Global demand for Protein Crisps is expected to reach a market valuation of US$ 3 Billion by the end of the year 2023, accelerating at a CAGR of 8% over the forecast period (2023 to 2033). The Protein Crisps market is relatively niche and is experiencing utmost and rapid growth, driven by demand for natural and clean-label snacking options and increased consumer awareness regarding the potential health risks associated with the consumption of unhealthy snacks. This has led to an increased population choosing products that are free from artificial ingredients, and are often sold in a variety of flavors and packaging options. They are popular among health-conscious consumers, athletes, and bodybuilders.
The market is supported by:
North America, followed by Europe, is the major market for Protein Crisps, owing to the increasing awareness about the health risks associated with the consumption of unhealthy and high calorie snacks. The US is the largest market for Protein Crisps in the region, followed by Canada, driven by the high consumer awareness about health and wellness.
The retail and foodservice industry in the Asia Pacific region, besides North America, is undergoing substantial growth due to rising populations and disposable income. This has led to a significant market opportunity, as consumers are getting inclined towards a healthy and a fit lifestyle and are willing to pay more for snacking options, thereby pushing the protein crisps market.
Companies including Quest Nutrition, Bada Bean Bada Boom, HighKey Snacks, Popcorners, Saffron Road, Biena Snacks, Rhythm Superfoods, Hippeas, Krave Jerky, and The Good Crisp Company are key players in the production of Protein Crisps and are working to increase market share. They are investing in advanced technology and expanding operations both domestically and internationally to capture a large portion of market revenue.
It is important for companies to stay ahead of the curve in terms of product innovation and marketing to maintain their position in the market and attract new customers. Companies are also looking for ways to differentiate themselves from their competitors by offering unique flavors, packaging, and product features. The growth of e-commerce and online retail channels is providing additional opportunities for companies to reach new customers and increase their market share.
For instance, in July 2022, Upcycled Foods Inc. (also known as ReGrained) launched its first product in partnership with Kerry: an upcycled protein crisp. The crisp can be added to food products to enhance texture and nutrition, and its familiar format makes it easy for food manufacturers to incorporate sustainability into their offerings. The crisp is made from ingredients that would have gone to waste. The collaboration between Upcycled Foods and Kerry combines the former's expertise in upcycling and the latter's knowledge in formulation, application, and product categories.
Crisps are thinly sliced potato, usually consumed as snacks, side-dish, and appetizers are high carbohydrates content. Whereas Protein Crisps are high protein snack, that is also low in calories.
Protein Crisps are the on-the-go snacks, which act as a healthier snack or meal and serves the majority of the health-conscious population. Growing popularity of potato snacks among millennial amps the demand for potato crisp in the near future. This shows the increasing awareness among the consumer for their health.
Among this segment, crisps are the most convenient snack that does not require any extra effort for its consumption. Consumers are now moving forward to mindful snacking, where they are very much aware of the ingredients being used and the labels on the package of the snack. This creates opportunities for manufacturers to launch products like Protein Crisps with clean and organic ingredients.
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Today, consumers lookout for healthier alternatives and products as on-the-go snacks due to the increased pace of their lives. This market is experiencing and will continue to experience growth as it serves two different segments that are health industry as well as the food industry, and thus when combined gives a large segment of the population to be served.
Whether it is from a shelf of a supermarket, or grocery store, or even vending machine, the consumer prefers healthy Fat-Free snacks among other alternatives. In countries like India, that is also considered as diabetic capital, many consumer are very cautious of the sugar amount they are consuming.
Consumers are also looking for higher protein intake in their diet. In such countries, introducing healthier alternatives like Protein Crisps will attract a large population. Protein Crisps is also experiencing rapid growth in demand because of the low cholesterol content. Consumers can distinguish between good and bad fat, as they exploring more about the health’s facts for improving their diet.
Principal Consultant
Growing concern for health and the snack chosen in consumers is creating enough opportunities for manufacturers in the Protein Crisps Market.
Though, to gain a major part of market share, the manufacturer has to be very careful of the ingredients and the final product. For this aim, manufacturers are careful of balancing in sweeteners and natural sugar content in protein Crisps.
Manufacturers are also innovating and playing with different flavors that have the potential to grow in a particular region, based on the preference of population. Different flavors are gaining popularity globally, such as cardamom, garam masala, and Korean barbeque.
These flavors are gaining popularity globally as consumers are eager to explore new flavors, culturally. Manufacturers are also exploring different flavors for Protein Crisps targeting the teenage group, such as caramel, cocoa, mocha, peanut butter, and many more.
As the manufacturer plans to launch Protein Crisps globally, they are also being aware of the packaging and labels for the products. Manufacturers are going for regional customization for labels and certifications as it can find they can find their deserved consumer base as they will check the certain points that are necessary to operate in the region.
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The Protein Crisps market report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases).
The report also features a complete qualitative and quantitative assessment by analysing data gathered from industry analysts and market participants across key points in the industry’s value chain. A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the Protein Crisps market report projects the attractiveness of each major segment over the forecast period.
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