The plant-based bars market is experiencing robust growth, with a projected CAGR of 8.47% during the forecast period, culminating in a valuation of US$ 18.15 billion by 2033. The market is propelled by factors such as the rising vegan movement, increasing health consciousness among consumers, and the popularity of healthy snack options.
Demand for plant-based bars is driven by a growing preference for healthy alternatives, particularly among young health enthusiasts. These bars offer high nutritional value, including protein and fiber, making them popular choices for consumers seeking convenient and nutritious snack options. Additionally, the adoption of plant-based diets and the awareness of environmental and animal welfare benefits further contribute to market demand.
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Growing Factors:
- Rising Vegan Movement: The increasing adoption of vegan diets and lifestyles is fueling demand for plant-based bars as consumers seek ethical and sustainable food options.
- Health Consciousness: Growing awareness of the health benefits of plant-based diets and nutritious snack options is driving consumer preference towards plant-based bars.
- Innovative Flavors and Ingredients: Exciting flavor profiles and the use of diverse plant-based ingredients are attracting consumers and expanding the market reach of plant-based bars.
- E-commerce Platforms: The expansion of e-commerce platforms provides greater accessibility to plant-based bars, allowing consumers to explore and purchase a wide range of products conveniently.
Key Points
- The United States market leads the plant-based bars market in terms of market share in North America. North America held a market share of US$ 3.68 billion in 2022. The growth in this region is promoted by the advanced food options, expanding corporate food culture, the high spread of veganism, and the health-conscious generation.
- The United Kingdom plant-based bars market is another significant market from Europe region. Europe’s local spices, nuts, and advanced sweet factories along with the wave of vegan protein have fueled the demand for plant-based bars.
- China plant-based bars market is anticipated to thrive at a healthy CAGR during the forecast period. Asia Pacific region is witnessing a ready-to-eat product wave that is anticipated to help the plant-based protein market as well.
- The protein bar product type is leading the segment with a leading CAGR between 2023 and 2033. It’s due to its high consumption, high availability, and usage as an energy bar alternative.
- Based on the distribution channel, the supermarket/hypermarket segment thrives at a leading CAGR during the forecast period. It is due to the high availability, different options, discounted rates, and high reliability.
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Competitive Landscape:
The key vendors work on producing high nutritional value products/ along with affordable prices and enhanced taste and texture. Key competitors also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
The key players in the market are Albany Molecular Research Inc., Kellogg’s (United States), Green’s Gone Wild, LLC (United States), General Mills Inc, 88 Acres (United States), LoveRaw (United Kingdom), GNC Holdings LLC (United States), Raw Bite (Germany), Rise Bar, MADE GOOD (United States), and Vaxa Bar (United States)
Recent Market Developments:
- Rise Bar has introduced its almond honey protein bars with a pack of 12 that also comes in chocolate flavor. Apart from this, the company has launched Lemon Cashew Protein Bars.
- MADE GOOD has introduced chocolate-drizzled granola bars that are plant-based and come in birthday cake flavors.
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Plant-based Bars Market: Segmentation
Product Type (Revenue, US$ billion):
- Cereal/Granola Bars
- Protein Bars
- Energy Bars/Meal Replacement
- Fruit & Nut Bars
- Others
Distribution Channel Outlook (Revenue, US$ billion):
- Supermarkets/Hypermarket
- Convenience Stores
- Specialty Stores
- Online Retail Stores
- Others
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