Protein Snacks Market

Protein Snacks Market

Protein Snacks Market by Source (Animal Based and Plant Based), by Product (Bars & Bites, Baked Goods, Crisp Snacks, Meat Snacks, Dairy-Based Snacks, Drinks & Powders, and Other Snacks), by Flavour (Sweet, Savory, and Neutral/Unflavored), and by Packaging Type (Single Serve, and Multi-Pack) by Primary Target (Athletes and Fitness Enthusiasts, Adults (General health-focused), and Children & Teens), and by Sales Channel- Global Opportunity Analysis and Industry Forecast 2022-2030

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Market Definition

The Protein Snacks Market was valued at USD 3.64 billion in 2021 and is predicted to reach USD 8.20 billion by 2030 with a CAGR of 9.7% from 2022-2030.

Protein snacks are high-value snacks that contain high levels of protein, such as seeds, nuts, and jerky. These snacks provide a convenient and healthy option for individuals looking to increase their daily protein consumption. Protein snacks are becoming increasingly popular amongst health-conscious individuals due to their high nutrient density. They can be eaten as a quick snack between meals or as a meal replacement. Protein snacks can also be used to increase muscle mass and aid in post-workout recovery. Various sources of high-quality protein, such as seeds and lentils enriched with protein, as well as animal-based sources, including poultry, fish, beef, and lentils, are used in the production of protein-rich snacks.

Market Dynamics and Trends

The proliferating health issues associated with poor eating habits of individuals due to busy schedules along with the increasing popularity of on-the-go nutritious snacks are driving the growth of the protein snacks market. Also, the increased awareness of consumers to adopt plant-based food products along with new developments in plant-based products are boosting the protein snacks market growth.

For instance, in January 2021, PepsiCo Inc. collaborated with Beyond Meat, to develop, produce and market innovative snacks and beverages made from plant-based protein. Moreover, the rising numbers of fitness and gym enthusiasts along with the growing popularity of protein snacks with high fiber and reduced carbs, sugar, and calories are further accelerating the growth of protein snacks market.

The high production cost of protein snacks raises the price for the end users, which is likely to hamper the industry growth of protein snacks. On the other hand, the ongoing research and development by various global manufacturers in plant-based protein snacks, including chips, crackers, nuts, and others is expected to create ample growth opportunities for the market in the upcoming years.

 

Market Segmentation and Scope of Study

The global protein snacks market is segmented on the basis of source, product, flavour, packaging type, primary target, sales channel, and geography. On the basis of source, the market is categorized into animal-based and plant-based. Based on product, the market is classified into bars & bites, baked goods, crisp snacks, meat snacks, dairy-based snacks, drinks & powders, other snacks. Based on flavour, the market is segmented into sweet, savory, neutral/unflavored. On the basis of packaging type, the market is categorized into single serve, multi-pack. on the basis of primary target, the market is segmented into athletes & fitness enthusiasts, adults (general health-focused), children & teens. Based on sales channel, the market is categorized into e-commerce & dtc, supermarkets/hypermarkets, convenience stores, specialty stores, foodservice & others. Geographical breakdown and analysis of each of the aforesaid classifications include regions comprising north America, Europe, Asia-Pacific, and RoW.

 

Geographical Analysis

North America dominated the global protein snacks market in 2021 and is potently expected to remain dominant in the market throughout the forecast period. This is attributed to the growing awareness of a healthy lifestyle among the larger section of the population, fitness trends, and a shift toward healthy product consumption such as organic fruit & vegetable and protein snacks over confectionary foods is boosting the growth of the market.

Also, the presence of major market players such as Hormel Foods Corporation, B&G Foods Inc., and Kellogg Co. which are undertaking various strategic initiatives including new product launches, is further driving the growth of the market in the region. For instance, in June 2021, RXBAR, a subsidiary of Kellogg launched its first-ever plant-based protein bar. RXBAR Plant Protein Bar has 10 grams of protein and replaces the brand’s signature egg white protein with pea and almond protein. It also comes in two flavors chocolate chip and peanut butter.

