Demand For Protein Snacks To Continue In The Next Decade
Thursday, August 11th, 2022 | 1550 Views
Protein snacks refer to snacks that are being fortified with protein. The added protein is sourced from animal-based sources such as meat, fish, poultry, or through plant-based sources such as lentils and protein-enriched seeds.
The market demand for protein snacks is rising among global consumers, especially those among the urban dwellers owing to their busy lifestyle, which does not offer scope for adequate nutritional intake through conventional food habits. Additionally, the World Health Organization (WHO) considers food fortification as a strategic measure to counter malnutrition in underdeveloped geographies, resulting in a demand for fortified food products. The protein snacks market is projected to hit a CAGR of 9.3% globally by 2032. It is estimated that the absolute income generated by the worldwide protein industry is US$ 4.1 Billion from 2022, and will most likely cross US$10 Billion by 2032.
The protein snacks market is segmented on the basis of nature, product type, distribution channel, and region. On the basis of nature, it is classified as organic and conventional. The demand for F&B products made with organic ingredients is trending especially in the North America and Europe.
This can be attributed to a higher penetration of protein snacks of organic origin especially among the urban consumers in developed geographies, who can afford premium protein snack products.
On the basis of product type, the protein snacks market falls under the group of protein bars and jerky, chips and pretzels, protein flakes and granola, protein drinks and yoghurt, protein cookies and others. Many consider a protein-based diet healthy, and it is a popular base for breakfast among the health conscious.
Manufacturers are therefore compelled to offer more protein snack products for the breakfast and beverage range. The market share and availability of protein bars and jerky, protein flakes and granola products, are expected to remain high.
On the basis of the distribution channel, the protein snacks market is grouped into modern trade, retail stores, speciality stores, wholesalers and distributors, and online retailers. The market of modern trade retailers dominates the protein snacks sale globally, followed by retail stores.
However, the market is witnessing development for online retailers in the fortified food sector because many functional food manufacturers are adopting the trend to offer their products on e-retail platforms. Online retailers are likely to see a growth in sales of protein snacks and other functional products.
On the basis of region, the protein snacks market is divided into Asia Pacific, North America, Latin America, Europe, Middle East and Africa and Japan. North America, Europe, and Japan offer well established and growing markets for premium protein snack products. However, demand for the protein snack product range is also growing in the Asia Pacific and Latin American region.
Global Market Trends And Market Drivers For The Protein Snacks Market
Health issues and concerns of malnutrition in underdeveloped countries compelled consumers to become health conscious and take action to counter these problems at the individual level. This resulted in increasing awareness of health and wellness among consumers, which led to a significant change in the snacking habits of people worldwide.
The protein-based market encountered a rise in demand partly due to growing consumer awareness of the benefits of plant-based protein snacks. All these factors are driving the demand for protein-based food products. Furthermore, the increasing demand for naturally sourced and organically produced food products offers strong growth opportunities.
On the flip side, there are higher costs incurred for snack fortification. Retail-based dependency of the global snacks market coupled with high-level cost-competition among manufacturers is restraining the full-fledged growth of the protein snacks market.
Recent Developments In The Protein Snacks Market
- In 2020, the Coca-Cola Company launched ‘Core Power’, which is a high protein strawberry flavoured milkshake, in the U.S.
- In 2019, General Mills launched new bars named EPIC Provisions Rise & Grind morning-inspired bars, LÄRABAR plant-based protein bars, and Nature Valley Wafer Bars.
- In 2018, Optimum Nutrition, a sports nutrition brand, launched two high protein snacks, namely ON Peanut Butter Chocolate protein and ON Protein Almonds cake bites.
- In 2018, Quest Nutrition launched Protein Chips based on Tortilla Style. According to Quest Nutrition, these chips contain nine times the protein of normal chips, and are nearly 75% lower in net carbs.
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