New potential for protein bars
The global protein bar market is expected to witness crucial growth during 2024, owing to the rising demand for instant and energy-rich snacks across the globe. Changing lifestyle has led to increased demand for conventional and protein-rich food products.
The global protein bar market is projected to record a Compound Annual Growth Rate (CAGR) of 7.24%, reaching USD 1,820.6 million by 2024.
North America, followed by Europe is anticipated to hold the major market share during the forecast years, due to the growing demand for sports and nutrition product.
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Consumer Trends
With consumers increasingly recognizing the influence of texture, food and beverage processors have to respond with improved, often multi-functional texturizing ingredients.
For example, 7 out of 10 global consumers agreed that texture made food and beverages a more interesting experience. Good texture claims were identified as a particularly useful tool for targeting younger age groups(1).
Most critically, formulators need to achieve this and focus on other key consumer issues and concerns. These include issues related to traceability, ethics, clean label and simplified and shortened ingredient lists(1).
References:
- Food Texture Plays Vital Role in Consumer Satisfaction By Lu Ann Williams
