The plant-based bars market is anticipated to expand its roots at a steady CAGR of 8.47% between 2023 and 2033. The market is anticipated to cross a market share of US$ 18.15 billion by 2033 while it is likely to be valued at US$ 8.05 billion in 2023.
The research report on the plant-based bars market states that the healthy alternatives of protein bars along with the rising vegan movement are garnering market growth. Furthermore, the high nutrients, and high Fibre proportion are also popular among young health enthusiasts.
The plant-based protein that is used in plant-based bars also keeps you full for long periods. It also helps in losing weight and adding nutrients to the diet. Alongside this, the growing trend that promotes a vegan diet through different factors is also fuelling the demand for plant-based bars.
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The blend of exciting flavors such as fruits, spices, and sources of plant-based protein is attracting the consumer base across the region. The smart pricing with various sizes along with the addition of whole grain, seeds, spices, and nuts are also promoting the growth prospects for the market. The high penetration of spices with ingredient quality, nutritional value, and price is increasing the traction for the market.
Plant-based bars market analysis explains that the skin benefits and other benefits of nuts are making plant-based bars the first choice for consumers. Furthermore, ready-to-eat snack options and meal replacement is increasing the demand for plant-based bars. Some of the brands are also sponsoring sports events in order to gain traction in the plant-based bars market.
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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