The global vegan protein bars market is expected to reach a market valuation of USD 757.5 million by the year 2023, rising at a CAGR of 18% from 2023 to 2033 to reach a valuation of USD 3,965.7 million. Increasing vegan consumption has led to an increase in the availability and variety of vegan protein bars.
By offering more flavors and brands to consumers, consumers are more likely to find alternatives that will meet their preferences and dietary needs. As more and more consumers place a high value on health and wellness, health insurance premiums are rising.
| Attribute | Details |
|---|---|
| Vegan Protein Bars Market Size (2023) | USD 757.5 million |
| Vegan Protein Bars Market Projected Size (2033) | USD 3,965.7 million |
| Value CAGR (2023 to 2033) | 18% |
The vegan protein bar industry will continue to rise at a rapid pace. Vegan protein bar sales are expected to soar in the next years as the popularity of plant-based diets grows.
Many vegan protein products were criticized for their taste and texture in the past, due to their unusual taste and texture. While vegan protein bars have grown in popularity in recent years due to advancements in food technology and formulation, there has been a significant improvement in the taste and overall quality of vegan protein bars. Consumers are therefore more likely to stick with them for a longer period of time.
The focus on sustainability and ethical consumerism is gaining traction in many health and wellness stores. Vegan protein bars are continuously evolving their flavors and formulations based on the latest trends in food innovation. A wide selection of protein snacks has attracted consumers who want a variety of options that are delicious and diverse in the market.
Protein bars made from vegan ingredients have advanced in formulation and taste over the last few years. As manufacturers continue to improve the recipes and use more appealing ingredients, this makes vegan protein bars more appealing to a wider audience, thereby increasing their popularity in the market.
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As more consumers place a premium on health and wellness, the vegan protein bar industry will continue to rise at a rapid pace. Vegan protein bar sales are expected to soar in the next years as the popularity of plant-based diets grows. Vegan protein bars sales grew at a CAGR of 3.1% between 2018 and 2022. The period marked the entry of various market players and product innovations.
Between 2023 and 2033, the vegan protein bar industry will continue to rise at a rapid pace. The market for vegan protein bars will rise as people become more cognizant of their health. According to the (WHO), at least 80% of all heart illnesses, stroke, and diabetic cases, as well as up to 40% of cancer cases, can be avoided if people change their dietary habits, increase their physical activity, and stop smoking.
Such declarations from the most powerful institutions are encouraging people to change their habits. As an outcome, the number of people who exercise frequently has increased. This is resulting in an increase in the consumption of vegan protein bars.
Consumer avoidance of animal-based protein is expected to increase, providing promising opportunities for industry players. According to the World Allergy Organization, nearly 521 million people worldwide had food allergies in 2018, with egg allergies accounting for two-thirds of those.
Due to an increase in food allergies, consumers are increasingly substituting plant-based alternatives for dairy and animal products. Demand for vegan or plant-based nutrition bars is anticipated to rise in the coming years as people place a stronger focus on health and wellness.
For individuals with dietary restrictions or allergies, vegan protein bars are often free of common allergens such as dairy, eggs, and gluten. By being inclusive, businesses expand their customer base and broaden their appeal. The popularity of vegan protein bars extends beyond vegans and into the sporting community, fitness enthusiasts, and active individuals. This convenient snack helps meet protein requirements, facilitate muscle recovery, and promote fitness overall. As a result demand for vegan protein bars is growing in the market.
The United States is one of the largest markets for protein bars. The United States is a promising market for vegan protein bars. The increasing number of fitness centers in North America is driving growth in the region. International Health, Racquet, and Sports Club Association said in 2018 that the health and fitness business in the United States has been growing at a rate of 3 to 4% per year, with no signs of slowing down anytime soon. The growth of the fitness community will benefit the vegan protein bar market in the United States.
The convenience aspect is also a key driver of protein bar demand, including vegan-friendly options. Among busy individuals seeking convenient and on-the-go protein options, protein bars are a convenient and easy source of nutrition. These factors are likely to grow the demand for vegan protein bars in the market. According to market estimates, vegan protein bars represented 23.5% of the market share in the United States in 2022.
One of the most attractive markets for vegan protein bars in Europe. The rise of the business in Europe is being aided by strict administration and several groups working with the European Union (EU) for animal protection.
