REPORT SCOPE & OVERVIEW
The Plant-based Bars Market size was USD 2.65 billion in 2022 and is expected to Reach USD 7.5 billion by 2030 and grow at a CAGR of 13.9 % over the forecast period of 2023-2030.
The market for plant-based bars is growing due to an increase in consumer demand for plant-based food items, particularly bars. Consumers embracing plant-based or vegan diets, people who are health-conscious, and people looking for substitutes for conventional snack bars are the main drivers of this demand.
Plant-based protein bars had a market share of more than 35.5% in 2022. Plant-based diets have grown in popularity in recent years, with many people choosing for a more plant-based, vegan lifestyle. As a result, there is a higher need for plant-based protein sources, such as plant-based protein bars. Many manufacturers are now responding to this need by developing a wide range of plant-based protein bars that are both delicious and nutritious. However, as food technology and production have advanced, many plant-based protein bars nowadays taste and feel equally as wonderful as typical snack bars. As a result, as a tasty and nutritious snack alternative, more consumers are turning to plant-based protein bars. Protein bars have a high protein to carbohydrate and fat ratio.
Emerging Fitness and wellness trends
Consumers have grown more health-conscious, and they are looking for healthier snack options that fit their dietary and lifestyle preferences. Because they are often manufactured with whole-food components and are free of artificial flavors, colors, and preservatives, plant-based bars are considered as a healthier alternative to standard snack bars. Plant-based bars are also an excellent source of plant-based protein, which is gaining popularity among consumers. People who follow a plant-based or flexitarian diet are looking for easy and pleasant methods to add more plant-based protein to their diets. Plant-based bars provide consumers an easy and convenient method to meet their protein demands while enjoying a tasty snack.
Protein Bars' taste and texture
Taste and texture are possible market limitations for plant-based bars, as some customers may find the bars to taste and feel different than standard snack bars. Many protein bars are manufactured using whole-food ingredients, which can have an impact on their taste and texture. While some customers may appreciate this texture, others may dislike it. Similarly, some consumers may find that protein bars have a distinct flavor profile than regular snack bars, particularly if they are unfamiliar with the flavors of whole food ingredients.
Market efforts for vegan restaurants and an increase in vegan population
Protein bars manufactured with pea protein, soy protein, and brown rice protein are a handy solution for people to achieve their protein demands without consuming animal products. Plant-based protein bars are frequently touted as a healthier alternative to standard protein bars because they contain less saturated fat and cholesterol and can include additional nutrients including fiber, vitamins, and minerals. Key players are running attempts to raise awareness of vegan protein bars, which will help the plant-based bar business. Furthermore, as the prevalence of food allergies rises, customers are substituting plant-based alternatives for dairy and animal products, driving the market.
High cost and a wide range of substitutes
Plant-derived components are frequently more expensive than animal-derived products. This is due to a variety of causes, including greater production costs, a smaller market for plant-based products, and a lack of government subsidies for plant-based agriculture. Consumers have a variety of additional snack options, many of which are less expensive than plant-based bars.
IMPACT OF RUSSIA-UKRAINE WAR
The Russia-Ukraine conflict has had an influence on the plant-based bar business. Russia imports a significant amount of fresh and processed fruits and vegetables. Ukraine is a significantly smaller market. The battle has hampered the supply of sunflower oil, a common ingredient in plant-based bars. Some plant-based products, such as soy and wheat, have also become scarce as a result of the war. The global market for protein bars alone is expected to reach $7 billion by 2027. However, the supply of fruits, nuts, and other materials is less disrupted. It has had an impact on the availability and affordability of plant-based bars in several markets.
IMPACT OF ONGOING RECESSION
Snacks, convenience foods, protein bars, and other goods have seen price increases as a result of the recession. Wheat gluten, another key ingredient in plant-based snacks, has climbed by 15% since the war began. Companies may be pushed to decrease pricing or give discounts as they compete for a smaller pool of consumers, reducing the profitability of the plant-based bar business. People's consumption habits have been affected by the recession. People choose to eat less expensive and more nutritious snacks and meals.
