Plant-based Bars Market Size, Share & Industry Analysis, By Type (Cereal Grains-based Bars, Dried Fruit Bars, Nut & Seed Bars, Mixed Bars), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail, Others) And Regional Forecast 2023-2030

The global plant-based bars market is witnessing robust growth due to the rising demand for on-the-go breakfast products. The quick, snack-sized instant breakfast options let consumers ensure that they do not skip the most important meal of the day. The market is primarily driven by the growing popularity of plant-based foods. In recent years, consumer dietary preferences have significantly evolved. The emerging trend of veganism due to growing animal welfare concerns contributes to the increasing demand for plant-based food products. Furthermore, plant-based foods are believed to be healthier and safer as compared to animal-based products.

The increasing investments by manufacturers to develop healthier on-the-go breakfast options further contributes to the growth of the market. The utilization of organic and clean-label ingredients in these breakfast products is expected to attract wider consumer base due to the growing demand for label-friendly products. The growing awareness of digestive health among consumers has led the key manufacturers to invest in portfolio expansion with innovative products that contain prebiotic ingredients such as plant fibres. Rapidly developing distribution channels across the globe further fuels the growth of the market.

In recent years, the trend of consuming plant-based food has significantly increased due to the growing animal welfare concerns. Vegan or plant-based diet is also followed by a large consumer base as it is perceived to be safer & healthier. The rising popularity of plant-based foods is primarily driving the growth of the global plant-based bars market. The emerging trend of on-the-go nutrition is another factor propelling the global market growth. Developments of innovative vegan snacks by leading manufacturers to capitalize on the growing trend of plant-based on-the-go products are expected to drive the market growth in forthcoming years.

Key Market Driver -

Increasing Popularity of Plant-based Foods

Key Market Restraint -

Challenges Faced in Improvement of Palatability of Plant-based Bars

Flavor profiles of plant-based bars is the area where some serious improvements are required to increase the palatability and acceptability of finished products. Proteins extracted from plants generally impart off-flavors and unacceptable tastes when added to the product. Although formulating with functional ingredients addresses consumer demand for customized health and wellness, the purchase of these products is often driven by taste and flavor. The challenges faced in the improvement of palatability of plant-based bars is acting as a key restraint for the growth of the market.

Key Players Covered:

PepsiCo., Inc., Nestle S.A., Kind LLC, GoMacro LLC, Simply Good Foods Canada, Inc., NuGo Nutrition, Co.Exist Nutrition, LLC, Rise Bar, No Cow, and Probar LLC are the key players operating in the plant-based bars market.

Cereal grain-based bars are expected to exhibit strong sales performance owing to the rising demand for plant-based proteins. Granola, oats, quinoa, and soy-based bars are gaining popularity among consumers owing to their high protein content. These grains are also almost gluten-free which increases their popularity in clean-label aisles. The demand for mixed bars has also increased due to the growing demand for rich nutrition profiles and flavourful nutrition snacks.

The supermarkets and hypermarkets segment for plant-based bars sales is projected to witness robust growth owing to the availability of a wide variety of products and purchase convenience in these type of sales channels. Specific aisles are allocated for products in such stores providing a plethora of options to consumers. The discounts and offers launched by these mass merchandisers are also expected to boost their sales performance. Online retail is an emerging sector expected to exhibit promising growth in foreseeable years on account of the easy purchase and home delivery options.

Regional Analysis:

North America is expected to exhibit strong growth owing to the rising popularity of plant-based products. The emerging trend of healthy snacking in the region is driving the demand for healthy breakfast options that can be consumed on-the-go. The rising awareness of digestive health fuelling the demand for prebiotic bars made from plant-fibers. The increasing activities of innovations and new product developments are expected to fuel the growth of the market in the region.

Europe is projected to witness substantial growth owing to the increasing demand for clean-label products. The growing awareness regarding animal welfare concerns has significantly increased the demand for plant-based products. The emerging trend of veganism has fuelled the plant-based bars market in recent years. The growing inclination towards convenience food products is fuelling the demand for on-the-go products such as nutrition bars in the region.

Asia Pacific is projected to exhibit promising growth owing to the increasing popularity of nutrition bars and energy bars among fitness enthusiasts. Increasing media promotion activities to increase the sales of these bars fuels the regional growth of the market. The growing millennial population adopts western snacking habits is expected to drive the market growth in Asia Pacific region.

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Segmentation

Key Industry Developments

• In July 2020, Nestle S.A. expanded its Yes! Bars range with the incorporation of protein-rich plant-based snack bars. The expansion will enable company to capitalize on the growing demand for plant-based bars.


• In November 2018, PepsiCo., Inc. acquired plant-based energy bars manufacturer, Health Warrior, Inc. to strengthen its business of plant-based products.