July 19, 2024
Protein Crisps Market

Rising Demand For Protein-Rich Snacks To Boost The Growth Of Protein Crisps Market

The global Protein Crisps Market is estimated to be valued at US$ 2.59 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Protein crisps are thin protein-rich crisps made from various plant-based protein like pea, soy, rice, etc. or animal protein like whey and casein. They are gluten-free, low in carbs and high in protein content. Generally, they contain 15 to 25 grams of protein per serving. Protein crisps come in various flavors and textures similar to potato chips or corn chips but with a crunchy texture. Being high in protein and fiber content along with negligible fat and sugar content, protein crisps are gaining popularity as a healthy snack option among health-conscious consumers.

Market key trends:

The protein crisps market is witnessing growing demand on the back of rising inclination towards healthy snacking options. The increasing number of protein-diet followers, fitness enthusiasts and vegans/vegetarians have positively impacted the market growth. Players are innovating varieties to cater to changing consumer needs and taste preferences. For instance, companies offer dual flavors, exotic flavors as well as flavors inspired by bakery items to appeal to a wider audience. In addition, manufacturers are focusing on cleaner labels with simple organic ingredients to attract health-oriented consumers. Changing lifestyles and busy schedules have also increased the demand for convenience foods like protein crisps that provide both nutrition and taste.

Porter’s Analysis

Threat of new entrants: Protein crisps market is dominated by established players. However, easy availability of raw materials and rising consumer demand make market attractive for new players to enter, but high capital requirement and established distribution channels pose potential challenges.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like roasted chickpeas, lentil crisps etc. However, demand for high protein snacks boost buyer importance.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute ingredients. However, raw material price fluctuation can impact supplier bargaining power.

Threat of new substitutes: Appearance of new high protein snacks like protein bars, puffs etc. poses potential threat. However, popularity of on-the-go snacking drives potential market.

Competitive rivalry: Market has presence of both international and domestic players. Intense competition exists due to expansion and product innovation.

Key Takeaways

The global Protein Crisps Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing health and wellness trend among consumers.

Regional analysis: North America dominates the protein crisps market due to rising health awareness. Europe follows second due to increasing snacking trend. Asia Pacific is fastest growing market with growth in per capita expenditure in India and China.

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., Bioventus LLC.

*Note:
1.            Source: Coherent Market Insights, Public sources, Desk research
2.            We have leveraged AI tools to mine information and compile it