Emerging fitness trends, the availability
of protein bars catering to the needs of people with various
allergies and the high demand for convenience foods are anticipated
to benefit the protein bar market for the foreseeable future.
Consumers are seeking out protein bars primarily for general wellness
as opposed to any specific medical requirement. Protein bar makers
have witnessed strong demand for their products and this has
compelled new entrants to enter this highly dynamic market. The
protein bar market is expected to record a robust CAGR of 7.8% from
2017-2022.
Plant protein dominates the protein bar
market in terms of protein source and is expected to retain this
share in the future. The plant protein segment is estimated to be
worth more than US$ 720 million in 2017 and protein bar makers should
focus on this key segment. Animal protein is considerably smaller as
a source but it can hardly be overlooked entirely notwithstanding.
Animal protein has a greater share in North America and Europe and
companies are advised to make note of this accordingly
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Energy protein bars account for more than
a third of the global protein bar market revenue share and are
assessed to gain share going forward. A robust CAGR in excess of 7.5%
from 2017 to 2022 makes the energy protein bar segment highly
lucrative for all key stakeholders in the protein bar market. Women’s
protein bars are also increasing in popularity as a greater number of
women have now entered the workforce or are taking part in strenuous
physical sports demanding a high protein diet. Along with North
America, companies could target Europe for women’s protein bars as
the market potential is greatest in these two developed regions of
the globe
The online store segment is a small
portion of the protein bar market by distribution channel but is
poised to be extremely important in the days ahead. The proliferation
of smartphones coupled with falling 4G LTE data rates could steer
consumers towards ecommerce portals. In addition to this, the sheer
comfort and convenience of online shopping may triumph over all other
distribution channels in the future. The APEJ online store segment is
projected to be valued at just under US$ 41 million by the end of the
forecast period
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The modern trade segment occupies the
first place in the protein bar market by distribution channel in 2017
and is likely to remain so. Key stakeholders in the protein bar
market may wish to focus their attention on North America and Europe
as both these regions are on track to push past US$ 120 million by
end 2022 with a slightly higher CAGR estimated in the former
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The companies studied in the protein bar
market report are Vitaco Health Group, Glanbia Plc., GNC Holdings,
GlaxoSmithKline Plc., Abbott Laboratories, Amway Corporation, General
Mills, Kellogg Co., Premier Nutrition Corporation, and The WhiteWave
Foods Co.
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