According to a recent report by Future Market Insights, market research and competitive intelligence provider, sales of vegan protein bars are estimated to reach a value of USD 465.4 Mn by 2032, surging at 10.2% CAGR through the decade.
As people become even more increasingly health-conscious across the world, there is a growing desire for healthier foods. The vegan protein bar sector will continue to grow at a rapid rate as more customers place a priority on health and wellness. As the popularity of plant-based diets develops, vegan protein bar sales are likely to skyrocket in the coming years. Consumer aversion to animal protein is projected to increase, providing promising opportunities for industry participants.
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During the pandemic’s early stages, consumers are decreasing their time in stores and supermarkets, but they are also stocking up on food and packaged products containing food additives as a possible treatment.
Key Takeaways from Market Study
- The market is segmented by nature, with conventional vegan protein bars anticipated to account for nearly 90% share of the market, while organic vegan protein bars are expected to grow at a rapid rate.
- The North American vegan protein bars market is estimated to dominate the global market with a market share of around 30% in 2022, but South Asia is expected to witness a lucrative growth rate over the forecast period.
- In terms of ingredients, nuts are expected to be the most popular in 2022, but the hemp segment is expected to grow at a rapid rate during the forecast period.
- • In terms of distribution channel, sales of vegan protein bars through hypermarkets/supermarkets dominate the global market, but sales of vegan protein bars through online retailing are expected to grow at a rapid pace over the forecast period.
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“ The growing focus on the consumption of vegan products in developed regions such as Europe and North America is likely to open lucrative opportunities for market players in the long run”, –says a lead analyst at Future Market Insights.
Competitive Landscape
Vegan protein bars have a strong competitive global market. The global vegan protein bar business is growing more competitive as a result of the arrival of numerous entrants. Consumers are gravitating toward healthier snacks that blend flavor and nutrition, therefore vegan protein bar makers are attempting to extend their product line.
Some of the leading companies offering Snack Pellets are Risebar, PROBAR LLC, BHU Food, NuGo Nutrition, Health Warrior, Garden of Life, Gomacro, Raw Rev, are the major players in the market.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the Vegan Protein Bars presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
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The study divulges compelling insights on the vegan protein bars market by nature (organic, conventional), by flavor (chocolate-vanilla, chocolate-caramel, peanut butter, cherry cashew, fruit & nut, hazelnuts, and others), by ingredients (pea, soy, hemp, nuts, and others), by distribution channel (convenience stores, hypermarkets/supermarkets, traditional grocery stores, drug stores & pharmacies, health & wellness stores, and online retailing) & region for 2022 – 2032 and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA).
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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