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 shelf-stable snacks made from proteins like whey, soy, pea or rice which are low in calories and fat. They come in various flavors and textures providing a crunchy and crispy alternative to chips and crackers. Protein crisps are gaining popularity due to the growing demand for on-the-go convenient snacks that also provides nutrition.
Market key trends:
One of the key trends in the protein crisps market is the innovation of new flavors. Manufacturers are focusing on introducing unique and exotic flavors to attract consumers and drive sales. For example, flavors like chili lime, rosemary sea salt, brown butter etc. Another trend is the launch of protein crisps made from alternative proteins sources like chickpeas, lentils, brown rice etc. to cater to the rising demand for plant-based options. Furthermore, protein crisps are also being marketed as a sports nutrition product to target health-conscious athletes and gym-goers. The packaging sizes are being optimized to small and single-serve formats to enhance their convenience.
SWOT Analysis
Strength: High protein and low carb content makes protein crisps a suitable choice for people focusing on fitness or weight management.
Weakness: Higher price point compared to regular potato chips can limit mass adoption. Dependence on demand from health-conscious consumers.
Opportunity: Growing popularity of protein-rich diets and on-the-go snacking provides scope for new product innovations. Greater marketing and availability in grocery stores and gyms.
Threats: Threat from other protein snack alternatives like protein bars, nuts etc. Intense competition in wider snacks market.
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 consciousness among consumers and focus on protein-rich diets. By 2023, the market is expected to reach a size of US$ 2.59 Billion.
Regionally, North America dominates the protein crisps market currently due to heavy consumption of packaged snacks and consumer preference for healthy snacking options. Europe is also a major market for protein crisps owing to increasing health and wellness trends. Asia Pacific is expected to be the fastest growing regional market over the coming years.
Key players operating in the protein crisps market include Johnson & Johnson, Medtronic, Stryker Corporation, Zimmer Biomet, Smith & Nephew, NuVasive, Globus Medical, Wright Medical, Arthrex, DJO Global, Össur, and CONMED Corporation. Innovation in flavors, nutrition content and better digestive formulations are some of the focus areas for leading manufacturers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
