The global snack bar market is expected to be worth nearly $38 billion in 2028 - up from almost $23 billion in 2020 - according to industry research group Verified Market Research. And in the US, the protein bar market is on track to grow an additional $806.08 million by 2024. This industry growth aligns with the increasing number of healthconscious consumers we’re seeing in this post-COVID landscape. With the relationship between nutrition and health strengthened in recent months, many have been turning to better-for-you and shelf-stable snacks, like protein bars, shakes, toaster pastries, cinnamon rolls, and cookies, to reach their nutrition goals and reap numerous health benefits.
In this post-COVID world, protein bar companies will continue to stay among the hottest places for cash-heavy venture capitalists to put their money. Indeed, there were little to no new investments in the nutrition bar industry during the pandemic, but notable investments in the past two years are only the “tip of the iceberg” of what’s to come, say industry analysts. For proof, they point to three key deals that all happened recently.
- Mondelez International has acquired the energy bar giant Clif Bars for $2.9 billion, making Modelez a $1 billion global snack bar player with brands including CLIF®, CLIF Kid® and LUNA® under them.
- R.E.D.D Inc, an Oregon protein bar maker, was acquired by LesserEvil Healthy Brands LLC, a Connecticut snack food company. The financial terms of this acquisition have not been disclosed to the public.
- Laird Superfood has acquired sports nutrition company Picky Bars for $12 million in cash and stock.