Overview and Scope
Plant-based bars typically refer to food bars or snack bars that are made primarily from plant-based ingredients. These bars are designed to provide a convenient and portable source of nutrition and are suitable for individuals following a plant-based or vegan diet. It is a reliable source of protein, which is essential for producing enzymes, hormones, and other important molecules.
Sizing and Forecast
The plant-based bars market size has grown rapidly in recent years. It will grow from $5.15 billion in 2023 to $5.68 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to rise of plant-based diets, growing health consciousness, vegan and vegetarian movements, clean label preferences, allergen-free options.
The plant-based bars market size is expected to see strong growth in the next few years. It will grow to $8.27 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to functional ingredients, global market expansion, e-commerce growth, sustainable packaging, culinary and flavor exploration. Major trends in the forecast period include collaborations and partnerships, innovation in ingredients, regenerative agriculture adoption, blockchain technology for transparency, alternative protein blends.
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Segmentation & Regional Insights
The plant-based bars market covered in this report is segmented –
1) By Type: Cereal And Granola Bars, Protein Bars, Energy Bars And Meal Replacement Bars, Fruit And Nut Bars, Other Types
2) By Nature: Organic, Conventional
3) By Distribution Channel: Supermarkets And Hypermarkets, Specialty Stores, Convenience Stores, Online Retail Stores, Other Distribution Channels
North America was the largest region in the plant-based bars market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plant-based bars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing popularity of sports and fitness activities is expected to drive the growth of the plant-based bars market. Sports and fitness activities refer to physical activities and exercises that are performed to improve physical fitness, overall health, and participation in sports. Plant-based bars are often used in sports and fitness activities for their convenience, portability, and nutritional benefits. They can be a valuable addition to support performance and recovery during these activities. It is used as an intra-workout snack, a pre-workout boost, and a post-workout recovery aid and provides nutritional and protein benefits. For instance, in June 2022, according to the reports shared by the Sports Business Journal, a US-based national weekly trade sports magazine, the total number of active sports and fitness participants in the US was 229.7 million in 2020, and it increased to 232.6 million by 2021, or 76.3%. Therefore, the increasing popularity of sports and fitness activities is expected to propel the growth of the plant-based bars market.
Key Industry Players
Major companies operating in the plant-based bars market report are General Mills Inc., Kellogg Company, Orgain Inc., Clif Bar & Company, Nature’s Path Foods Inc, Garden of Life LLC., KIND Snacks, RXBAR, Square Organics Inc, Go Macro LLC, Probar LLC., NuGo Nutrition, Lenny & Larry’s LLC, 22 Days Nutrition, Health Warrior Inc., BHU Foods, Bobo’s Oat Bars, Simply Protein, Thunderbird Real Food Bars, Greens Gone Wild LLC., ZEGO Foods, R.E.D.D., No Cow LLC, Kuli Kuli Inc., Raw Rev, Evo Hemp, Picky Bars Inc., LoveRaw Ltd., 88 Acres Foods Inc., Taos Bakes
The plant-based bars market report table of contents includes:
1. Executive Summary
2. Plant-Based Bars Market Characteristics
3. Plant-Based Bars Market Trends And Strategies
4. Plant-Based Bars Market – Macro Economic Scenario
5. Global Plant-Based Bars Market Size and Growth
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31. Global Plant-Based Bars Market Competitive Benchmarking
32. Global Plant-Based Bars Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Fat Replacers Market
34. Plant-Based Bars Market Future Outlook and Potential Analysis
35. Appendix
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