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.
Value-added snacks that are fortified with protein and claim to offer added protein which is sourced either from animal-based sources such as meat, fish, and poultry or through plant-based sources such as lentils and protein-enriched seeds are classified as protein snacks.
The market demand for such fortified or functional snacking options is trending among consumers globally, especially among urban dwellers owing to their busy lifestyle which does not offer scope for adequate nutritional intake through conventional food habits. As food fortification is considered as a strategic measure to counter the issue of malnutrition prevailing in underdeveloped geographies by the World Health Organization (WHO) resulting in demand for fortified food products along with the protein snacks market.
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The protein Snacks market is segmented on the basis of nature, product type, distribution channel, and region. On the basis of nature, it is segmented as organic and conventional. The demand for food & beverage products made with organic ingredients is trending especially in the North America and Europe.
This is attributed to a higher penetration of protein snacks with organic origin especially the urban consumers belonging to the developed geographies and can afford premium protein snack products.
On the basis of product type, the protein snacks market is segmented as protein bars & jerky, chips & pretzels, protein flakes & granola, protein drinks & yogurt, protein cookies, and others. Protein-based diet is considered healthy for morning breakfast occasions.
This compelled manufacturers to offer more protein snack products within the breakfast & beverage range. Owing to this the market availability and share in the market for bars & Jerky, protein flakes & granola products is anticipated to remain high.
On the basis of the distribution channel, the Protein Snacks market is segmented into modern trade, retail stores, specialty store, wholesalers & 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 owing to the fact that many functional food manufacturers are adopting the trend to offer their products on the e-retail platform. Thus the online retailers are likely to grow in terms of market sales of protein snacks and other functional food & beverages in the near future.
On the basis of the region, the protein snacks market is segmented into Asia Pacific, North America, Latin America, Europe, Middle East and Africa and Japan. Among there North America, Europe, and Japan offer well established and growing market for premium protein snacks products. However, demand for protein snacks product range is also growing in Asia Pacific and Latin America region.
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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