Protein Snacks Market

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 type, nature, distribution channel, and geography. On the basis of source, the market is categorized into plant-based and meat-based. Based on product type, the market is classified into protein bars and balls, breakfast cereals, bakery snacks, processed meat snacks, and others. Based on nature, the market is segmented into organic, and conventional. On the basis of distribution channel, the market is categorized into e-commerce, supermarkets & hypermarkets, specialty stores, retail stores, and 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 Del Monte Foods, Inc, B&G Foods, Inc., PepsiCo, Hormel Foods Corporation, Unilever, Kellogg Co., Nestlé, Danone, Tyson Foods, Inc., and Clif Bar & Company among others. 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 Product Source

• Plant-Based 

• Meat-Based

By Product Type 

• Protein Bars & Balls

• Breakfast Cereals

• Bakery Snacks

• Processed Meat Snacks

• Others

By Nature

• Organic

• Conventional

By Distribution Channel

• E-Commerce

• Supermarkets & Hypermarkets

• Specialty Stores

• Retail-Stores

• 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

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 (Plant-Based and Meat-Based) By Product Type (Protein Bars & Balls, Breakfast Cereals, Bakery Snacks, Processed Meat Snacks, Others) By Nature (Organic and Conventional) By Distribution Channel (E-Commerce, Supermarkets & Hypermarkets, Specialty Stores, Retail-Stores, 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	Del Monte Foods, Inc, B&G Foods, Inc., PepsiCo, Hormel Foods Corporation, Unilever, Kellogg Co., Nestlé, Danone, Tyson Foods, Inc., and Clif Bar & Company among others

KEY PLAYERS

• Del Monte Foods Inc

• B&G Foods Inc.

• PepsiCo

• Hormel Foods Corporation

• Unilever

• Kellogg Co.

• Nestle

• Danone

• Tyson Foods, Inc.

• Clif Bar & Company