Protein crisps Market

Protein Crisps Market Size, Share, Growth (2023-2028)

Protein Chips market was valued at USD 30.7 billion in 2023 and is projected to grow at a CAGR of 4.3% from 2023-2028 to reach a value of USD 39.52 billion by 2028.

Protein Crisps Market Overview:

Recent times call for stressful life schedules. The increasing employment rate leads to more office workers needing more time for packing foods, much less healthy ones. Protein crisps are the healthier version of standard crisps. Our daily standard crisps or chips contain high fats, preservatives, and unhealthy sugars. In contrast, protein crisps are the healthier alternative, with minimal to no fats, an abundance of proteins, and micro and macro nutrients like vitamins and minerals. Protein crisps come in multiple forms, like pudding, bars, chips, cookie dough, shakes, pastries, donuts, etc. They are also accommodating for muscle-building and after-exercise snacks. Protein crisps in the current industry come in different flavor options and taste patterns, making them even more amicable for the market, supporting the protein crisps market growth. Therefore, in the current busy lifestyle, protein crisps are a way to encourage healthy living among populations. There has been increasing interest in protein-based snacks as populations become more health-conscious and practice making better food choices. 

REPORT COVERAGE:

Protein Crisps Market Drivers:

Choosing healthier alternatives to snacks filled with preservatives, added sugars, artificial flavors, additives, etc., supports the growth of the protein crisps market. In addition, the market is shifting toward organic products and gluten-free and soy-free alternatives, leading to market growth. Furthermore, healthier lifestyles encouraging low-fat products with the same characteristic tastes and crunch support the demand for the market. In addition, the boosted nutritional value of both sweet and savory products promotes market growth. Protein crisps are especially useful for people who regularly work out to keep their physique in shape. Gymrats and athletes prefer these snacks over regular ones to boost their workout diet. Additionally, innovations in the protein crisps industry are expected to support the growth of the market. For example, Kerry recently launched an Upcycled protein crisp as a part of its Regrained food project, and in partnership with Upcycled Foods Inc., Upcycled refers to food produced from food wastage meant to be discarded. Therefore, it is a very environmentally friendly project supported by the production of protein crisps. Furthermore, the growing availability of the product in various online and offline outlets like E-commerce websites, vending machines, medical stores, supermarkets, etc., is expected to support the growth of the protein crisps market. The increasing chronic conditions and diseases are pushing the population toward healthier choices. Growing cases of obesity, diabetes, cardiac problems, etc., due to unhealthy consumption of fast food and packaged snacks containing excess sugars, fats and preservatives are supporting the Protein crisps market. According to WHO reports, more than 1 billion people worldwide are obese, around 422 million people have diabetes, and cardiovascular diseases take away approximately 17.9 million lives every year. Therefore there is a growing need to adopt healthier lifestyles, promoting the protein crisps market.

Protein crisps Market Restraints:

Though protein crisps are incredibly beneficial to the body, it is essential to be extremely careful when choosing the brand or Type of product you are consuming. Some protein products contain excess added sugars like fructose and corn syrup to make the snack tastier, which can lead to more harm than good. Furthermore, protein crisps may lead to the feeling of a content stomach, sometimes leading to less consumption of necessary food. Additionally, the taste factor is a big drawback to the market as most consumers opt for snacks to have a pleasant experience on their taste buds and protein crisps; although they closely match regular potato chips in texture and appearance, the taste might still be slightly different. 

Impact of Covid-19 on the global Protein Crisps market:

The pandemic led to severe market losses and an economic decline worldwide. In addition, many businesses faced drawbacks due to the restrictions on transport and production along with lockdowns. However, the protein crisps market has received a positive impact from the pandemic. As the population became more conscious about health conditions and boosting immunity, the protein crisps market revenue grew immensely. In addition, the lockdown led to more people becoming aware of their physical appearance and the importance of fitness, leading to growth in the market. Additionally, the increasing availability of protein crisps online supported the market's growth. 

Protein crisps market key developments:

• In 2022, Walkers, a famous crisps company, announced plans to make their crisps healthier by reducing the number of salts and calories and introducing more healthy flavors. In addition, the company aimed to eradicate the HFSS (High in fat, salt, or sugar) tag on its product through this method. Although the consumer base was initially against the idea, the company is risking it all for a positive health-oriented change. 

• With a total purchase cost of $259 million, "The Hain Celestial Group, Inc." announced the complete acquisition of "That's How We Roll" from "Clearlake Capital Group" in 2021. The acquisition focused on the clubbing of the two popular brands of protein crisps, namely, ParmCrisps and Thinsters. The project brought immense revenues for the company. 

