The worldwide protein snacks market is supposed to follow an expected CAGR of 9.3% in the worldwide market, during the gauge time frame. The absolute income of the worldwide protein snacks piece of the pie is esteemed at US$ 4.1 Billion in 2022 and is supposed to cross US$ 10 Billion by 2032.
The demand for protein snacks is anticipated to increase as consumers become aware of the occurrence of chronic health issues such as obesity and heart diseases that emerge from consuming unhealthy food products. The availability of both plant-based and meat-based protein snacks in the market, catering to the nutritional preferences of different communities, is also likely to surge the adoption of protein snacks.
The protein snacks market share is expected to grow rapidly owing to the anti-aging properties of high-protein food products, as it provides energy for consumers in the category of the geriatric population. The increasing popularity of naturally-sourced and organic food products that supply maximum nutritional value amongst the millennial crowd is likely to increase the demand for protein snacks further in the coming days.
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Segmentation of the Protein Snacks Market:
Nature:
Organic: Witnessing a surge in demand, particularly in North America and Europe, driven by urban consumers with a preference for premium protein snacks made from organic ingredients.
Conventional: Catering to a broader market base, with steady demand across various geographies.
Product Type:
Protein Bars & Jerky: Dominating the market, with high availability and share, driven by the perception of protein-based diets as a healthy choice for breakfast occasions.
Chips & Pretzels, Protein Flakes & Granola: Maintaining substantial market presence, fueled by the growing emphasis on protein-rich breakfast and snack options.
Protein Drinks & Yogurt, Protein Cookies, Others: Expanding the range of protein snack offerings to cater to diverse consumer preferences.
Distribution Channel:
Modern Trade: Leading the market in global protein snack sales, reflecting the convenience and accessibility of modern trade retailers.
Retail Stores: Maintaining a significant share in the market, offering a diverse range of protein snacks to a wide consumer base.
Specialty Store, Wholesalers & Distributors: Contributing to market penetration by providing specialized and bulk offerings.
Online Retailers: Exhibiting growth in the fortified food sector, as functional food manufacturers leverage e-retail platforms, promising a rise in online sales.
Region:
North America, Europe, Japan: Established markets with a growing demand for premium protein snack products.
Asia Pacific, Latin America: Witnessing a rising trend in the demand for protein snacks, reflecting evolving consumer preferences in these regions.
Middle East and Africa: Emerging markets showing potential for the growth of protein snacks in the near future.
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Protein Snacks market Global Market Trends and Market Drivers
The rising health-issues and long-existence of malnutrition issues in underdeveloped countries compelled the consumer to become health conscious and take actions to counter these problems on the individual level. This resulted in the rising health-awareness among consumers and leading a complete change in the snacking habits of people worldwide.
Moreover, the protein-based food & beverages market encountered a rise in demand owing to the growing consumer awareness of the benefits of plant-based protein snacks. All these factors are driving the demand for protein-based food product including the protein snacks. Furthermore, the increasing demand for naturally sourced and organically produced food products offers strong growth opportunities for players active in the field of protein snacks market to offer multiple ranges of organic protein snacks.
On the flip side, the high cost incurred in snack fortification and retail-based dependency of global snacks market coupled with high-level cost-competition among manufacturers is restraining the full-fledged growth of the protein snack market.
Protein Snacks Market Key Players
Variety of Protein Snacks products with multiple formulations have been introduced by the manufacturers and some of the global market players manufacturing Protein Snacks in the market include; Vitaco health Australia, Powerful Men LLC, Quest Nutrition LLC, General Mills (Natures Valley), Clif Bar & Company, Kellogg Co., Buff Bake are among others.
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