Protein Bars Market size is projected to gain significant momentum over 2021-2027, on account of the rising adoption of rigorous exercise regimes to improve physical and mental health worldwide. Increasing consumption of convenience and ready-to-eat foods will also contribute to the rising popularity of protein bar ingredients over the forecast spell.
Protein nutrition bars refer to quick-eat snack solutions developed for weight watchers, bodybuilders, athletes, and the like to satisfy their health, dietary, and energy goals. These nutrition bars are designed to be a convenient source of micronutrients such as potassium, calcium, and iron, in addition to offering carbs and protein.
Increasing consumption of meal replacers for weight loss is a key trend bolstering the protein bars market outlook. Furthermore, high self-awareness about the maintenance of healthy lifestyles and the rapid adoption of exercise to reduce the incidence of obesity are also driving product demand. In recent years the number of health and fitness clubs across the globe has grown considerably. Cumulatively, there are over 41,370 health and fitness clubs in total in the United States, which will contribute not just to the regional gym industry but will also enhance protein bars industry dynamics.
In terms of segmentation by protein source, the plant based protein bars segment is anticipated to register considerable revenue by 2027. This can be credited to the surging vegan population in several countries, including the U.S. According to a survey, a 300% increase in vegans was recorded in the region during 2004-2019, amounting to over 3% of the total population. In addition, the capability of plant-based protein bars to ensure weight loss, provide more energy, and maintain gut health will further boost the segmental growth in years to come.
Regionally, the Asia Pacific is expected to emerge as a lucrative revenue pocket for the protein bars industry over 2021-2027. This is due to the increasing initiatives taken by fitness companies to boost their businesses across the region. For example, India-based Cure.fit announced the acquisition of Fitternity in February 2021, with an aim to expand their fitness centers and gyms to more than 5,000 in 20 cities in the country. Moreover, China-based ffit8 recorded a considerable revenue of over USD 3 million from the protein bars segment in 2020, further stimulating the regional market dynamics.
The competitive landscape of the protein bars market players consists of firms such as Clif Bar & Company, Caveman Foods, The Kellogg Company, and General Mills, among others. These industry participants are employing strategies like new product launches, business expansions, and mergers and acquisitions to expand their regional presence across the global market.
For instance, in June 2021, Kellogg’s subsidiary, RXBAR unveiled its 1st-ever plant-based protein bar made with 10g of almond and pea protein, with an aim to cater to the evolving needs of consumers who maintain a plant-based diet. In January 2021, General Mills expanded its Nature Valley bars portfolio with the launch of its Nature Valley Protein Crunch bars, which are available in chocolate peanut butter and peanut butter varieties.
The ongoing coronavirus pandemic has hit various business operations hard, and the fitness industry is among the worst-affected sectors. Due to the implementation of strict lockdown, various gyms and fitness centers were closed worldwide. It has adversely affected the growth of several protein-based product distributors.
After the prevailing restrictions on gym capacity and the complete shutdown of some fitness clubs during 2020, a notable spike in gym memberships has been observed in 2021. This can be credited to the introduction of digital fitness classes and the strong focus on maintaining physical and mental health during the pandemic. These aforesaid factors, alongside the gradual lifting of the lockdown restrictions, will aid the protein bars industry recovery over the coming years.