Rising demand for healthy packed food to bolster the growth of top protein bar companies in 2022

Protein bars are nutritional energy bars containing several nuts and other healthy ingredients alongside chocolate. Energy bar is based on the concept of what if we could all enjoy chocolates and gain good health? The rising demand for healthy foods is expected to enhance this industry’s growth prospects. Furthermore, the increasing shift to healthy and vegan snacks is expected to enhance this industry’s growth prospects. Moreover, robust demand for packaged food products is expected to enhance the demand for the product. Also, rapid digitization and the emergence of several food ordering apps are likely to elevate the demand for the product. In addition, companies deploy mergers, acquisitions, novel product launches, and other strategies to tackle challenges and attract consumers.

Fortune Business Insights™ estimates that the market size of protein bar was valued at USD 4.54 billion in 2021 and is expected to grow from USD 4.68 billion in 2022 to USD 7.07 billion by 2029, exhibiting a CAGR of 6.1% during 2022-2029.

Post COVID-19 Impact: Adoption of Online Retail Acts as a Major Factor Driving the Industry

The rapid shift to digitalization is expected to enhance the demand for the product. The rising adoption of smartphones and improved Internet of Things (IoT) infrastructure are expected to enhance the adoption of nutritional bars substantially. Furthermore, the increasing demand for on-the-go snacks has enhanced the demand for the product. Moreover, the increasing adoption of healthy snacks is likely to elevate this industry’s growth. Also, the rising demand for immunity-boosting foods has enhanced the adoption of the product. These factors are likely to propel market progress.

Fortune Business Insights™ highlights the top 9 protein bar companies in the market.

1. General Mills Inc. (U.S.)

General Mills Inc. is an American company that was founded in 1928. It is a prominent company in the food industry and aims to provide several finished ingredients and products that are sustainable, affordable, and accessible. Further, General Mills has a worldwide presence and offers products to more than 100 countries across 6 continents. The company is investing in several initiatives and pacts to focus on environmental sustainability and innovations. The annual revenue for the company was valued at USD 18.99 billion from 2021-2022.

2. Glanbia Plc. (Ireland)

Glanbia Plc. is headquartered in Ireland and was founded in 1997. It is the second-largest producer of ingredients and food products. Furthermore, the company is divided into three business segments such as Glanbia Nutritional and Glanbia Performance Nutrition. The company holds a substantial share in the industry and increasingly focuses on researching and developing novel products and ingredients.

3. The Kellogg Company (U.S.)

The Kellogg Company is an American company that was founded in 1906. The company focuses extensively on developing breakfast cereals. The company holds over 20 brands that offer frozen meals, cereal, and snacks. It has an operating base in nearly 21 countries, and its distribution network encompasses nearly 180 countries. Furthermore, the company focuses on launching novel products and enhancing its product portfolio. For example, Kellogg Company announced novel protein bars under its brand. The product is a protein-rich substitute for unhealthy chocolates.

4. Simply Good Foods USA, Inc. (U.S.)

Simply Good Foods USA Inc. is among the top protein bar companies and was founded in 1989. The company produces various functional foods such as protein powders, frosted cookies, protein chips, and protein bars. It is a leader in nutritional snacks and offers best-in-class protein-rich and tasty products. Furthermore, the company’s annual revenue stood at USD 1.00 billion in 2021 and is expected to witness robust growth in the coming years. The company announced two novel flavors under the Quest Nutrition brand in April 2022.

5. Mars Incorporated (U.S.)

Mars Incorporated is an American company that was founded in 1911. The company manufactures pet food, food, and chocolates and has been operating in this industry for nearly 100 years. The company has a strong client base and distribution system globally. The company undertook an acquisition strategy to expand its line-up. For example, Mars, Inc. announced the acquisition of KIND North America to expand its protein bar product range.

6. Mondelez International (U.S.)

Mondelez International is an American company that was founded in 2012. The company is a renowned snacking brand that is well-known for Cadbury, Oreo, Milka, and Toblerone chocolates. The company has been relevant in the business for a shorter time span and has gained a humongous client base. The company also owns nearly 35 brands and offers several attractive products.

7. GNC Holdings Inc. (U.S.)

GNC Holdings Inc. is an American company founded in 1935. The company specializes in nutrition and health products, including energy, diet, sports nutrition, herbs, minerals, supplements, and vitamins. The company also offers nutritional products such as protein bars and supplements. The company also offers nutritional experts and coaches in its stores and helps consumers to purchase effective products that enhance their health.

8. Garden of Life (U.S.)

Garden of Life is an American organization that was founded in 2000. The company is owned by Nestle S.A. and offers a slew of healthy products such as protein powders, dietary supplements, and nutritional bars. The company also offers traceable, clean, and clinically studied solutions to consumers. Further, the company focuses on announcing novel products to enhance its product portfolio.

9. The Bountiful Company (U.S.)

The Bountiful Company is an American company that was founded in 1971 and was acquired by Nestle S.A. in 2021. The company offers a slew of products to satisfy consumer demands and enhance its overall market growth. Furthermore, the company focuses on novel product launches to enhance its brand image. For example, Bountiful Company announced three novel product line-ups to enhance its brand offerings.

Launch of Novel Products, Rising Demand for Nutritional Goods, and Rapid Digitization Will Enhance the Industry’s Growth

Major companies announce novel products to attract consumers and improve sales. Manufacturers focus on healthy snacking trends to enhance their growth prospects. As manufacturers focus on these strategies, the adoption of protein bars is increasing rapidly. Furthermore, the rising adoption of digital platforms is expected to elevate the product demand. Moreover, the increasing demand for packed foods is expected to further enhance the product demand. These factors may propel this industry’s progress in the coming years.