The Asia-Pacific protein bar market is projected to register a CAGR of 3.8% during the forecast period, 2020–2025.
- The increasing demand for convenience foods is driving the protein bar market. The major consumers not only include sports athletes, but also those who want to have a wholesome meal without the trouble of cooking. Consumers prefer buying protein bars for various purposes, such as weight management, improving muscle mass, and increasing energy. Furthermore, rising demand for free-from protein bars, such as soy-free, gluten-free, and allergen-free, among others, paired with the clean label is further driving the market growth. For instance, consumers with celiac disease are seeking for gluten-free products.
- Moreover, leading companies are adopting different strategies to compete with the other leading players, based on product offerings, ingredients, price, quality, and marketing activities. The companies are also expanding their distribution channels to maintain their positions in the market, while expanding their consumer reach within the country.
- However, inclination toward other alternative protein-rich diets and high sugar-content in the protein bars are the major factors restraining the market growth.
Key Market Trends
Online Retail Stores to Drive the Regional Market Sales
The online store's platform has established itself as a convenient marketplace, offering a wide range of protein bars, ranging from meal-replacement options to indulgent ones. The primary reason behind the rise in sales, through internet retailing, is the level of convenience it provides for consumers. The consumers find it easy to choose their preferred brands and get vast varieties of flavors and product choices. The robust growth of the e-commerce landscape has offered unprecedented opportunities for protein bar manufacturers. Moreover, the ease of shipping has been further strengthened by the portability factor of protein bars. Furthermore, companies in the market are adopting online retail strategies to reduce costs and increase their margins, which is likely to benefit the market during the forecast period. Prominent online channels, such as Amazon, have reportedly witnessed a surge in the sales of protein bars, contributed by packaging design, label claims, and a repetitive pattern of consumption.
Japan to Drive the Regional Market
In Japan, protein bars are currently one of the fastest nutrition bar categories, as consumers are inclined toward plant-based nutritional products, like protein bars. Therefore, it provides great potential for the manufactures to introduce innovative products, to cater the propelling demand. Moreover, the protein bar caters to a large mass of millennials and young age groups in the country, attributed to the changing consumer preferences and perceived fact of protein bar being superior over other snack bars. With the rise in health-conscious consumers and concerns about obesity, the protein bars category is increasingly drawing interest among Japanese consumers. The Japanese population has traditionally been health conscious and this is expected to continue in the future. More working Japanese men and women are becoming highly health-conscious and have started to eat healthy foods and engage in regular exercise. This is driving the protein bar market in the country.
The Asia-Pacific protein bar market is competitive and fragmented in nature, owing to the presence of many regional and domestic players. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies, along with new product development, as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the regional market include PepsiCo Inc., The Kellogg Company, Quest Nutrition LLC, General Mills Inc., and Clif Bar & Company, among others.
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