Global Plant-Based Bars Market - 2023-2030

Global Plant-Based Bars Market - 2023-2030

The Global Plant-Based Bars Market US$ 7.2 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 12.5 billion by 2030. The market is growing at a CAGR of 7.2% during the forecast period 2023-2030.

Plant protein bars have gained significant traction as a convenient source of protein for fitness enthusiasts and those seeking plant-based protein alternatives. These bars often contain protein-rich ingredients like pea protein, brown rice protein, or hemp protein. Plant-based bars are positioned as healthier snack alternatives compared to traditional processed snacks. Brands emphasize the use of natural, minimally processed ingredients and avoid artificial additives, preservatives, and refined sugars.

The demand for plant-based bars has been driven by the rise in veganism and the growing number of people adopting plant-based diets. For instance, companies like Larabar, which offers a range of vegan and plant-based bars, have experienced significant growth due to the increasing demand for these products.

Market Dynamics

Increasing Demand for Vegan and Vegetarian Food Boosts the Growth of the Plant-Based Bars Market

The increasing demand for vegan and vegetarian food is a major driver behind the growth of the plant-based bars market. As more people adopt plant-based diets for ethical, environmental, or health reasons, there is a growing demand for snacks that are made with plant-based ingredients and free from animal products. According to Soylent, 10% of U.S. adults identify themselves as vegan or vegetarian.

In addition to the growing number of vegans and vegetarians, there is also a wider trend towards flexitarianism, which involves reducing the amount of meat and animal products in one's diet. This trend is driven by a range of factors, including health concerns, ethical considerations, and environmental sustainability. As more people adopt plant-based or flexitarian diets, the demand for plant-based snacks like bars is likely to continue to grow.

Creative Innovation and Product Development is Driving the Plant-Based Bars Market Growth

Innovation and product development have led to a wider range of plant-based bar options, catering to diverse consumer preferences and dietary needs. Companies are continuously introducing new flavors, ingredients, and formulations to keep up with evolving consumer demands. For instance, brands like Clif Bar, RXBAR, and Kind Snacks regularly introduce new flavors and ingredient combinations to attract consumers and expand their product lines.

Innovation in product development has led to the inclusion of functional ingredients and enhanced nutritional profiles in plant-based bars. Brands are incorporating superfoods, adaptogens, and other beneficial ingredients to provide added health benefits. For instance, some plant-based bars incorporate ingredients like chia seeds, spirulina, or turmeric for their functional properties and nutritional benefits, appealing to health-conscious consumers.

The High Cost of Plant-Based Bars Hamper the Market Growth

The high cost of plant-based ingredients can be a significant restraint on the growth of the plant-based bars market. Plant-based bars are typically made with natural, whole-food ingredients that are often more expensive than the artificial ingredients used in many other types of snacks. This can make plant-based bars more expensive to produce, and can also result in higher prices for consumers.

The high cost of plant-based bars can make them less accessible to some consumers, particularly those on lower incomes or with limited disposable income. This can limit the potential market for plant-based bars and may make them less competitive compared to other more affordable snack options.

COVID Impact:

The COVID-19 pandemic has accelerated the growth of e-commerce and online retail. With physical store closures and restrictions on in-person shopping, consumers have increasingly turned to online platforms to purchase their groceries and snacks. Plant-based bars, being non-perishable and easy to ship, are well-suited for online sales. This shift to e-commerce may have provided new avenues for plant-based bar brands to reach consumers.

The pandemic has caused disruptions in global supply chains, affecting the availability and distribution of various food products. While the extent of these disruptions may vary, plant-based bars that rely on a stable supply of ingredients could potentially face challenges in production and distribution.

Russia-Ukraine War Impact:

Geopolitical conflicts can create a sense of uncertainty and instability among consumers. In such situations, individuals might prioritize essential goods and basic necessities over specialty food items like plant-based bars. Economic hardships and concerns related to the conflict may lead to changes in consumer purchasing behavior and overall market demand. Geopolitical conflicts can have broader impacts on the global economy, including currency fluctuations, trade policies, and investor confidence. These factors can indirectly affect the plant-based bars market by influencing consumer spending power, market stability, and investment decisions, which could impact the growth and development of the industry.

Segment Analysis

The global plant-based bars market is segmented based on product type, ingredient, distribution channel, and region.

Nutritional Value and Health Benefits of Nuts and Seeds

Based on the ingredient the plant-based bars market is classified into nuts & seeds, grains, fruits, and others. The nuts and seeds segment held the largest share in the plant-based bars market in 2022 and is expected to continue to dominate the market over the forecast period. Nuts and seeds are popular ingredients in plant-based bars due to their high nutritional value, including healthy fats, fiber, and protein.

Nuts and seeds are also popular because they add flavor, texture, and crunch to plant-based bars. They can be used to create a variety of different flavor profiles, from sweet and fruity to savory and spicy. For instance, Larabars come in 30 flavors and cost less than $1.50 a bar, making them a budget-friendly option. This bar contains 3-6 gms of protein and also comes with cashews, almonds, walnuts, or peanuts. Additionally, nuts and seeds are often used as a natural binding agent in plant-based bars, helping to hold the bar together without the need for artificial additives or preservatives.

Geographical Analysis

Increasing Awareness Among Consumers about Plant-Based Diets in The Europe Region

Europe has a significant share of the plant-based bars market. The increasing awareness among consumers about the benefits of plant-based diets for their health and the environment has led to a surge in demand for plant-based products, including plant-based bars. Another factor contributing to the growth of the plant-based bars market in Europe is the increasing number of people following vegetarian or vegan diets.

The consumption of plant-based foods in Europe increased by 49% in just two years, according to a project funded by the EU. Additionally, The Good Food Institute Europe reports that by 2022, sales of plant-based foods will have increased by 22% across 13 different European nations, totaling €5.7 billion. As a result, these elements helped to create an environment that was conducive to the market expansion for plant-based bars in Europe.

Competitive Landscape

The major global players in the market include Kellogg’s Company, LoveRaw, 88 Acres, Rise Bar, Vaxa Bar, Green’s Mills Inc., Raw Bite, GNC Holdings LLC, General Mills Inc., MADE GOOD.

Why Purchase the Report?
• To visualize the plant-based bars market segmentation based on product type, ingredient, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of pant-based bars market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global plant-based bars market report would provide approximately 61 tables, 61 figures, and 200 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies