Protein Snack Market

Global Protein Snack Market Size (2024 to 2029)

Protein Snack Market share value in 2024 was 4.9 billion, and it is expected to grow at a CAGR of 9.3% during the forecast period 2024-2029 to reach USD 7.64 billion by 2029.

Poultry, fish, beef, and other high-protein snacks from both plants and animals are examples of high-protein snacks. Plant-based protein sources include protein-enriched seeds and lentils. Health can be benefited in several ways by consuming adequate amounts of protein regularly. Additionally, benefits in body composition, bone health, and risk factors for heart disease have been associated with high-protein diets. It helps you eat fewer calories overall, which can support healthy body weight, improves blood glucose levels, and decreases the risk of developing hypertension are the main health advantages of excessive intake. According to a USDA poll, the average American consumes more than two snacks each day and obtains one-fourth of his or her calories from snacks. These high-protein snacks can help replace stored energy and speed muscle recovery after exercise.

The increasing demand for soy protein is anticipated to create opportunities in the protein snack market growth. The growing consumer consciousness regarding the health benefits of protein-rich snacks. The widespread utilization of soy protein can be attributed to its accessibility and incorporation of vital elements like abundant amino acids, vitamins C and B, and zinc. Moreover, its low carbohydrate and saturated fat content contribute to weight management. The rapid expansion of retail platforms such as Amazon, Flipkart, Ajio, and others, offering a variety of products, including plant-based and dairy-based protein options, further increases consumer satisfaction with these goods, resulting in creating market growth opportunities. Nowadays, there is an increase in the number of population visiting gyms to maintain their health and fitness. This increases consumer demand as these people mostly consume protein in much more amounts. These are the factors that are creating the protein snack market growth over the forecasting period.

Global Protein Snack Market Drivers:

The increase in the prevalence of long-standing nutritional difficulties faced by the population in emerging countries is the main driving factor in the protein snack market growth. This is due to an increase in health consciousness among the population, leading to an increase in demand for protein snacks. This is shifting consumer demand towards protein-rich food. Additionally, the increase in demand for protein-induced beverages from consumers results in the growth of the market. The population is becoming aware of the advantages of consuming protein. Furthermore, the increase in demand for naturally or organically produced food products increases the demand for protein snack products.

The increase in the prevalence of diseases associated with protein deficiency fuels the protein snack market demand. Hence people were consuming protein snacks to maintain their health and decrease the risk of certain chronic diseases. The retail channel has been submerged with food products that are functionally enhanced with ingredients like micronutrients, proteins, fiber, organic, plant-based, and clean-label products, among others. The market expansion of healthy snacks is supported by the increased advocacy of such functional meals for weight management, digestive health improvement, and the avoidance of obesity, diabetes, and cardiovascular disease. Additionally, Sales of protein snacks are expected to rise as veganism becomes more popular and health-conscious consumers become more aware of the advantages of consuming plant-based foods. The increase in busy life and schedules is leading to an increase in junk food consumption, etc. Nowadays, this population is increasing the consumption of protein snacks due to an increase in awareness about healthy lifestyles.

Global Protein Snack Market Restraints:

The high price associated with the protein snack is the main restraining factor in the growth of the protein snack market. This decreases the demand for the final product from the low-income category. They cannot spend a huge amount of money on protein snacks. The addition of whole grains and excluding various contents such as fats and sugar harms the moisture retention and binding capacity of constituents available in the final product. This leads to a decrease in demand for protein snacks across the globe. Additionally, the increase in demand for naturally obtained protein from various sources, excluding any preservatives and additives, restricts the market growth. In addition, the presence of various alternatives and the increase in competition in the market decreases the demand for protein snacks. These are the restraining factors of the protein snack market value.

Impact of Covid-19 on the Protein Snack Market:

The outbreak of the covid-19 caused severe impacts on the food and beverage industry, including the protein snacks market. During the early stage of the pandemic, there was a huge impact on the market, resulting in the lowering of the economic condition across the globe due to the closure of many businesses, etc. The consumers mostly preferred the essential items, hence decreasing the demand for protein snacks in the initial phase of the pandemic. To avoid the spread of covid-19, there were many rules established by the governments. This lead to cause an issue in manufacturing, collecting protein, and its supply chain management. Later on, after the initial phase of the pandemic, the lockdown was lifted, which increased the demand for protein snacks. This was due to the vaccination drive among the consumer's increased demand for protein snacks. Hence the protein snack market had a moderate impact by the covid-19.

REPORT COVERAGE: 

This research report on the global protein snack market has been segmented and sub-segmented based on type, product, distribution channel, and region.  

Global Protein Snack Market - By Type:

• Plant-based protein snacks
• Meat-based protein snacks

Plant-based protein snacks segment is leading with the dominant shares of the market, whereas meat-based protein snacks segment is gaining traction over the growth rate of the market. 

Global Protein Snack Market - By Product:

• Protein bars
• Protein flakes
• Protein cookies
• Protein drinks
• Jerky
• Granula
• Yogurt

Among these, the protein bar segment dominates the protein snacks market. The protein bar segment is expected to show its dominance over the forecasting period. This is due to a change in the preference of consumers for portable convenience foods. Furthermore, current fitness trends are driving the demand for protein bars. This is because consumers who are through weight loss programs choose these healthy items that can give a balanced diet. Furthermore, instead of supplementing meals, protein bars not only enhance daily protein consumption but also minimize excessive calorie intake, consequently supplementing vital proteins and minerals and driving market revenue growth. Aside from that, growth in the number of vegetarians throughout the world is prompting manufacturers to create protein bars with components like nuts, seeds, fruits, and others, as customers believe a plant-based diet is better than an animal-based diet. According to a 2019 study by the Vegan Society, around 2% of the population in the United Kingdom is vegan, and the trend is growing. All of these reasons are boosting the segment's revenue growth. The protein flakes segment is expected to show the fastest CAGR growth over the forecasting period. This is due to the presence of necessary nutrients that help in the repair and enhancement of the body's performance. Protein flakes are becoming more popular as the number of athletes participating in various sports grows.

Global Protein Snack Market - By Distribution channel:

• E-commerce
• Retail
• Specialty stores
• Convenience stores

Among these, the e-commerce segment dominates the protein snacks market size. The E-commerce segment is expected to show its dominance over the forecasting period in the protein snack market. This is Companies have created websites to better meet consumer demands while expanding profit margins because they recognize the channel's potential. To address the surge in e-commerce demand, companies such as Amazon, Walmart, NUGO Natures Basket, and many others have grown their direct-to-consumer businesses. Furthermore, e-commerce trends include multipack purchasing, as a result of which manufacturers have formed numerous agreements to distribute the items. Furthermore, multipack consumers receive extra offers, which boosts the segment's revenue growth. The retail store is anticipated to show the fastest CAGR growth in the projected period.

Global Protein Snack Market – By Region:

• North America 
• Europe 
• Asia-Pacific 
• Latin America 
• Middle East and Africa 

Regionally, the North American region dominates the Protein Snack Market. The region is expected to show dominance in the Protein Snack market over the forecasting period. This is due to the high consumption of protein snacks in nations such as the United States is largely responsible for the market's constant revenue growth. The increase in the retail business in North America, which promotes revenue growth in the area, is causing prominent market players to see exponential market expansion in this region. This expansion should also be attributed to the region's athletes, who are predicted to drive demand for protein snacks during the projection period. Furthermore, the region's revenue development is being driven by a shift in consumer emphasis, such as the purchase of protein-based food over traditional meals, as well as the variety of accessible goods and the presence of both domestic and international manufacturers.

The European region is expected to have significant protein snack market growth over the forecasting period. This is due to nations such as Germany and the United Kingdom having a significant working class, which is likely to contribute to market revenue growth. Furthermore, the presence of convenience stores and hypermarkets in the region that are focused on environmentally friendly product packaging is led by startups that use biodegradable plastics for manufacturing such packages. Furthermore, the region is dependent on vegan food products, allowing for an increase in plant-based protein snacks. The Asia Pacific region is anticipated to show the fastest CAGR growth in the protein sack market over the forecasting period. The increased preference for healthy snacking has been driven by the hectic schedules and busy lifestyles of parents in this area, as well as influences from Western lifestyles.

KEY MARKET PLAYERS:

Key Market Players of global Protein Snack Market are Del Monte Foods, Inc., B&G Foods, Inc., PepsiCo., Hormel Foods Corporation, Unilever, Kellogg Co, Nestle, Danone, Clif Bar, Tyson Foods Inc.

RECENT HAPPENINGS IN THE MARKET:

On 18th May 2023, BUILT, the maker of the best-tasting, protein-packed snack offerings, announced today the launch of three new healthy indulgent product innovations – BUILT Bites, BUILT Balls, and BUILT Krispy. Dedicated to providing the tastiest, high-quality protein that helps consumers better themselves daily.