According to a new study by Future Market Insights (FMI), the vegan protein bars market will surge at 12% CAGR between 2020 and 2028. Rising focus on health and wellness, soaring environmental concerns, and increasing awareness regarding animal cruelty have been fuelling the demand for vegan products worldwide. This is in turn is driving the vegan protein bars market, finds FMI.
Vegan protein bars are nutritional bars created through plant based sources like hemp, soybeans, legumes, grains, vegetables, nuts and seeds. These bars are enhanced with fibers that help in ensuring better digestion, absorption, reduction in gas and bloating and contribute towards improved motility.
Increasing awareness regarding the benefits of veganism and plant based diets is fuelling the demand for vegan protein bars. Growing fitness trends have been creating lucrative prospects for food items with gluten free, sugar free, anti-allergic, and low carb properties.
According to the International Health, Racquet & Sportsclub Association (IHRSA), 2019 marked impressive returns for the fitness industry. An IHRSA report found that the revenue of the global industry totaled US$94 Bn in 2019.
With an increasing number of people focusing on maintaining a healthy lifestyle and adopting various fitness regimes the demand for vegan protein bars is expected to soar.
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Key Takeaways from the Vegan Protein Bars Market Report
- The vegan protein bars market is expected to reach a value of US$ 883.4 Mn in 2020 and is expected to continue growing at a positive CAGR through the forecast period
- Europe is expected to offer lucrative growth opportunities due to rising flexitarian population in the region
- Nuts based vegan protein bars sales are likely to surge due to increasing demand from people for anti-oxidants and fibers in the bars
- Inconsistent prices of raw materials and wavering supply act as major limitations to market growth
“Veganism is growing in popularity around the world and this in turn is creating lucrative prospects for the growth of the market. According to Google Trends, the online popularity of veganism has nearly doubled itself in the last five years. The trend is likely to continue, creating lucrative prospects for the vegan protein bars market,” said an analyst at FMI.
COVID-19 Impact Analysis
The COVID-19 pandemic has disrupted various sectors including the vegan protein bars market. Transport restrictions have created obstacles for sourcing raw materials. Production as well was hampered during lockdown imposed to curb the spread of the virus. Players are expected to experience a downward trend due to the lack of demand and supply.
The market is expected to bounce back gradually from 2021 onwards. Increasing caution regarding health and fitness is expected to fuel demand in the market.
Who Is Winning?
Companies operating in the market are focusing on product launches. They are emphasizing on improving the taste, texture, and nutritional values of vegan protein bars.
For instance, in June 2020, Nestle introduced a new variety of YES! Snack bars created from nuts and peas. Recently launched Larabar vegan protein bars also have gained immense popularity globally due to their less but healthy ingredient list, according to Women’s Health magazine.
Some of the companies are focusing on mergers and acquisitions as their key strategies to gain competitive advantage.
- For instance, one of the leading names in the market – Hershey has recently acquired ONE Brands to expand its existing protein bars product portfolio.
- Earlier In 2017, the venture capital unit of General Mills invested in D’s Naturals, a manufacturer of low-sugar, vegan No Cow protein bars.
Some of the key players active in the market are PepsiCo Inc., BHU Foods, General Mills Inc., Danone, Garden of Life LLC, Clif Bar and Company, Health Warrior, Raw Rev, Simply Protein, Gomacro, PROBAR LLC, NuGo Nutrition and ALOHA.
Valuable Insights into The Vegan Protein Bars Market Report
In its latest report, Future Market Insights (FMI) has presented a detailed analysis on the vegan protein bars market along with an assessment for the years 2020-2028. In order to provide a comprehensive analysis, the market has been divided into several segments. Based on the nature, the market is divided into organic and conventional. The conventional segment displays major shares in the market. On the basis of ingredients, the market is segregated into soy, pea, nuts and others.
The market is segmented based on the distribution channel into hypermarkets/supermarkets, convenience stores, drug stores & pharmacies, health & wellness stores, online retailing and other retailers. On the basis of geography, the market is segregated into North America, Latin America, Europe, Japan, APEJ and Middle East & Africa.
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Key Questions Answered by the Report
- At what rate the vegan protein bars market is forecast to grow?
According to FMI, the market is expected to rise at 12% CAGR between 2020 and 2028.
- Which is the largest market for vegan protein bars?
Latin America is the leading market. Growth registered in the region is driven by growing vegan population. Besides this, supportive government guidelines highlighting benefits of vegan diet are also supporting the growth of the market in Latin America.
- Which are the top companies in the vegan protein bars market?
Some of the leading companies operating in the vegan protein bars market are BHU Foods, PROBAR LLC, Health Warrior, NuGo Nutrition, Gomacro, Garden of Life, Raw Rev and Risebar among others.
- What is the outlook on the vegan protein bars market?
Due to increasing fear of air-borne diseases, consumers are increasingly adopting vegan diet. Thus, COVID-19 has posed a positive impact on the overall outlook of the market. Besides, rising fitness clubs and growing awareness about health and animals are further expected to augment the demand for vegan protein bars.
- What are the key challenges witnessed in the vegan protein bars market?
High cost of vegan protein products is one of the biggest challenges for the market. Furthermore, researches also show that number of people with soy allergy is constantly rising. As soy is used widely in manufacturing, rising incidence of soy allergy is forecast to pose threat to the market.