Plant-based Bars Market Size & Share 2023-2030 Analysis by Key Players - Kellogg's, Greens Gone Wild, LLC. and GoMacro, LLC

Plant-based Bars Market Report Scope -

The SNS Insider report indicates that the Plant-based Bars Market was valued at USD 2.65 billion in 2022, and it is projected to achieve a market size of USD 7.5 billion by 2030, with a compound annual growth rate (CAGR) of 13.9% expected over the forecast period from 2023 to 2030.

The growing emphasis of consumers on health and wellbeing is one of the major reasons for plant-based bars to grow. With the rise in chronic health conditions such as obesity, diabetes, and heart disease, many people are looking for healthier snack options that can provide them with the nutrients and energy they need to stay healthy. Bars made from plant materials are a good source of protein, fiber, and healthy fats and often contain fewer calories and less sugar than traditional snack bars.

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Key Players Covered in this market report 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

Market Growth Factors -

Due to the increasing availability of plant-based bars in a variety of flavours, the market for plant-based bars is also growing. A plant-based bar can be found to satisfy people's taste preferences and dietary needs, with a wide variety of ingredients and flavors. Moreover, market growth is being driven by increasing concern about sustainability and the environment. A growing number of people are aware of the impact their food choices have on the planet and choose to eat it. Protein, which is essential to the building and repair of tissues in the body as well as for production of enzymes, hormones and other important molecules, can be obtained from plant-based bars. Healthy fats, important for the maintenance of healthy skin, hair and nails as well as to absorb fat soluble vitamins such as vitamin A, D, E or K, are also found in many plant-based protein sources like nuts and seeds.

Segmentation Analysis -

In 2022, plant protein bars represented more than 35.1% of the market. In recent years, the popularity of plant-based diets has been increasing and many people are choosing to live a more organic lifestyle. This has led to an increased demand for sources of plant proteins, including protein bars made from plants. In order to meet this demand, a number of manufacturers now produce an extensive range of plant protein bars that taste and pack with nutrition.

In 2022, the traditional segment accounted for more than 85.1% of total market share. For consumers on a limited budget, the traditional plant base bars are often cheaper and more cost effective. Conventional plant-based products are easily available and, as a result, they are often sold in mainstream grocery stores and online retailers which makes them accessible to consumers. Marketing campaigns, such as television commercials, social media advertising and so on, are frequently employed by manufacturers of these bars.

Plant-based Bars Market Segmentation as Follows:

By Product
Cereal/Granola Bars
Protein Bars
Energy Bars/ Meal Replacement Bars
Fruits & Nuts Bars
Others

By Distribution Channel
Hypermarkets & Supermarkets
Convenience Stores
Specialty Stores
Online
Others

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Key Regional Development -

In 2022, Europe had a global market share of more than 35.1%. The region's consumers are choosing to reduce their consumption of animal products and are increasingly turning to plant-based alternatives such as bars made from plant fibres. In the last few years, there has been a growing availability of plant-based bars in Europe. A large number of bars are now available in supermarkets and health food stores, making it simpler for consumers to buy plant protein products. Over the forecast period, the market in Asia Pacific is expected to grow at a compound annual growth rate of 16.1%. There is a growing vegetarian and vegan population in the Asia Pacific region. Vegetarianism and veganism have been linked to religion or culture throughout the region, like India. Consequently, these populations demand a high level of plant-based products such as bars made from sunflower oil. In the past year, availability of plant-based bars in Asia Pacific region has grown.

Key Takeaway's-

The demand for plant protein bars is driven by greater education, simplified meals and creative cuisine ideas. Improvements in health, energy, digestion, weight loss, environmental benefits and animal welfare are also part of the other benefits. The vegan diet promotes fewer risks of cancer and increasing other chronic diseases is garnering market growth further. According to the market analysis of plant-based bars, plant-based bars are the first choice of plant-based consumers due to the skin and other benefits of nuts. In addition, demand for plant protein bars is growing due to the availability of ready meal substitution and snack options. In order to increase their market share in the plant-based bars, certain brands are also sponsoring sporting events.

Recent Developments -

June 2022, Laird's introducing plant proteins, including adaptogens, to the Superfood. The brand has launched its initial snack with functional characteristics in order to meet the increasing demand for functional superfoods among consumers. There are ten grams of protein derived from peas in the newly released protein bar.

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.

Table of Content - Analysis of Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Segmentation, By Product Type
9. Plant-based Bars Market Segmentation, By Product
10. Plant-based Bars Market Segmentation, By Distribution Channel
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion

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This release was published on openPR.