Asia-Pacific is expected to witness substantial growth in the global protein snacks market during the forecast period, owing to the rising awareness of the benefits of healthy snacking, as well as the growing influence of the western lifestyle. Additionally, an upsurge in the ongoing research and development to enhance the flavor and texture of protein-based snacks while keeping costs low to increase adoption rates is further expected to accelerate the protein snacks market demand in the coming years.

For instance, in April 2021, ADM opened a new cutting-edge, plant-based innovation lab at its Biopolis research hub in Singapore. With the help of this, ADM is able to test textures, flavors, fats, and binding characteristics in-house and boost product development for customers. The lab develops advanced products as well as customized solutions to meet the growing food and beverage demand in the Asia-Pacific region.

Overall, the increasing emphasis on healthy snacking habits and the growing investment in research and development to enhance the flavor and texture of protein snacks are expected to propel the growth of the global protein snacks market, particularly in the Asia-Pacific region, in the years to come.

 

Competitive Landscape

The protein snacks market includes several market players such as The Simply Good Foods Company, Mars, Incorporated, General Mills, BellRing Brands/Post Holdings, Clif Bar & Company, Mondelez International, PepsiCo, Nestle S.A., Built Brands, Inc., Perfect Snacks, LLC, Lenny & Larry’s, LLC, GoMacro, LLC, ONE Brands, Grenade, Barebells, Chomps, Jack Link’s Protein Snacks, LLC, Danone S.A., Tyson Foods, Inc., and Hormel Foods Corporation. These market players are adopting various strategies such as innovation and collaboration to maintain their dominance in the global protein snacks market.

For instance, in March 2022, CLIF Bar & Company announced the launch of CLIF thin bars. The main goal for the launch of CLIF bars is to expand their snacks category intended for everyday snacking and perfect for busy families and commuters.

Additionally, in May 2021, Unilever collaborated with a food tech company ENOUGH, with an aim to supply it with mycoprotein to fuel innovation into its plant-based brands. Plant-based foods are one of Unilever’s fastest-growing segments and through this partnership, they intend to develop more sustainable protein products that are delicious and nutritious.

In conclusion, the protein snacks market is witnessing a high level of competition among market players, which is driving innovation and collaboration to offer new and improved snack options to consumers. This trend is expected to continue in the coming years, as companies seek to maintain their dominance in the global protein snacks market.

Key Benefits

  • The protein snacks market report provides a quantitative analysis of the current market and estimations through 2022-2030 that assist in identifying the prevailing market opportunities to capitalize on.

  • The study comprises a deep dive analysis of the protein snacks market trend including the current and future trends for depicting the prevalent investment pockets in the market.

  • The information related to key drivers, restraints, and opportunities and their impact on the protein snacks market is provided in the report.

  • The competitive analysis of the market players along with their market share in the protein snacks market.

  • The SWOT analysis and Porter’s Five Forces model are elaborated in the study.

  • Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

Key Market Segments

By Source                

  • Animal Based            

    • Whey        

    • Egg        

    • Meat        

  • Plant Based            

    • Pea        

    • Soy        

    • Chickpea    

    • Almond        

    • Other legumes/grains        

By Product                

  • Bars & Bites            

    • Protein Bars        

    • Protein Bites/Balls        

  • Baked Goods            

    • Protein Cookies        

    • Granola Bars & Clusters        

    • Muffins        

  • Crisp Snacks        

    • Crisps        

    • Puffs        

  • Meat Snacks            

    • Jerky        

    • Meat Sticks        

  • Dairy-Based Snacks            

    • Yogurt Clusters        

    • Cheese Crisps        

  • Drinks & Powders            

    • RTD Shakes and Milkshakes        

    • Powders        

  • Other Snacks            

    • Protein Pancakes        

    • Gel Packs        

By Flavour                

  • Sweet            

    • Chocolate        

    • Vanilla        

    • Fruit        

  • Savory            

    • Barbecue        

    • Salted        

    • Spicy        

  • Neutral/Unflavored            

By Packaging Type                

  • Single Serve            

    • On-the-go bars        

    • Single-serve bottles/sachets        

  • Multi-Pack            

    • Boxes        

    • Variety Packs        

    • Bulk/Resealable Pouches/Tubs        

By Primary Target                

  • Athletes & Fitness Enthusiasts            

  • Adults (General health-focused)            

