The global Protein Crisps Market is estimated to be valued at US$2.59 billion in 2023 and is expected to exhibit a CAGR of 12.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Protein crisps are a type of snack that is low in carbohydrates, high in protein content, and gluten-free. They are gaining popularity among health-conscious consumers who are looking for convenient and healthy snacking options. The advantage of protein crisps lies in their ability to provide satiety, promote muscle growth and recovery, and aid in weight management. Additionally, protein crisps are available in various flavors, making them more appealing to consumers.
Market Key Trends:
One key trend in the protein crisps market is the introduction of innovative flavors. Manufacturers are continuously introducing new flavors such as barbecue, sour cream and onion, and spicy chili to cater to diverse consumer preferences. This trend not only attracts new consumers but also retains existing ones by offering a variety of options. Moreover, manufacturers are incorporating clean label ingredients and organic protein sources in protein crisps to meet the growing demand for natural and healthy snacks. This trend reflects the increasing consumer focus on clean eating and natural ingredients.
Threat of New Entrants: The Protein Crisps market is relatively difficult for new entrants to penetrate due to the presence of established players, high barriers to entry, and the need for substantial investments in production facilities and distribution networks.
Bargaining Power of Buyers: The buyers’ bargaining power in the Protein Crisps market is moderate. While there are several players in the market, buyers have the ability to compare prices, quality, and features, which gives them some leverage in negotiations.
Bargaining Power of Suppliers: The suppliers’ bargaining power is relatively low in the Protein Crisps market. There are numerous suppliers of raw materials and ingredients, making it easier for companies to switch suppliers if they are not satisfied with the terms or prices.
Threat of New Substitutes: The threat of new substitutes in the Protein Crisps market is low. Protein crisps offer a unique snacking experience and are often consumed as a healthy alternative to traditional snacks. There are few alternatives that offer the same high protein content and low calorie content.
Competitive Rivalry: The Protein Crisps market is highly competitive and characterized by several key players. These companies continually strive to differentiate themselves through product innovation, taste, quality, and branding. The intense competition among these players leads to aggressive marketing and promotional activities.
The global Protein Crisps market is expected to witness high growth, exhibiting a CAGR of 12.5% over the forecast period, due to increasing consumer demand for healthy and convenient snack options. The market is driven by factors such as the rising health-consciousness among consumers, the growing popularity of fitness and wellness trends, and the increasing adoption of protein-rich diets.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Protein Crisps market. The region is witnessing a high demand for protein-based snacks, driven by the increasing health awareness among consumers and the presence of a large number of fitness enthusiasts. Additionally, the availability of a wide range of flavors and varieties in Protein Crisps further fuels the market growth in North America.
Key players operating in the Protein Crisps market include Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc., Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., and Bioventus LLC. These companies focus on product innovation, expansion into new markets, and strategic partnerships to strengthen their market position and gain a competitive edge.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it