Aside from that, increased research and development (R&D) spending is a major driver of market expansion. The European Commission, for example, launched its Farm to Fork Strategy in 2020, as part of the new European Green Deal. This proposal proposes financial support for the green transition of at least USD 121.7 billion from 2021 to 2027 and the development of alternative protein products.
According to FMI, the traditional segment is expected to lead the market. Aside from that, the organic segment is projected to expand significantly over the next few years. As their knowledge of health improves, consumers' preferences are shifting toward organic products. The conventional segment is anticipated to dominate the market regardless.
Vegan protein bars are expected to grow in popularity due to their cost-effectiveness compared to newer or alternative production methods. A traditional process and ingredients can decrease production costs and allow for a larger scale of manufacturing, resulting in better quality and less expensive products.
The popularity of conventional methods may also be influenced by consumer familiarity and acceptance. Individuals transitioning to a vegan diet may find vegan protein bars made with conventional methods to be more appealing. It is likely that all of these factors will lead to an increase in the demand for vegan protein bars.
Soy is the most common ingredient in vegan protein bars all over the world. The nuts category, on the other hand, is expected to increase at a higher rate over the forecast period due to its nutritional value.
The growing cases of soy allergies have shifted consumer preference toward nut-based vegan protein bars. FMI estimates the nuts segment to be the most dominant by the end of the forecast period. The size is anticipated to grow at a CAGR of 14% over the forecast period.
Health & wellness is expected to generate profits during the projection period, based on the distribution channel. FMI reports that distributors are focusing on expanding their health & wellness stores to fuel segment growth. According to the market report, the market is expected to reach a market share of 25.1%.
Protein bars are being actively marketed and promoted by health and wellness stores, both online and offline. The increased visibility of vegan protein bars has encouraged consumers to try them, as well as become more aware of their availability and benefits. A growing number of health & wellness stores are opening up locally and internationally, which will result in an increase in market demand for vegan protein bars in health & wellness stores. As awareness of these bars increases, and the stores adopt marketing strategies to improve sales, the demand for these bars is expected to grow.
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Due to the introduction of various newcomers, competition in the worldwide vegan protein bars industry is becoming more intense. Vegan protein bar producers are working on expanding their product portfolio as consumers gravitate toward healthier snacks that combine taste and nutrition.
Nestle, for example, announced the release of its YES! Snack bars are made from almonds and peas and come in a newly recyclable paper wrapper. The bars have been packaged in paper using high-speed flow wrap technology for the first time, in addition to integrating two ingredients. In addition, established industry firms are using techniques like mergers and acquisitions to retain their position.
| Attribute | Details |
|---|---|
| Market Size Value in 2023 | USD 757.5 million |
| Market Forecast Value in 2033 | USD 3,965.7 million |
| Global Growth Rate | 18% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, Poland, Czech, Republic, Romania, China, Japan, South Korea, India, Bangladesh, Australia, New Zealand, GCC countries, South Africa, Israel |
| Kay Segments Covered | Nature, Ingredients, Flavor, Distribution Channel, Region |
| Key Companies Profiles | BHU Foods; Gomacro; PROBAR LLC; Garden of Life; Health Warrior; NuGo Nutrition; Raw Rev; Risebar; Manitoba Harvest; Aloha; Orgain; No Cow |
| Customization & Pricing | Available upon Request |
The market is valued at USD 757.7 million in 2023.
The market’s CAGR from 2023 to 2033 will be 18.0%.
BHU Foods, Gomacro, and PROBAR LLC are key market players.
From 2018 to 2022, the market registered a CAGR of 3.1%.
Conventional segment is likely to remain preferred through 2033.
| Estimated Market Value (2024E) | USD 1,604.3 million |
|---|---|
| Projected Market Revenue (2034F) | USD 4,723.9 million |
| Value CAGR (2024 to 2034) | 11.4% |
| Expected Market Value (2023) | USD 113.21 million |
|---|---|
| Projected Forecast Value (2033) | USD 285.73 million |
| Anticipated CAGR (2023 to 2033) | 9 7% |
| Market Valuation (2023) | USD 1.6 billion |
|---|---|
| Market Valuation (2033) | USD 3.4 billion |
| Market CAGR (2023 to 2033) | 7.9% |
| Market Size Value in 2022 | USD 104.1 Million |
|---|---|
| Market Forecast Value in 2032 | USD 155.6 Million |
| Growth Rate (2022 to 2032) | 4.1% |
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