Energy Bars/ Meal Replacement Bars
Fruits & Nuts Bars
By Distribution Channel
Hypermarkets & Supermarkets
North American region dominated the plant-based bars market due to its busy lifestyle led to plant-based protein bars. This region was valued at USD 3.8 billion in 2022. The U.S., Canada, and other countries are major contributors to protein bars. This is due to customer desire to consume fewer meat-based foods overall and more plant-based foods, particularly plant-based bars, as a more healthful snack option. As a result, more Americans are choosing to eat meals that are made from plants.
Asia Pacific regional market is fast growing at a CAGR of 15.9% over the forecast period. In many Asian countries, including India, where vegan and vegetarian diets are connected to religious or cultural practices, there is a sizable and expanding number of vegetarians and vegans. As a result, there is a high demand for plant-based goods among these groups, such as plant-based protein bars, which serve as nutritional supplements. Due to this, people in the area who care about their health have an increased need for these products.
Europe represented more than 34.9% of the market in 2022. Consumers in the region are opting to consume fewer animal products and more plant-based alternatives, such as plant-based protein bars. Many supermarkets and health food stores now sell a wide variety of plant-based bars, making it easier for consumers to identify and purchase these items. Furthermore, there is an increasing trend in Europe toward veganism and vegetarianism. The top three users of plant-based protein ingredients are the United Kingdom, Germany, and France.
The Middle East and Africa, as well as South America, are relatively small and developing slowly, although this is expected to change in the coming years. Factors such as increased product availability, an increasing distribution channel, and the amalgamation of various regional brands operating at reasonable unit pricing are likely to boost total sales of plant-based bars.
Rest of Eastern Europe
Rest of Western Europe
Rest of Asia Pacific
Middle East & Africa
Rest of Middle East
Rest of Africa
Rest of Latin America
Some major key players in the Plant-based Bars Market are Kellogg's, Greens Gone Wild, LLC., GoMacro, LLC, 88 ACRES, Rise Bar, Clif Bar & Company, Växa Bars, General Mills Inc., MadeGood, GNC Holdings, LLC, SternLife, LoveRaw, GNC Holdings LLC, and other key players.
88 ACRES-Company Financial Analysis
In 2023, Bobo's released a new line of protein bars that include 15 grams of protein and are made with clean and simple ingredients. There are two kinds of protein bars: chocolate chip peanut butter and double chocolate almond butter. These new protein bars are also gluten-free, kosher, and non-GMO.
In 2022, SternLife, a prominent distributor of functional food, created four vegan bars. These items are becoming more popular in response to consumer demand for environmentally friendly products.
In 2022, Australian Plant Protein began an initiative to increase South Australia's animal-free protein manufacturing capabilities.
|Market Size in 2022||US$ 2.65 Billion|
|Market Size by 2030||US$ 7.5 Billion|
|CAGR||CAGR of 13.9 % From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Product (Cereal/Granola Bars, Protein Bars, Energy Bars/ Meal Replacements Bars, Fruits & Nuts Bars, and others)
• By Distribution Channel (Hypermarkets and supermarkets, Convenience Stores, Specialty Stores, Online, Others)
|Regional Analysis/Coverage||North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)|
|Company Profiles||Kellogg's, Greens Gone Wild, LLC., GoMacro, LLC, 88 ACRES, Rise Bar, Clif Bar & Company, Växa Bars, General Mills Inc., MadeGood, GNC Holdings, LLC, SternLife, LoveRaw, GNC Holdings LLC|
|Key Drivers||• Emerging Fitness and wellness trends|
|Market Opportunity||• Market efforts for vegan restaurants and an increase in vegan population|
Ans: Plant-based Bars Market is anticipated to expand by 13.9 % from 2023 to 2030.
Ans: Market efforts for vegan restaurants and an increase in the vegan population are Opportunities for the growth of the market
Ans: Plant-based Bars Market size was valued at USD 2.65 billion in 2022
Ans: Asia Pacific is fast-growing region for the Plant-based Bars Market in 2022.
