Sep 02, 2019 (AmericaNewsHour) — Global Protein Bars Market: Information by Product Type (Snack Bars, Meal Replacement Bars, Energy Bars and others), Category (Gluten-Free, Organic, Vegan, Multi-Claim and others), Distribution Channel (Store-Based and Non-Store-Based) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2024
There is a high rise in the number of health centers and gymnasiums which is escalating health awareness and the of the progress of the global protein bars market. Nevertheless, a lack of user consciousness about the reimbursements of protein bars is impeding market development. The Global Protein Bars Market is projected to record a noteworthy progress through the forecast period. Growing mindfulness of the essentiality of health and wellness has resulted in the mounting acceptance of healthy foods which is one of the influences lashing the sales of protein bars. Additionally, producers of protein bars are stimulating their products with constituents that promote health, wellness and overall aptness to grab the consideration of health-conscious customers. A developing consumer base has led the stores, such as supermarkets and shops, to stack protein bars, thus smoothing purchase of the same.
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Though, the high costs of protein bars are expected to deter market growth during the forecast period, this product market is still a good consideration, overall. The Global Protein Bars Market is projected to record a CAGR of 7.24% to reach USD 1,820.6 million by 2024. Protein bars are suitable on-the-go nibbles that offer protein along with other nutrients. In the human body, proteins accomplish many purposes as well as cell and tissue repair, the construction of hormones and enzymes, upholding fluid balance and providing oomph. The inaccessible proteins in protein bars are obtained from soy, meat and nuts, among others. Protein bars are taken as meal substitutes, snacks, or for workout provision according to one’s needs. They are accessible in various flavors such as chocolate, peanut butter, caramel almond, fudge brownie and lemon meringue.
The Protein Bars Market has been segmented – By product type (Meal Replacement Bars, Energy Bars, Snack Bars and others), By Category (Organic, Vegan, Gluten-Free, Multi-Claim and others), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Non-Store-Based, Store-Based and others) and By Region. Amongst others, the snack bars sector is predictable to be the maximum, reording a considerable CAGR to reach USD 772.2 million by the end of year 2024. The Shoppers preferability for healthy on-the-go snacks is pouring the rise of this section. Likewise, protein snack bars are offered in different flavors such as chocolate, strawberry, cookies and cream, and peanut butter which is swaying the growth of the sector too.
Geographically, the Protein Bars Market are split in regions like Americas, Europe, Asia-Pacific and rest of the word. In Americas, the regions focused are: North America, US, Canada and Mexico followed by Europe including Germany, UK Spain, France, Italy and the Rest of Europe, while Asia-Pacific comprises of regions like India, Australia & New Zealand, China, Japan and the rest of Asia-Pacific respectively. The rest of the word (RoW) comprises the regions of Middle East, South America and Africa respectively. The European market is valued to reach USD 539.3 million by 2024.
Also, the United Kingdom accounted for the maximum portion of the regional market in 2018. Increasing health responsiveness is pushing market players to emphasize on R&D to introduce healthy meal alternatives or bars with high protein nourishment in the European market. Though, the market in Asia-Pacific is likely to display the uppermost CAGR during the forecast period with India being the fastest-developing country-level market.
Based on region, the global protein bars market has been divided into North America, Europe, Asia-Pacific, and the rest of the world (RoW). North America claimed for the largest market share of 38.14% in 2018 and the regional market is anticipated to showcase an extensive CAGR during the forecast period. The US is one of the foremost markets in the region, accounting for the largest expected market share during the review period. There is a mounting demand for high-protein-based snacks among fit-conscious patrons due to a emphasis on healthy consumption outlines which is lashing the progress of the protein bars market in the US.
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The projected onlookers in the Protein Bars Market are Hospitals and clinics, Research and Development Organizations, Academic Institutes and Pharmaceutical Companies. A few of the crucial approaches followed by The envisioned spectators for this market are considered to be- Snacks manufacturers, Raw material suppliers, Governments, associations, and industrial bodies, Investors and trade experts, Retailers, wholesalers, and distributors and of course the Protein bars manufacturers Furthermore, the vital players in the Protein Bars Market are Abbott Laboratories Inc. (US), Clif Bar & Company (US), Quest Nutrition, LLC (US), Kellogg Company (US), Mars, Incorporated (US), Natural Balance Foods Ltd. (UK), General Mills Inc. (US), Naturells India Pvt. Ltd. (India), Atkins Nutritionals, Inc. (US) and The Nature’s Bounty Co. (US).
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