Plant-based Bars Market is Growing Due Rising of Vegan Movement, Increasing Awareness around Plant Protein, and Healthy Lifestyles

NEWARK, DE / ACCESSWIRE / May 4, 2023 / 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.

Future Market Insights, Inc., Thursday, May 4, 2023, Press release picture

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.

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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.

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 the 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’s 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

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

Key Regions Covered:

  • North America
  • Latin America
  • Europe
  • Japan
  • Asia Pacific Excluding Japan (APEJ)
  • Middle East Asia (MEA)

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Table of Content

1. Executive Summary | Plant-based Bars Market

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunity

3.1.4. Trends

4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033

4.1. Historical Market Size Value (US$ Million) & Volume (MT) Analysis, 2018 to 2022

4.2. Current and Future Market Size Value (US$ Million) & Volume (MT) Projections, 2023 to 2033

4.2.1. Y-o-Y Growth Trend Analysis

4.2.2. Absolute $ Opportunity Analysis

5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type

5.1. Introduction / Key Findings

5.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis by Type, 2018 to 2022

5.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast by Type, 2023 to 2033

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Plant-Based Protein Market Demand: The global plant-based protein market enjoyed a year-on-year (YOY) growth of 6.7% in 2021 to total sales of USD 11.3 Bn and is projected to surpass USD 22.5 Bn in 2032.

Alternative Protein Market Share: The global market for alternative protein is forecasted to surge at a CAGR of 18% from 2022 to 2032.

Soy Protein Isolate Market Size: In 2022, the global soy protein isolate market acquired a value of US$ 2,987 million. Changing consumer preferences towards conventional proteins will propel the market to reach a sum of US$ 4,152.2 million by 2033.

Plant-based Snacks Market Forecast: The global plant-based snacks market is figured out to be around US$ 31.8 Billion in 2022 and is projected to reach nearly US$ 73.6 Billion by 2032.

Plant Based Pork Market Growth: FMI projects that the global plant-based pork market could soar to a valuation of US$ 1.88 billion in 2023, exhibiting a staggering CAGR of 24% from 2023 to 2033.

Plant-based Milk Market Value: The global plant-based milk market size is expected to reach a valuation of US$ 19.8 billion by 2023. It is likely to accelerate with a CAGR of 9.9% from 2023 to 2033.

Plant Based Protein Beverages Market Scope: Based on the report, sales of plant-based protein beverages are anticipated to climb at a CAGR of 9.60% to reach an estimate of US$ 2664.3 million by 2032.

Vegan Protein Concentrate Market Outlook: The vegan protein concentrate market is likely to record a strong CAGR 7% during the forecast period. The market is currently valued at US$ 11.79 Bn and is likely to reach US$ 21.68 Bn by 2032.

High Protein Flour Market Overview: The high protein flour market is projected to register a CAGR of 11.4% during the forecast period, up from US$ 16 Billion in 2021 to reach a valuation of US$ 52.4 Billion by 2032.

Pea Protein Ingredients Market Volume: The pea protein ingredients market is projected to be valued at US$ 1.6 billion in 2023 and is rising to US$ 3.4 billion by 2033.

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Future Market Insights (ESOMAR-certified market research organization and a member of the 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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