Global Vegan Protein Bar Market is expected to grow at a CAGR of 9.10% during the forecast period from 2019-2026

As per the report published by Fior Market ,the global vegan protein bar market is expected to grow from USD 126.00 Million in 2018 to USD 253.00 Million by 2026, at a CAGR of 9.10% during the forecast period from 2019-2026.The North America region led the global vegan protein bar market with a market share of 37.14% in 2018 owing to the increase in demand for high protein snacks due to increased awareness about fitness and the shift in eating pattern towards healthy food. The Europe region held a considerable share market owing to increased health awareness and extensive research and development programs.Increasing health responsiveness is pushing market players to focus on R&D to introduce healthy alternatives to meals or bars with high protein nourishment in the European market.

"Vegan Protein Bar Market by Type (Vegetable, Nuts and Others), Application, Regions",and Global Forecast 2019-2026.

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Major players in the global vegan protein barmarket are Simply Protein, BHU Foods, PROBAR LLC, Health Warrior, NuGo Nutrition, Gomacro, Garden of Life, Raw Rev and Risebaramong others.Protein bars are nutrition bars containing a high proportion of protein to carbohydrates/fats.In addition to other foods, the human body needs protein to build up muscles. Vegan protein bars contain protein only from plant sources, such as peas, brown rice, hemp, and soybeans. They make the perfect meal, they are an ideal snack, and they are easy to carry to the gym and in the handbag. There is an increase in the number of health centers and gymnasiums, which increases awareness of health and the progress of the global protein bar market. Nevertheless, a lack of user awareness of protein bar reimbursements impedes the development of the market. It is projected that the global protein bars market will record a significant progress over the forecast period.

For instance, in August, 2019, The Simply Good Foods Co., a developer and marketer of nutritional foods and snacks under the Atkins and Simply Protein brands, agreed to acquire Quest Nutrition, L.L.C., El Segundo, Calif., for $1 billion in cash, or approximately $870 million, net of tax benefits, on a cash-free and debt-free basis. Quest Nutrition manufactures and markets a range of products under the Quest brand, including protein bars, protein cookies, protein powders, protein chips and frozen pizzas. The acquisition of Quest strengthens Simply Good Foods' position within the nutritional snacking category by expanding their portfolio of brands and product offerings while also providing them with greater consumer and channel diversification. This combination delivers on their strategy to become a broader nutritional snacking company that offers consumers a broad range of brands and products that satisfy their nutritional needs.

Also, in august 2016, NuGo Nutrition, a maker of protein bars, has acquired the Promax brand from Promax Nutrition Corp. Since 1996, Promax Nutrition has offered Promax protein bars, which are gluten-free and kosher with no artificial sweeteners, malitol or hydrogenated oils. Flavors include cookies and cream, chocolate chip cookie dough, nutty butter crisp, salted caramel and lemon bar, among others.

The type segment is divided into vegetable,nuts and others. The nuts segment emerged as the leader in the global vegan protein bar market with a market share of 39.82% in 2018. Nuts are rich in healthy fats, proteins and essential vitamins and minerals which is one of the primary reason driving this increase in demand. Nuts are antioxidant powerhouses. Antioxidants, including the polyphenols in nuts, can combat oxidative stress by neutralizing free radicals, unstable molecules that may cause cell damage and increase disease risk.The application segment includes adult male, adult female, youth and others.The adult male segment is anticipated to grow at the highest CAGR of 10.15% over the forecast period. This increased growth rate can be attributed to the increasing preference of adult male buying protein bars for various purposes, such as weight management, improving muscle mass, and increasing energy.

Vegan protein bar producers are stimulating their products with components that promote health, wellness, and overall ability to take health-conscious customers into consideration.A growing consumer base has led the stores to stack vegan protein bars in supermarkets and shops, thus smoothing buying of the same. Moreover, marketing campaigns for vegan protein bars as a substitute for meal replacement, by the fitness clubs, have propelled the demand of these products. With increasing number of health clubs and surging awareness about vegan protein bars, the market is expected to witness a rise in demand during the forecast period.Consumers nowadays have a preference for foods with health benefits that are convenient in preparation, processing and handling at the same time. In this sense, for their convenience, ready-to-eat nutritious products like vegan protein bars are highly appreciated. Demand for packaged and convenient foods is growing rapidly due to a growing awareness about health, changing socio-economic needs, and insufficient time to cook food with the correct balanced amount of nutrition. This in turn will boost the market for vegan protein bars globally.

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Nowadays, consumers are opting for weight management and energy products, such as vegan protein bars, to keep their day-to-day life fit and healthy. This change in lifestyle trend acts as a driving factor for the global market for vegan protein bars. On the other hand, the recalling of protein bar products due to different allergies caused by different ingredients in their composition could hinder the vegan protein market growth at a global level. Also, it is expected that the high cost ofvegan protein bars may hamper the market growth.

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