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.
Many people turning vegan, and high nutritional benefits and affordable pricing are some of the key driving factors for the plant-based bars market. Furthermore, the changing lifestyle and high consumption of ready-to-eat snacks are flourishing the market growth.
A section of society that is health-aware, and specific about their snack and meal habits also choose plant-based bars as an integral part of their diet. This is due to the high nutritional value, enhanced energy delivery, and smart packaging they provide.
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The advent of experimental brands using different fruits, spices, and nuts in their production is also gaining traction in the market as they are becoming popular in the market space.
The changing eating habits and lifestyle of the geriatric population are transforming the conventional energy bar as health enthusiasts look at it. This transformation is expected to add value to market growth.
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.
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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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