Plant Based Bars Market Trends

Global Plant-based Bars Market Overview

 Plant-based Bars Market Size was valued at USD 7.8 Billion in 2022. The Plant-based Bars Market industry is projected to grow from USD 8.4 Billion in 2023 to USD 16.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.90% during the forecast period (2023 - 2032). Consumer demand for healthy and sustainable snack options, as well as increased awareness of the benefits of plant-based diets is the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Plant-based Bars Market Trends

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  Growing Popularity of Sports And Fitness Activities Drives Market Growth        

  
  

The growing popularity of sports and fitness activities is likely to propel the plant-based bar market CAGR. Sports and fitness activities are physical activities and exercises done to promote physical fitness, overall health, and sports participation. Plant-based bars are frequently utilized in sports and fitness activities due to their mobility, convenience, and nutritional benefits. They can be a beneficial adjunct to these activities to help with performance and recovery. It delivers nutritional and protein advantages and is used as an intra-workout snack, a pre-workout boost, and a post-workout recovery aid.

For instance, in June 2022, According to Sports Business Journal, a national weekly trade sports publication located in the United States, the overall number of active sports and fitness participants in the United States was 229.7 million in 2020, rising to 232.6 million by 2021, or 76.3%. As a result, the growing popularity of sports and fitness activities is predicted to boost the plant-based bar market forward.

Furthermore, Plant-based bars frequently give alternatives for people who are allergic to common foods including dairy, gluten, soy, and nuts. These bars are free of allergens, making them ideal for anyone with dietary restrictions or sensitivities. Plant-based bars cater to a broader consumer base by providing allergen-free options, addressing the requirements of people who may have limited snack options due to allergies. Many people with particular dietary needs, such as allergies or sensitivities, prioritize their health and wellness. This emphasis on health is supported by plant-based bars that are free of allergies and manufactured with healthful ingredients. According to the Centres for Disease Control and Prevention (CDC), approximately one out of every thirteen children in the United States has a food allergy. Plant-based bars offer themselves as a nutritious and conscientious solution for consumers looking for better options by catering to unique dietary concerns.

Better-for-you products have grown in popularity in recent years, spurred by a variety of driving factors such as innovation, sustainability, and customer worries about food security and health. Furthermore, technological innovation is accelerating around the world, driving consumers into e-commerce channels, which have shown to be the most convenient option. Plant-based meals are in high demand nowadays due to their numerous health benefits, and customers are prepared to spend their money on healthy food items such as plant-based bars. As a result, such scenarios increase the  market share of plant-based bars.

Moreover, the widespread introduction of a wide range of vegan meals into the market creates a number of options to offer the items directly to consumers via e-commerce platforms such as Amazon, Big Basket, Grofers, and others. According to the Retail Times Newspaper, 2021, Shelfs, Europe's first intelligent B2B marketplace, had a 150% increase in sales of vegan products, including plant-based bars. Furthermore, Veiii is a European internet channel that only distributes clean-label products. Because good health is a must for living a fulfilling life, the intimate relationship between food and the lifestyle elements of nutrition and exercise is well acknowledged.

Plant-based Bars Market Segment Insights

Plant-based Bars Type Insights

The  Plant-based Bars Market segmentation, based on type includes cereal/granola bars, protein bars, energy bars/meal replacement bars, fruit & nut bars and others. When compared to other types of bars, the protein bars category saw the most growth in its consumption pattern. Protein-enriched bars have evolved as a popular snack aimed to simplify an individual's demanding schedule. These bars are distinguished by a higher protein-to-carbohydrate-to-fat ratio, and hence feature whole food ingredients such as oats, quinoa, and other seeds. Furthermore, according to the United States Department of Agriculture, protein bars include 10-30 grams of protein, which aids in post-workout muscle regeneration, weight growth and reduction, and also delivers a feeling of satiety. As a result, all of these instances contribute to the expansion of the worldwide vegan protein bars market.

Figure1:  Plant-based Bars Market, by Type, 2022&2032(USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Plant-based Bars Distribution channel Insights

The Plant-based Bars Market segmentation, based on distribution channel, includes supermarkets/hypermarkets, specialty stores, convenience stores, online retail stores and others. In 2022, the supermarkets/hypermarkets categories will have the biggest market share. Consumers can find a large range of plant-based items in hypermarkets and supermarkets. These merchants have a vast presence and may sell a diverse assortment of products to meet their customers' requirements and tastes. As a result, consumers can quickly access plant-based goods that meet their dietary choices and needs all in one place. Furthermore, the prices of plant-based items in hypermarkets and supermarkets are frequently competitive. Because big shops buy in volume, they may provide lower costs to customers than smaller retail establishments. This increases the affordability and accessibility of plant-based products to a broader spectrum of consumers.

