Pune, India, April 03, 2023 (GLOBE NEWSWIRE) — The global plant-based bars market size was valued at USD 7.55 billion in 2022 and is projected to grow from USD 8.05 billion in 2023 to USD 14.31 billion by 2030, with a CAGR of 8.57% during the forecast period. Plant-based bars are a source of protein, which are made from cereals, nuts, fruits, and flavor ingredients. They are more protein-enriched and carbohydrate-dense that provides energy and satiated till the next meal. Rising health consciousness amongst customers is set to propel market growth. Fortune Business Insights™ shares this information in its report titled “Plant-based Bars Market, 2023-2030.”
COVID-19 Impact:
Disruptions in Supply Chains and Transit Restrictions Impacted Market Growth
The COVID-19 pandemic led to an impact on the livelihood and lifestyle on the global population. The market witnessed disruptions in the supply of raw materials, cancellation of exports/imports, and machine operators due to transit restrictions and social distancing rules. In 2021, according to the “Plant-Based Foods Associations,” the U.S. retail sales of plant-based foods witnessed a hike of 6.2% as compared to 2020.
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List of Key Players Profiled in the Report:
- Kellogg’s Company (U.S.)
- Green’s Gone Wild, LLC (U.S.)
- General Mills Inc. (U.S.)
- 88 Acres (U.S.)
- LoveRaw (U.K.)
- GNC Holdings LLC (U.S.)
- Raw Bite (Germany)
- Rise Bar (U.S.)
- MADE GOOD (U.S.)
- Vaxa Bar (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 8.57 % |
| 2030 Value Projection | USD 14.31 Billion |
| Base Year | 2022 |
| Plant-based Bars Market Size in 2022 | USD 7.55 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 198 |
| Segments Covered | By Type, By Distribution Channel |
| Plant-based Bars Market Growth Drivers | Growing Inclination toward Fitness Augments the Sales of Plant-based Bars |
| Increasing Use of Emerging E-commerce Platforms Boosts the Market Growth |
Protein Bars to Lead as they are Protein Enriched
On the basis of type, the market is divided into cereal/granola bars, protein bars, energy bars/meal replacement bars, fruit & nut bars, and others. The protein bars segment is expected to lead as they are protein enriched. These bars are made of whole food ingredients such as oats, quinoa, and other seeds. Cereal/granola bars also have gained popularity as they are used as meal replacements.
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Supermarkets/Hypermarkets Lead the Segment Due to the Availability of a Wide Range of Products
On the basis of distribution channels, the market is divided into supermarkets/hypermarkets, specialty stores, convenience stores, online retail stores, and others. The supermarkets/hypermarkets segment dominates the market share due to the availability of a wide range of products and an option for consumers looking for conventional, vegan, and organic products. Specialty stores are also experiencing a hike in their growth due to their easy accessibility, availability, product expertise, and efficient customer service.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
The inclination of Consumers for Fitness to Propel the Demand for the Product
The inclination of consumers for fitness is anticipated to drive the plant-based bars market growth. The rising trend of a “healthy” lifestyle has been influencing the population to go for vegan or other vegetarian products such as a snack, meal or occasional drinks due to their numerous health benefits. Food and health fitness are both considered as medicine, thus their inter-related application is a highly effective and simple tool for improving an individual’s health, especially for athletes. Increasing use of emerging e-commerce platforms is set to propel market growth.
However, manufacturers working toward the production of plant-centric products are facing numerous challenges to maintain the sensory attributes, such as texture and flavor, which is expected to hamper the market growth.
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Regional Insights
North America to Lead Market Share Due to Growing Consumption of Plant-based Protein Bars
North America is expected to have a high plant-based bars market share due to growing consumption of plant-based protein bars and emerging trend of healthy snacking. These factors are responsible for escalating the demand for healthy meal replacement options that can be consumed on the go.
Europe is set to have strong growth due to the inclination of consumers for convenience foods which are made from clean-label ingredients. Trend of veganism in the region is expected to fuel the growth of the region’s market.
Asia Pacific is set to be one of the prominent markets due to the growing demand for health and wellness products across the region. Countries such as Australia, China, and India have been experiencing an expansion of the sports industry, which drives the demand for nutrition-enriched plant-based bars.
Competitive Landscape
New Product Launches by the Market Players to Offer Competitive Edge
The global market has various key players such as Kellogg’s Company, Green’s Gone Wild, and General Mills Inc., among others. In addition, the determined focus on introducing novel and sustainable products with vital nutrients further enhances the growth of the vegan bars market. In October 2020, Bhu Foods announced the launch of a new line of its refrigerated organic keto protein bars in the U.S. market. These premium products will be available at more than 1,500 target locations and 900-plus Walmart locations in the U.S.
Key Industry Development
- April 2022- SternLife launched new four vegan bars at Vitafoods Europe in Geneva. SternLife is one of Germany’s leading providers for functional foods. The new range of products is growing in response to consumer demand for sustainable products, which are free from animal sources and other artificial ingredients.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview of the Parent/Related Markets
- Regulatory Analysis
- Industry SWOT Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Impact of COVID on Supply Chain of Plant Based Bars Market
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Plant Based Bars Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Cereal/Granola Bars
- Protein Bars
- Energy Bars/Meal Replacement Bars
- Fruit & Nut Bars
- Others
- By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retail Stores
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
- North America Plant Based Bars Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Cereal/Granola Bars
- Protein Bars
- Energy Bars/Meal Replacement Bars
- Fruit & Nut Bars
- Others
- By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retail Stores
- Others
- By Country (Value)
- U.S
- By Distribution Channel (Value)
- Supermarkets/Hypermarkets
- Specialty Stores
- Convenience Stores
- Online Retail Stores
- Others
- By Distribution Channel (Value)
- Canada
- By Distribution Channel (Value)
- Supermarkets/Hypermarkets
- Specialty Stores
- Convenience Stores
- Online Retail Stores
- Others
- By Distribution Channel (Value)
- U.S
- By Type (Value)
TOC Continued…!
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