Press release
Protein Bar Market Anticipated to Surge with an Impressive CAGR of 7.8%
The global protein bar market has been growing rapidly on account of several factors in its favor – primarily the increased preference among consumers for portable convenience foods. It is not just sportspersons but also individuals who either cannot or do not have the time to cook their own food demanding protein bars. Protein bars have the added advantage of being nutritious and wholesome and they increase energy levels and boost muscle mass. There seems to be a high demand for taste innovations in the protein bar market as the consumer base has diversified immensely. This has spurred new players to enter the protein bar market with all guns blazing. The protein bar market is expected to record a robust CAGR of 7.8% for the period from 2017-2022.
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High Protein Bars the Way to Success in the Protein Bar Market
High protein bars have a revenue share greater than two-fifth in the protein bar market by product segment and are expected to gain share over the forecast period. The high protein bar segment is predicted to be worth more than US$ 630 million by end 2022, making it imperative for protein bar manufacturers to change their product mix accordingly. The low protein segment is the second most popular with a revenue share slightly over a third in the protein bar market in 2017. Companies specializing in low protein bars would do well to target North America as consumers in this region seem to have a strong desire for this protein bar segment.
Focus on Specialty Stores and Modern Trade in the Protein Bar Market
The specialty stores and modern trade segment have a revenue share exceeding half the protein bar market between them and protein bar companies are recommended to take this into account while devising their distribution strategies. The modern trade segment is anticipated to record a robust CAGR of more than 7.5% for the study period. The modern trade segment is particularly well-developed in North America and Europe and these regions are unlikely to cede their commanding positions to APEJ anytime soon. Specialty stores have the highest potential in the APEJ region as the CAGR is projected to be the most in this populous continent.
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Online Stores a Niche in the Protein Bar Market
Online stores are still a comparative niche in the protein bar market, especially when compared to modern trade and specialty store distribution channels. However, better Internet infrastructure in emerging economies as a result of reducing smartphone prices and widely available 4G LTE infrastructure should make consumers opt for online shopping portals. North America and APEJ are the two regions to look out for in the online store segment of the protein bar market as both have highly tech-savvy citizens that are willing to try out the latest technology.
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