutritional Morning Breakfast
On the basis of segmentation by type, the others segment dominated the market on account of the increasing consumption of energy boosting food items. However, the sports nutritional bar segment earned 40.56% share in 2019 and is expected to witness considerable growth in the coming years on account of increasing participation rate by sports enthusiasts.
Presence of Major Manufacturers will Help North America Maintain Dominance
In 2019, North America earned USD 2.69 billion and gained dominance on account of the presence of major companies such as Post Holdings, Inc., Optimum Nutrition Inc., Mondelez International Inc., and others. In addition to this, there is a high import value of snack food items in nations such as the United States, Mexico, and Canada that further propels the demand for protein bar in the respective nations. The factor mentioned above is likely to help North America continue dominating this market in the coming years.
The market in Asia Pacific is expected to generate significant revenue in the forecast period on account of the rise in infrastructural facilities and offline stores. This, coupled with the increasing expansion of businesses by companies such as Post Holdings, Inc., Hershey Company, and others will also aid in expansion of the regional market in the forecast period.
Expansion of Product Portfolio - Key Strategy Adopted by Players
Companies such as Glanbia Plc., The Kellogg's Company, General Mills Inc., Mondelez International Inc., are holding the major protein bar market share on account of their brand presence and diverse portfolio. These companies offer products under innovative categories such as diet bars, sports bars, vegan, energy-boosting, and meal-replacing protein bars, thereby attracting major shares. Other players are engaging in collaborative efforts such as tie-up with e-commerce platforms, mergers and acquisitions, partnerships, and contracts to stay put in the competition.
Prominent Industry Developments of this Market include:
September 2019 - Celsius Holding Inc., acquired the wellness company called Func Food for expansion of the drink and bar business of the company in Sweden.
October 2019 - A premier nutritional fruit & nut bar manufacturing company, called Kind LLC adopted a creative snack making company based in North Carolina for widening the category of healthy and tasty snack protein bars.
List of the Leading Companies Profiled in the Protein Bar Market Research Report are
-- General Mills Inc. (Minnesota, U.S.)
-- Amway Corp. (Michigan, U.S.)
-- POST HOLDINGS Inc. (Missouri, U.S.)
-- Premier Nutrition Corporation (Emeryville, U.S.)
-- Mondelez International Inc. (Illinois, U.S.)
-- The Nature's Bounty Co. (New York, U.S.)
-- The Simply Good Foods Company (Colorado, U.S.)
-- Mars Incorporated (Virginia, U.S.)
-- Glanbia Plc. (Kilkenny, Ireland)
-- Clif Bar & Company (California, U.S.)
-- The Kellogg's Company (Michigan, U.S.)
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Detailed Table of Content:
-- Research Scope
-- Research Scope
-- Market Segmentation
-- Research Methodology
-- Definitions and Assumptions
-- Executive Summary
-- Market Dynamics
-- Market Drivers
-- Market Drivers
-- Market Restraints
-- Market Opportunities
-- Emerging Trends
-- Key Insights
-- Overview of the Parent/Related Markets