• The Kpowned Mccoy crisps brand released a fire pit crisps range in 2021 and released products like flame-scorched bbq ribs, flame-smoked chorizo, etc., and the range left the shelves one year later in 2022. However, the brand's intention with the launch was to introduce bold flavors to the crisp audience, and the journey continues as new unique flavors like sizzling king prawns and thai sweet chicken are on release from the company. 

Protein crisps market segmentation:

By Product Type,

• Gluten-free protein crisps

• Vegan protein crisps

• Soy Free protein crisps

The gluten-free protein crisps segment is expected to dominate the protein crisps market during the forecast period due to the high demand for the segment. Gluten-free food is especially preferable for those with celiac disease and can also help reduce digestive problems supporting weight loss. The several health benefits and the rising popularity of the segment are expected to support the market's growth. 

However, due to the growing vegan population, the Vegan Protein Crisps market is also expected to grow significantly during the forecast period. In addition, the rising awareness regarding animal cruelty and the environmental benefits of being vegan, along with personal preference, is supporting healthier and vegan alternatives to food leading to segment growth. Furthermore, vegan food has several benefits like easy digestion and is also suitable for hypersensitive people.

By Flavour, 

• Chocolate

• Mocha

• Peanut Butter

• Vanilla 

The Peanut butter segment is expected to dominate the protein crisps market during the forecast period due to the high nutritional value of peanuts and their advantages like less harmful fats and the presence of omega-six fatty acids. Furthermore, peanuts are healthy because of their ability not to cause cholesterol-related problems and are often considered safe for dogs. Additionally, peanuts contain magnesium, arginine, and vitamin E, supporting market growth. 

The chocolate segment is also expected to have significant revenue during the forecast period due to the benefits of dark chocolates, like antioxidants, and the large populations who love to consume chocolate. In addition, dark chocolate is proven to reduce blood pressure levels and therefore supports patients with cardiac problems leading to market growth. 

By End-User, 

• Women

• Men

Stats show that women are often more health conscious than men leading to women dominating the protein crisps market. However, the higher number of male gym rats also leads to a market for the male segment. 

By Packaging, 

• Pouches

• Cartoons

The pouches segment is expected to dominate the market as it is a more convenient way of purchasing appropriate quantities and is also more widely available. However, the cartoons segment is expected to have revenue as the popularity of protein crisps grows and populations start buying larger quantities. 

By Distribution Channel, 

• Supermarkets

• Speciality Stores

• Online Retailing

• Convenience Stores

• Hypermarkets

• Grocery Stores

The supermarket segment is expected to dominate the market during the forecast period due to the increasing number of stores worldwide. In addition, supermarkets are the one-stop grocery place with a large influx of consumers due to their wide availability and product options, leading to segment growth. 

The online retail segment is also expected to dominate the market revenue during the forecast period due to the growing trend for at-home services and internet penetration. In addition, the world has shifted to a more digitalized era, especially after the pandemic led to market growth. 

Protein crisps market Regional Analysis:

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East and Africa

North America is expected to dominate the market during the forecast period due to the growing obese, diabetic, and chronic disease population and the increasing concerns toward health. Current statistics prove that approximately two out of three U.S. adults are overweight or obese (69 percent), and one out of three are obese (36 percent). As a result, there is a growing need for concern toward the ill effects of preservative and added flavor-driven food leading to market growth. Additionally, the high internet penetration of online retail availability of protein crisps in countries like the U.S. and Canada supports the market expansion in the Region. Furthermore, the increasing vegan populations and gluten-free diets lead to growth in the market. 

The market in Europe is also expected to have significant growth during the forecast period due to increased awareness about the positive impact of protein crisps. In addition, a recent survey across Germany, France, Sweden, Italy, etc., shows that consumers are reducing the intake of unhealthy snacks and opting for protein crisps instead. Therefore, the trend for protein-fortified snacks in Europe supports the market growth in the Region. 

The Asian-Pacific market is also expected to support the growth of the market due to the rising disposable incomes in countries like India, China, Japan, South Korea, Thailand, etc., leading to market growth. Additionally, leading employment rates among men and women result in less free time and populations depending on outside snacks—additionally, growing market players and regional product launch support market growth. For example, Maricio launched a plant-based tasty soy snack in 2022 in India, and Japan has been focusing on new product launches from companies like Kao Meiji and Kirin. 

Protein crisps market key players:

1. ERIE group of companies

2. Shrewd Food

3. Snack Food & Wholesale Bakery

4. Tyson Foods Inc.

5. ProtiDiet

6. BSN Protein

7. TORQ Ltd.

8. Quest Nutrition

9. GlückBrands

10. Vega