South America protein bar market is projected to grow at a CAGR of 5.4% during the forecast period, 2020-2025.
- The protein bar market in South America is expanding from core users (bodybuilders and performance athletes) to a broader basket of consumers focused on fitness and healthy living trends.
- Moreover, rising health & wellness trends demanding low-calorie health food, consumer preference for snacking and on-the-go convenient packaging are various factors fueled the protein bar market growth.
Key Market Trends
Growing Number of Health Conscious Consumer
The South America protein bar market is expected to register a significant CAGR, owing to the rising demand among the fitness and health-conscious consumers. The consumers are inclined toward these products, due to their high nutritional values and tremendous functionality. Busy lives and focus on healthy and convenient food are expected to contribute to the moderate growth in the protein bar market in Colombia, Chile, Paraguay, Peru, and other South American countries. The protein bar market in South America gravitated between healthy and on-the-go snack positioning in 2018, with new products emerging to offer a combination of both.
Brazil Holds a Prominent Share in the market studied
The protein bars market in Brazil registered significant growth in the past five years. The increasing availability of such products and major distribution channels and the emergence and consolidation of many regional brands operating with lower unit prices are boosting the demand for protein bar products, which were previously considered too expensive for the majority of the Brazilians. The Argentina market is expected to register the highest CAGR in the region during the forecast period.
South America protein bar market is a highly competitive market, with the presence of prominent global players and various regional players. Some of the key players are General Mills, Inc., Skout Backcountry LLC, Nestle, The Kelloggs Company, etc. Companies have been coming up with innovative product lines solutions to increase their market penetration in order to increase the customer base.
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