Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Protein Cookie Market – Insights
Protein cookie is a rich source of energy and protein. These cookies offer various health benefits such as reduction of blood pressure and improvement in brain functioning. Moreover, these cookies can be added with various ingredients/ flavors such as fruit & nuts, chocolate, spices & seeds, and other similar flavors. There are numerous protein cookies available in the market such as Buff Bake’s Crunchy Protein Sandwich Cookies, and Soft Baked Protein Cookies, and others.
The global protein cookie market is projected to reach US$ 42.54 billion by 2027, witnessing a CAGR of 5.15% over the forecast period. This is owing to increasing consumption of protein cookies and growing awareness regarding health benefits of such cookies. Key players in the market are focused on manufacturing protein cookies with various flavors, which is fueling growth of the global protein cookie market. For instance, Quest Nutrition’s chocolate chip cookies, peanut butter cookies, oatmeal raisin cookies, snickerdoodle cookies, double chocolate chip cookies, and others.
Moreover, growing health awareness has led to high health expenditure among the populace, which is also expected to result in increasing demand for protein-based cookies with plant and animal sources. According to the World Bank data, in 2014, worldwide health expenditure was 9.60% of the global GDP, which increased to 10.02% in 2016.
On the basis of distribution channel, the protein cookie market is segmented into hypermarkets & supermarkets, convenience stores, online stores, and others. Other distribution channel includes grocery stores, retail stores, and departmental stores. The online stores segment is expected to witness rapid growth during the forecast period. This is owing to increasing use of internet services and mobile phones. For instance, according to the World Bank data, in 2010, the global number of internet users was 1.99 billion, which reached to 3.41 billion users in 2016.
Among flavors, the chocolate segment is expected to witness significant growth during the forecast period. This is owing to health benefits associated with chocolate consumption such as reduction in blood pressure and improvement in blood circulation. High cocoa content in chocolate is a good source of antioxidants, which aids in slowing ageing process. Moreover, chocolate increases serotonin levels in the brain and the gut and improves functioning of the immune system.
Among protein source, the animal source segment is expected to witness significant growth during the forecast period. This is owing to the presence of whey protein as a key ingredient in protein cookies in the form of whey protein isolates and concentrates.
The global protein cookie market is expected to be valued at US$ 42.54 billion by 2027, and is expected to register a CAGR of 5.15% in terms of revenue over the forecast period (2019 – 2027).
Figure 1. Global Protein Cookie Market Share (%), By Region, 2018
Source: Coherent Market Insights, 2018-19
Among regions, Europe is expected to account for a significant market share during the forecast period, owing to growing bakery and confectionery industry in this region. According to Market Access Secretariat Global Analysis Report published by Agriculture and Agri-Food department of Canada, in May 2016, European Union observed 126 new cookie launches in 2014, which increased by 41.27% and reached 178 launches by August 2015. These cookies consist of protein cookies, and therefore the European protein cookie market is further expected to witness various product launches during the forecast period.
Figure 2. Global Protein Cookie Market Share (%), By Distribution Channel, 2018
Source: Coherent Market Insights, 2018-19
Players operating in the global protein cookie market are focused on developing new products to enhance their market share. For instance, in November 2018, Hershey India Private Ltd. launched its Sofit protein cookies. These cookies are a combination of proteins, omega-3, and fibers. Similarly, in March 2017, Whey 2 Be! launched a new range of cold-pressed whey protein cookies that are certified non-GMO by Greenleaf Non-GMO. In March 2018, Kakookies launched gluten-free protein cookies. Moreover, these protein cookies are launched with different flavor variants such as chocolate chip, banana oatmeal chocolate chip, chocolate chip, cran-orange white chocolate, and peanut butter.
Major players operating in the global protein cookie market include, Lenny & Larry's, Quest Nutrition, Munk Pack, Justine’s Limited, NuGo Nutrition, No Cow LLC, Buff Bake, MuscleTech, Xterra Nutrition, The Hershey Company, and others.