Expanding Protein Snacks Market Forecasted at an 8.8% Annual Growth Rate Through 2034
The global Protein Snacks market is experiencing a significant boom, with the market size projected to reach an impressive USD 14.9 billion by 2034, growing at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2034.
In 2024, the market was worth USD 5.6 billion, with North America leading the pack, holding a 45.2% share and generating USD 2.0 billion in revenue. However, the fastest-growing region is the Asia Pacific, with a CAGR exceeding 13% during the forecast period.
The dominance of high-protein packed foods in the market is evident, with this segment accounting for the largest share. Yet, high-protein drinks are expected to be the fastest-growing segment, offering an easy form of protein intake.
In terms of regions, North America currently leads the market, primarily due to strong consumer demand for plant-based proteins. However, Asia Pacific is expected to show the fastest growth due to rising awareness and urbanization.
Plant-Based Protein Snacks led the global protein snacks market in 2024, commanding a 62.8% share. Companies like FAGE, Clif Bar, General Mills, and Danone are introducing innovative products to cater to this growing demand, expanding their product lines with Greek yogurt toppings, plant-based protein options, and high-protein dairy snacks.
The market is also witnessing the growth of meat-based protein snacks, with brands like EPIC Provisions (a General Mills brand) expanding their offerings to include bison and venison bars. GNC, too, is joining the fray, partnering with Quest Nutrition to offer exclusive protein snack bundles in stores, and expanding its Pro Performance Protein Snacks line with high-protein cookies, chips, and peanut butter cups.
The Protein Snacks Market is thriving due to rising health awareness, busy lifestyles, and demand for convenient, nutritious options. Governments are also playing their part, with initiatives like the USDA's investment of over USD 5 billion in school nutrition programs since 2021, and India's Pradhan Mantri Formalization of Micro Food Processing Enterprises (PMFME) scheme offering a 35% capital subsidy for projects up to ₹10 lakh, ₹40,000 seed capital per Self-Help Group member, and 50% support for branding and marketing.
The Midday Meal Scheme in India, which provides protein-rich lunches to over 120 million schoolchildren, is another testament to the importance of protein-enriched snacks.
With innovations in flavours, formats, and distribution channels like e-commerce, the market is set to grow, offering diverse, sustainable solutions for all ages and dietary needs. The global Protein Snacks Market is projected to reach USD 10.5 billion by 2034, making it an exciting space to watch in the coming years.
- The surge in the Protein Snacks market is linked to the increasing interest in health-and-wellness, with a projected market size of USD 14.9 billion by 2034.
- Fitness-and-exercise enthusiasts and those embracing a lifestyle focused on nutrition are contributing to the market growth, with high-protein drinks as the fastest-growing segment.
- Finance plays a role in the market's expansion as well, as companies like General Mills and GNC invest in new product lines for protein snacks, such as Greek yogurt toppings and high-protein cookies.
- The growth of the Protein Snacks Market is also being aided by businesses in the real-estate sector, with initiatives created for micro food processing enterprises in countries like India.
- The booming Protein Snacks market's impact on food-and-drink is evident, as the industry offers diverse and sustainable solutions for both plant-based and meat-based products, catering to all dietary needs and ages.