  • Children & Teens            

By Sales Channel                

  • E-commerce & DTC            

  • Supermarkets/Hypermarkets            

  • Convenience Stores            

  • Specialty Stores            

  • Foodservice & Others            

By Geography

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Italy

    • Germany

    • Spain

    • Netherlands

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Taiwan

    • Vietnam

    • Rest of Asia Pacific

  • RoW

    • Latin America

    • Middle East 

    • Africa

Key Market Players

  • The Simply Good Foods Company    

  • Mars, Incorporated    

  • General Mills    

  • BellRing Brands/Post Holdings    

  • Clif Bar & Company    

  • Mondelez International    

  • PepsiCo    

  • Nestle S.A.    

  • Built Brands, Inc.    

  • Perfect Snacks, LLC    

  • Lenny & Larry’s, LLC    

  • GoMacro, LLC    

  • ONE Brands    

  • Grenade    

  • Barebells    

  • Chomps    

  • Jack Link’s Protein Snacks, LLC    

  • Danone S.A.    

  • Tyson Foods, Inc.    

  • Hormel Foods Corporation

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Analysis Period

2021–2030

Base Year Considered

2021

Forecast Period

2022–2030

Market Size Estimation

Billion (USD)

Market Segmentation


By Product Source (Animal-Based and Plant-Based) By Product (Bars & Bites, Baked Goods, Crisp Snacks, Meat Snacks, Dairy-Based Snacks, Drinks & Powders, Other Snacks) By Flavor (Sweet, Savory, Neutral/Unflavored) By Packaging Type(Single Serve and Multi-Pack) By Primary Target (Athletes & Fitness Enthusiasts, Adults (General health-focused), Children & Teens) By Sales Channel (E-commerce & DTC, Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Foodservice & Others)    

Geographical Segmentation

North America (U.S., Canada, Mexico) Europe (Germany, UK, Spain, Italy, Netherlands, Rest of Europe), Asia-Pacific (Australia, China, India, Japan, South Korea, Vietnam, Taiwan, Rest of Asia-Pacific), Rest of the World (Latin America, Middle East, Africa)

Companies Profiled

The Simply Good Foods Company, Mars, Incorporated, General Mills, BellRing Brands/Post Holdings, Clif Bar & Company, Mondelez International, PepsiCo, Nestle S.A., Built Brands, Inc., Perfect Snacks, LLC, Lenny & Larry’s, LLC, GoMacro, LLC, ONE Brands, Grenade, Barebells, Chomps, Jack Link’s Protein Snacks, LLC, Danone S.A., Tyson Foods, Inc., Hormel Foods Corporation

 

 

Protein Snacks Market Revenue by 2030 (Billion USD) Protein Snacks Market Segmentation Protein Snacks Market Major Regions

Frequently Asked Questions

According to the report published by Next Move Strategy Consulting, the protein snacks market business is expected to hit at $8.20 billion (USD) by 2030.

North America is expected to hold the highest market share in the global market. The region is expected to witness remarkable growth as it houses the major key players in the market.

The top companies in the protein snacks industry are The Simply Good Foods Company, Mars, Incorporated, General Mills, BellRing Brands/Post Holdings, Clif Bar & Company, Mondelez International, PepsiCo, Nestle S.A., Built Brands, Inc., Perfect Snacks, LLC, Lenny & Larry’s, LLC, GoMacro, LLC, ONE Brands, Grenade, Barebells, Chomps, Jack Link’s Protein Snacks, LLC, Danone S.A., Tyson Foods, Inc., and Hormel Foods Corporation.

The global protein snacks market share analysis is based on product source, product, flavor, packaging type, primary target, sales channel and geography

The high production cost of protein snacks raises the price for the end users, which is likely to hamper the industry growth of protein snacks market.
$4,975
$3,975
$6,975
$2,975

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