Plant-based Bars Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The In 2022, North America will be the market's dominant participant. The rising demand for healthy meal replacement choices that can be consumed on the go is being driven by the rising consumption of plant-based protein bars as a result of the burgeoning trend of healthy snacking. Furthermore, the increasing number of innovations and new product developments are likely to boost plant-based sales across the region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: PLANT-BASED BARS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Plant-based Bars Market accounts for the second-largest market share because of the growing customer preference for clean-label convenience foods. Furthermore, increased animal welfare awareness and the evolving trend of veganism in the region are projected to propel the region's market expansion. Further, the German Plant-based Bars Market held the largest market share, and the UK Plant-based Bars Market was the fastest growing market in the European region

The Asia-Pacific Plant-based Bars Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due increased demand for health and wellness products across the region. The sports industries in Australia, China, and India are expanding, which boosts demand for nutrition-enriched bars across the market. Moreover, China’s Plant-based Bars Market held the largest market share, and the Indian Plant-based Bars Market was the fastest growing market in the Asia-Pacific region.

Plant-based Bars Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Plant-based Bars Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Plant-based Barsindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the  Plant-based Bars industry to benefit clients and increase the market sector. In recent years, the Plant-based Bars industry has offered some of the most significant advantages to medicine. Major players in the Plant-based Bars Market, including Kellogg’s Company (U.S.), Green’s Gone Wild, LLC (U.S.), General Mills Inc. (U.S.), 88 Acres (U.S.), LoveRaw (U.K.), GNC Holdings LLC (U.S.), Raw Bite (Germany), Rise Bar (U.S.) and others, are attempting to increase market demand by investing in research and development operations.

A protein bar made by Kellogg's-owned Chicago Bar Co. is called an RXBAR. It's created using egg whites, dates, almonds, and dried fruit. In 2013, co-founder Jared Smith and Peter Rahal created the first RXBAR in their parents' Glen Ellyn basement. 75 people were employed at Chicago Bar Co. as of 2017. The company was purchased by Kellogg's for $600 million in October 2017. The business debuted a range of nut butters in March 2018 that include egg whites for extra protein. In June 2021, RXBAR introduced its first plant-based protein bar. The new RXBAR Plant product replaces the egg whites in traditional RXBAR bars with 10 grams of plant-based protein. RXBAR's official website as well as other retail shops such as Kroger, Target, and others sell the product.

Bobo's is an American snack manufacturer. Beryl Stafford and her daughter "Bobo" founded the company in Boulder, Colorado in 2003. Bobo's objective was to produce more nutritious and healthy snacks. Oats, oil, brown sugar, and brown rice syrup were used to make the first oat bar. The simple oat bars, baked in the shape of a rectangle, were later packed for production in 2004. January 2023, Bobo's has introduced a new range of protein bars with 15 grams of protein and manufactured with clean and simple ingredients. The protein bar comes in two flavours: double chocolate almond butter and chocolate chip peanut butter. Furthermore, these new protein bars are kosher, gluten-free, and non-GMO.

Key Companies in the Plant-based Bars market include

• Kellogg’s Company (U.S.)


• Green’s Gone Wild, LLC (U.S.)


• General Mills Inc. (U.S.)


• 88 Acres (U.S.)


• LoveRaw (U.K.)


• GNC Holdings LLC (U.S.)


• Raw Bite (Germany)


• Rise Bar (U.S.)


• MADE GOOD (U.S.)


• Vaxa Bar (U.S.)

Plant-based Bars Industry Developments

June 2022, Laird Superfood has introduced plant-based proteins including adaptogens. To fulfill the growing customer demand for functional superfoods, the brand introduced its first snack with functional characteristics. The newly released protein bar contains 10 grams of protein derived from peas.

January 2022, ALOHA announced the nationwide availability of their organic plant-based bars in four new flavours at Whole Foods Market: cookie dough, peanut butter cup, coconut chocolate almond, and peanut butter chocolate chip.

January 2021, Whole Truth Foods has introduced a line of dairy and whey-free energy bars. These vegan-certified plant-based bars are totally plant-based. They also do not include gluten, added sugar, soy, or preservatives. The new collection of bars from the brand comes in five distinct flavours: mocha almond fudge, cocoa cranberry fudge, fig apricot orange, peanut choco fudge, and almond choco fudge.

Plant-based Bars Market Segmentation

Plant-based Bars Market Type Outlook

• Cereal/Granola Bars


• Protein Bars


• Energy Bars/Meal Replacement Bars


• Fruit & Nut Bars


• Others

Plant-based Bars Market Distribution Channel Outlook

• Supermarkets/Hypermarkets


• Specialty Stores


• Convenience Stores


• Online Retail Stores


• Others

Plant-based Bars Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  

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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  

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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  

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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America