Ans: High cost and a wide range of substitutes for plant-based bars are challenges
TABLE OF CONTENT
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.3.1 Impact on Major Economies
22.214.171.124 United Kingdom
126.96.36.199 South Korea
188.8.131.52 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Plant-based Bars Market Segmentation, By Product
8.1 Cereal/Granola Bars
8.2 Protein Bars
8.3 Energy Bars/ Meal Replacement Bars
8.4 Fruits & Nuts Bars
9. Plant-based Bars Market Segmentation, By Distribution Channel
9.1 Hypermarkets & Supermarkets
9.2 Convenience Stores
9.3 Specialty Stores
10. Regional Analysis
10.2 North America
10.2.1 North America Plant-based Bars Market by Country
10.2.2 North America Plant-based Bars Market by Product
10.2.3 North America Plant-based Bars Market by Distribution Channel
10.2.4.1 USA Plant-based Bars Market by Product
10.2.4.2 USA Plant-based Bars Market by Distribution Channel
10.2.5.1 Canada Plant-based Bars Market by Product
10.2.5.2 Canada Plant-based Bars Market by Distribution Channel
10.2.6.1 Mexico Plant-based Bars Market by Product
10.2.6.2 Mexico Plant-based Bars Market by Distribution Channel
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Plant-based Bars Market by Country
10.3.1.2 Eastern Europe Plant-based Bars Market by Product
10.3.1.3 Eastern Europe Plant-based Bars Market by Distribution Channel
10.3.1.4.1 Poland Plant-based Bars Market by Product
10.3.1.4.2 Poland Plant-based Bars Market by Distribution Channel
10.3.1.5.1 Romania Plant-based Bars Market by Product
10.3.1.5.2 Romania Plant-based Bars Market by Distribution Channel
10.3.1.6.1 Hungary Plant-based Bars Market by Product
10.3.1.6.2 Hungary Plant-based Bars Market by Distribution Channel
10.3.1.7.1 Turkey Plant-based Bars Market by Product
10.3.1.7.2 Turkey Plant-based Bars Market by Distribution Channel
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Plant-based Bars Market by Product
10.3.1.8.2 Rest of Eastern Europe Plant-based Bars Market by Distribution Channel
10.3.2 Western Europe
10.3.2.1 Western Europe Plant-based Bars Market by Country
10.3.2.2 Western Europe Plant-based Bars Market by Product
10.3.2.3 Western Europe Plant-based Bars Market by Distribution Channel
10.3.2.4.1 Germany Plant-based Bars Market by Product
10.3.2.4.2 Germany Plant-based Bars Market by Distribution Channel
10.3.2.5.1 France Plant-based Bars Market by Product
10.3.2.5.2 France Plant-based Bars Market by Distribution Channel
10.3.2.6.1 UK Plant-based Bars Market by Product
10.3.2.6.2 UK Plant-based Bars Market by Distribution Channel
10.3.2.7.1 Italy Plant-based Bars Market by Product
10.3.2.7.2 Italy Plant-based Bars Market by Distribution Channel
10.3.2.8.1 Spain Plant-based Bars Market by Product
10.3.2.8.2 Spain Plant-based Bars Market by Distribution Channel
10.3.2.9.1 Netherlands Plant-based Bars Market by Product
10.3.2.9.2 Netherlands Plant-based Bars Market by Distribution Channel
10.3.2.10.1 Switzerland Plant-based Bars Market by Product
10.3.2.10.2 Switzerland Plant-based Bars Market by Distribution Channel
10.3.2.11.1 Austria Plant-based Bars Market by Product
10.3.2.11.2 Austria Plant-based Bars Market by Distribution Channel
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Plant-based Bars Market by Product
10.3.2.12.2 Rest of Western Europe Plant-based Bars Market by Distribution Channel
10.4.1 Asia Pacific Plant-based Bars Market by Country
10.4.2 Asia Pacific Plant-based Bars Market by Product
10.4.3 Asia Pacific Plant-based Bars Market by Distribution Channel
10.4.4.1 China Plant-based Bars Market by Product
10.4.4.2 China Plant-based Bars Market by Distribution Channel
10.4.5.1 India Plant-based Bars Market by Product
10.4.5.2 India Plant-based Bars Market by Distribution Channel
10.4.6.1 Japan Plant-based Bars Market by Product
10.4.6.2 Japan Plant-based Bars Market by Distribution Channel
10.4.7 South Korea
10.4.7.1 South Korea Plant-based Bars Market by Product
10.4.7.2 South Korea Plant-based Bars Market by Distribution Channel
10.4.8.1 Vietnam Plant-based Bars Market by Product
10.4.8.2 Vietnam Plant-based Bars Market by Distribution Channel
10.4.9.1 Singapore Plant-based Bars Market by Product
10.4.9.2 Singapore Plant-based Bars Market by Distribution Channel
