The plant-based bars market is expected to expand its roots at a steady CAGR of 8.47% during the forecast period. The market is likely to hold a revenue of USD 8.05 billion in 2023 while it is anticipated to cross a value of USD 18.15 billion by 2033.
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.
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.
The increased education, simplified meals, and creative cooking ideas are pushing the demand for plant-based bars. Some of the other benefits involve improved health, energy, better digestion, weight loss, environmental benefits, and animal welfare benefits. The vegan diet promotes fewer risks of cancer and increasing other chronic diseases is garnering market growth further.
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.
| Attributes | Details |
|---|---|
| Plant-based Bars Market CAGR (2023 to 2033) | 8.47% |
| Plant-based Bars Market Size (2023) | USD 8.05 billion |
| Plant-based Bars Market Size (2033) | USD 18.15 billion |
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Short-term Growth (2023 to 2026): The growth during this period is attributed to the leading vegan movement, protein alternative requirement, and weight loss proposition. Furthermore, the advanced government programs promoting plant-based bars are garnering market growth. The high nutritional properties, affordable prices, and herbal products are getting famous. Hence, the market is expected to hold USD 8.05 billion in 2023 while it is likely to reach USD 10.27 billion by 2026.
Mid-term Growth (2026 to 2029): Enhanced research and development activities along with the brands extending their vegan diet portfolio are enriching the market share across the regions. This period is anticipated to fuel the growth due to the high expected consumption and awareness around the plant-based protein and vegan diet. This takes a market value from USD 10.27 billion in 2026 to a value of USD 13.11 billion in 2029.
Long-term Growth (2029 to 2033): Exciting flavors, better promotion tactics, and social media channels promoting plant-based bars are likely to drive growth. The increasing inclination towards fitness and healthy diet plans is pushing the vendors to experiment with their products. Thus, the plant-based bars market is anticipated to thrive at a steady CAGR of 8.47% between 2023 and 2033.
The expanding e-commerce websites, growing awareness around plant protein, and health enthusiastic population are some of the significant growth drivers. Alongside this, big brands launching their vegan and plant-based bars as healthy and flavorful alternatives are gaining traction in the market. Gym enthusiasts take these bars as an integral part of their diets before and after their gym routine.
Health enthusiasts also add these bars to their snacks, meals, and along with the occasional drinks. Its huge consumption is through the rising number of health enthusiasts, sportspersons, gym enthusiasts, and athletes. Thus, the key players focus on an inclusive strategy involving brand promotion through famous sports personalities and athletes.
Developing eCommerce platforms add new flavors and different plant protein options for the end-users. The worldwide vegan movement has given a push to companies to launch new products frequently. Some of the market leaders are mixing two plant-based proteins along with the application of almond flour converting the potential end-users into sales prospects.
Some of the key restraints for the plant-based bars market are lack of awareness, lack of reliability, and high penetration of conventional energy bars. Alongside this, restrictions are faced in the improvement of the palatability of plant-based bars. The lack of texture and taste with plant-based bars is also restraining the demand for plant-based bars.
Higher Penetration of the Vegan Movement along with a Rising Number of Gym and Fitness Enthusiasts in the Region Fuels the Market Growth
North America region leads in terms of the market share in the plant-based bars market as it held a market share of USD 3.68 billion in 2022. The growth is attributed to the increased number of people turning vegan along with the high awareness around the nutritional benefits of plant-based bars.
Apart from the vegan movement, the vegetarian consumer base that is involved in athletic activities or lives an active lifestyle is also adopting these bars into their diet. The high-end research and development around vegan protein have given wings to plant-based food items in the region.
Growing Awareness around Vegan Diet, Popularity of Healthy Ready-to-eat Snacks Propels the Regional Growth
Asia Pacific region thrives at a significant CAGR between 2023 and 2033. China plant-based bars market is thrived through its citizen turning vegan along with healthcare awareness. The application of multigrain flour in their protein and energy bars has pushed the vendors to experiment and launch new products with zero fats and high nutritional value.
A big percentage of people in Asia are vegetarian. Thus, the idea of meatless, plant-based nutritional bars is flourishing in its sales in the region.
Clean Label Bars, High Usage of Nuts and Spices, and Expanding Veganism fuels the Market’s Success in the Region
The United Kingdom is another significant market for plant-based bars. Many people going to gyms, high penetration of veganism, and changing eating habits of people in Europe are flourishing the market growth. Furthermore, the presence of old and conventional energy bar producers introducing their plant-based bars to promote better health benefits also gains traction.
| Category | Leading Segment |
|---|---|
| By Type | Protein Bar |
| By Distributing Channels | Supermarket/Hypermarket |
Based on type, the protein bar segment leads due to its high consumption. Vendors also experiment with their protein bars by adding spices and nuts to them. The more exclusive options involve the clean label plant-based protein bars.
The fixed, packaged amount of plant-based protein acts as a rich source of protein. People who are active in sports and athletics also consume a big chunk of the segment as they usually carry a plant-based protein bar to recharge energy during and post workouts.
Based on the distribution channel, the supermarket/hypermarket segment leads. The growth is attributed to easy availability, better pricing, and additional discounts. Alongside this, other benefits like freedom of selection, discount in bulk, and less complex transaction also make the purchase smooth.
The key players focus on producing nutritional and affordable plant-based bars. These players also add additional information about healthcare regimes and routines inside the packaging to promote their products as healthy. Furthermore, the strategy involves real-time social media reviews, sponsorships provided for sports activities, etc.
Market Developments:
The growing popularity of vegan and nutritional food is fueling the demand in the United States.
The growing awareness of vegan diets is upsurging in the Europe market.
General Mills Inc. and Love Raw are the leading companies in the plant-based bars market.
The current valuation of the plant-based bars market is USD 8.05 billion in 2023.
North America to witness lucrative growth opportunities through 2033.
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Plant-based Bars Market
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