by Protein crisps are thin and crunchy snack foods made primarily from legumes, grains, pulses or protein blends with zero or very low fat content. They come in various flavors and offer a healthier snacking alternative to traditional potato or corn chips. Protein crisps are a good source of plant-based protein and fiber that help curb hunger pangs. They are gaining popularity among health-conscious consumers as a better-for-you snack that aids weight management and muscle building. The protein crisps market offers a wide variety of crisps made from ingredients like chickpeas, black beans, lentils, nuts and seeds. These crisps have a similar texture and taste as traditional potato chips but contain significantly less fat, carbohydrates, and more protein and minerals. The versatility of protein crisps allows their integration into various diets including vegan, keto, paleo and gluten-free. Their crunchy texture and diverse flavor profiles make them an enjoyable snacking option. 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 6.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rise in health consciousness among consumers has been a major driver for the protein crisps market over the past few years. There has been a growing demand for healthy and nutritious snacking options that offer functional benefits beyond basic nutrition. Protein crisps cater well to this demand due to their low calorie and high protein content. According to a survey, over 55% of global consumers pay attention to the nutritional content of snacks. Protein crisps are often perceived as a ‘better-for-you’ snack. Along with this, increasing knowledge about the various health advantages of plant-based proteins from sources like legumes, lentils and nuts has further augmented the demand. The rise in lifestyle diseases and fitness trends particularly the growing popularity of veganism, paleo, keto diets has stimulated sales of innovative protein-rich snacks like protein crisps. Their portability and long shelf-life also make them convenient to carry while travelling or for snacking on-the-go.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. The protein crisps market requires significant capital investment which creates barriers for new entrants. However, new small players can enter the market with new innovative products.
Bargaining power of buyers: The bargaining power of buyers is high. The protein crisps market has several established brands offering a variety of products. Buyers can easily switch between brands based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of raw materials like proteins have significant influence over prices. However, several substitutes are available which limits their power.
Threat of new substitutes: The threat of new substitutes is high. Protein bars, nuts, seeds are common substitutes that offer similar nutritional benefits.
Competitive rivalry: The competitive rivalry is high owing to presence of numerous global and regional players. Players compete based on nutrition, taste, price and marketing.
Key Takeaways
The global Protein Crisps Market Growth is expected to witness high growth. The market is projected to reach a value of US$ 3.67 Bn by 2030, expanding at a CAGR of 6.3% during the forecast period.
Regional analysis: North America dominates the global protein crisps market currently and is expected to continue its dominance owing to rising health awareness. Europe also holds a significant share and is witnessing increasing demand for plant-based and gluten-free snacks. The Asia Pacific region is expected to be the fastest growing market owing to improving disposable incomes and growing nutrition consciousness.
Key players:
Key players operating in the protein crisps market are ProtiDiet, Protes (Exante), No Cow, Raiola, Bare Snacks, and Quest Nutrition. these players compete based on varied product offerings, pricing strategies, and marketing initiatives. Innovation in flavors and packaging is another key focus area to attract consumers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