10.4.10.1 Australia Plant-based Bars Market by Product
10.4.10.2 Australia Plant-based Bars Market by Distribution Channel
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Plant-based Bars Market by Product
10.4.11.2 Rest of Asia-Pacific Plant-based Bars Market by Distribution Channel
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Plant-based Bars Market by Country
10.5.1.2 Middle East Plant-based Bars Market by Product
10.5.1.3 Middle East Plant-based Bars Market by Distribution Channel
10.5.1.4.1 UAE Plant-based Bars Market by Product
10.5.1.4.2 UAE Plant-based Bars Market by Distribution Channel
10.5.1.5.1 Egypt Plant-based Bars Market by Product
10.5.1.5.2 Egypt Plant-based Bars Market by Distribution Channel
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Plant-based Bars Market by Product
10.5.1.6.2 Saudi Arabia Plant-based Bars Market by Distribution Channel
10.5.1.7.1 Qatar Plant-based Bars Market by Product
10.5.1.7.2 Qatar Plant-based Bars Market by Distribution Channel
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Plant-based Bars Market by Product
10.5.1.8.2 Rest of Middle East Plant-based Bars Market by Distribution Channel
10.5.2.1 Africa Plant-based Bars Market by Country
10.5.2.2 Africa Plant-based Bars Market by Product
10.5.2.3 Africa Plant-based Bars Market by Distribution Channel
10.5.2.4.1 Nigeria Plant-based Bars Market by Product
10.5.2.4.2 Nigeria Plant-based Bars Market by Distribution Channel
10.5.2.5 South Africa
10.5.2.5.1 South Africa Plant-based Bars Market by Product
10.5.2.5.2 South Africa Plant-based Bars Market by Distribution Channel
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Plant-based Bars Market by Product
10.5.2.6.2 Rest of Africa Plant-based Bars Market by Distribution Channel
10.6 Latin America
10.6.1 Latin America Plant-based Bars Market by Country
10.6.2 Latin America Plant-based Bars Market by Product
10.6.3 Latin America Plant-based Bars Market by Distribution Channel
10.6.4.1 Brazil Plant-based Bars Market by Product
10.6.4.2 Brazil Plant-based Bars Market by Distribution Channel
10.6.5.1 Argentina Plant-based Bars Market by Product
10.6.5.2 Argentina Plant-based Bars Market by Distribution Channel
10.6.6.1 Colombia Plant-based Bars Market by Product
10.6.6.2 Colombia Plant-based Bars Market by Distribution Channel
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Plant-based Bars Market by Product
10.6.7.2 Rest of Latin America Plant-based Bars Market by Distribution Channel
11. Company Profile
11.1.1 Company Overview
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Greens Gone Wild, LLC.
11.2.1 Company Overview
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 GoMacro, LLC
11.3.1 Company Overview
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Rise Bar
11.4 Company Overview
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 88 ACRES
11.5.1 Company Overview
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Clif Bar & Company
11.6.1 Company Overview
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Växa Bars
11.7.1 Company Overview
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 General Mills Inc.
11.8.1 Company Overview
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9.1 Company Overview
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 GNC Holdings LLC
11.10.1 Company Overview
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
11.11 Green’s Mills Inc.
11.11.1 Company Overview
11.11.3 Product/Services Offered
11.11.4 SWOT Analysis
11.11.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Glucose Syrup Market Size was esteemed at USD 3.40 billion out of 2022 and is supposed to arrive at USD 4.62 billion by 2030 and develop at a CAGR of 3.9% over the forecast period 2023-2030.
The Frangipani Extract Market size was USD 33.9 million in 2022 and is expected to Reach USD 49.3 million by 2030 and grow at a CAGR of 4.8% over the forecast period of 2023-2030.
Diabetic Food Market Size was valued at USD 12.27 billion in 2022 and is expected to reach USD 20.61 billion by 2030, and grow at a CAGR of 6.7% over the forecast period 2023-2030.
Report Scope & Overview: Smoothies Market Size was valued at USD 13.78 billion in 2022&nb
Hi! Click one of our member below to chat on Phone