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Plant-based Bars Market Size, Share, and COVID-19 Impact Analysis, By Type (Cereal/Granola Bars, Protein Bars, Energy Bars/Meal Replacement Bars, Fruit & Nut Bars, and Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail Stores, and Others), and Regional Forecast, 2023-2030

Last Updated: April 29, 2024 | Format: PDF | Report ID: FBI104369

 

KEY MARKET INSIGHTS

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The global plant-based bars market size was valued at USD 7.55 billion in 2022. The market is projected to grow from USD 8.05 billion in 2023 to USD 14.31 billion by 2030, exhibiting a CAGR of 8.57% during the forecast period.


Plant-based bars are supplemental bars containing only plant-based protein sources such as cereals, nuts, fruits, and flavor ingredients, which are intended to supply quick food energy to consumers. These vegan bars are usually more protein-enriched and carbohydrate-dense to provide individuals with their preferred source of fuel (glycogen) while keeping them energized and satiated until the next meal. Moreover, the global market is witnessing remarkable growth due to changing lifestyles, surging demand for plant-based protein products, and rising health consciousness amongst customers. According to the Good Food Institute, 2021, vegan protein bars observed a slight growth of 1% in its overall bars segment as compared to 2020 across the U.S. market. Thus, all such instances further aggravate the global plant-based bars market growth.


COVID-19 IMPACT


Strong Growth in the Sales of Plant-based Bars Escalates the Overall Market Growth 


The COVID-19 outbreak has posed a devastating impact on the entire planet, including the livelihood and lifestyle of the global population. However, COVID-19 is not directly linked with livestock or any foodborne illness but still it has impacted the individual’s dietary patterns in terms of purchasing behavior as well as consumption patterns. During the initial stages of the COVID-19 phase, all manufacturing operations came to a sudden halt. The market witnessed an unforeseen disruption in the supply of raw materials, cancellation of export/import orders and machine operators due to transit restrictions and social distancing rules. Such scenarios, in turn, limited the market growth across the globe. However, due to rising concerns regarding health and wellness, consumers were looking for low fat, low sugar, and high-nutritional value products, such as cereal bars and protein bars, which claim to provide essential nutrients and health benefits to consumers. According to the Plant Based Foods Associations, 2021, the U.S. retail sales of plant-based foods witnessed a spike of 6.2% as compared to the previous year, 2020.


Moreover, plant-based snack bars observed a slight hike of 1% in its product sales, thereby generating around USD 174 million of profit across the U.S. market. Apart from this, manufacturers are also investing in expanding their product portfolio by adding new protein-based products via innovative launches or collaborations across the globe. For instance, in April 2021, Happy Bars, an Indian brand, announced its latest vegan energy bar, “Happy Bars Coco,” which consists of roasted pumpkin seeds, almonds, pistachios, and other herbs.


LATEST TRENDS


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Rising Veganism and Flexitarianism Trend Escalates the Demand for Plant-based Bars 


The growing inclination toward healthy lifestyles, along with several initiatives taken by governmental bodies has given rise to new opportunities, which has allowed the development of eco-friendly, healthier, and feasible solutions to curb the consumption of animal-based products. Nowadays, many consumers are looking for alternate options to minimize their consumption of meat and other animal food as part of a “plant-centric diet.” Moreover, these consumers are not only driven by the desire to refine their health but are often concerned about animal welfare and the threat of climate change, which, in turn, adds to the growing momentum of the global vegan food market. According to the “Packaged Facts Report on Vegan, Vegetarian and Flexitarian Consumers,” in 2020, approximately one-third (36%) of adults followed a flexitarian diet, whereas 5% and 3% of the population chose vegetarian and vegan diets across the U.S. market. Furthermore, with more people becoming plant-curious, food service operators and manufacturers are working toward high-quality vegan food options to satisfy customer demands. For instance, in December 2022, Veggie Grill, a vegan fast food chain, opened its new location offering a wide range of plant-based products from its four existing concepts such as Veggie Grill, Mas Veggies, Stand Up Burgers, and Vegan Bowls across the New York market. Apart from this, the top market players, such as Nestle S.A., Kellogg Company, and many more, are also expanding their product portfolio in the “better-for-you-products”, which further captivates consumer’s attention. For instance, in February 2022, Otsuka Pharmaceutical Co., Ltd. announced the launch of its latest “SOYJOY,” a new series of whole soy-based nutrition bars across the Japan market.


DRIVING FACTORS


Growing Inclination toward Fitness Augments the Sales of Plant-based Bars 


Health is a prerequisite factor in leading a fulfilled life, due to which the close inter-connection between food and the lifestyle factors of nutrition and sports is considered to be undisputed. Moreover, since food and health fitness are both considered as a “medicine”, thus their inter-related application is a highly effective and simple tool for improving an individual’s health, especially for athletes. However the concept of veganism has been strongly linked to sports and exercise even in ancient times, but the world is witnessing a sudden drift in its growth of acceptance in recent years. The rising trend of the “healthy” lifestyle further influences the population to opt for vegan or other vegetarian products, such as a snack, meal or occasional drinks, primarily due to their numerous health benefits. Moreover, to maintain an active lifestyle, gym users or athletes are largely turning to vegan products such as plant-based energy or protein bars before and after their workout process, thereby paving the way toward the growth of the global market.


Furthermore, various celebrities and athletes promote the importance of vegan diets, which augments the growing momentum. For instance, in July 2020, celebrity chef Vikki Krinsky announced the launch of his latest brand, “VK Energy Bars,” which is 100% plant-based, vegan, dairy free, and rich in protein and fiber. The B-12 energy bars are available in three different variants, almond rosemary, cocoa & sea salt, and mayer & pistachio across the California market.


Increasing Use of Emerging E-commerce Platforms Boosts the Market Growth 


The trend of better-for-you products has gained utmost popularity in recent years and has been fueled by various driving factors including innovation, sustainability, and concerns about food security and consumer’s health. Besides, innovation in technology is also growing at a faster pace across the globe, and thus influencing the consumers toward e-commerce channels, which has proven to be the most convenient option. In today’s era, plant-based foods are in high demand due to their several health benefits, and thus customers are willing to spend their hard-earned money on healthy food items such as plant-based bars. Thus, such scenarios further augment the global plant-based bars market share across the globe. Moreover, the extensive launch of a variety of vegan foods in the market adds a number of opportunities to sell the products directly to consumers through e-commerce channels such as Amazon, Big Basket, Grofers, and others. Retail Times Newspaper, 2021, stated that Shelfs, Europe’s first intelligent B2B marketplace, showed a tremendous growth of 150% in its sales of vegan products, including plant-based bars. Besides, Vejji is another online channel in Europe that only deals with the distribution of clean-label products.


RESTRAINING FACTORS


Challenges Faced in Improvement of Palatability of Plant-based Bars Impede the Market Growth 


Vegan diets have become popular as a means of minimizing the environmental footprint from food and, in turn, promoting human health and animal welfare across the globe. However, the percentages of vegans and vegetarians are comparatively low as compared to omnivores, but still their numbers have increased significantly in the past few years. Thus, such scenarios have led to the development of new and trending meat-based alternatives that are marketed as sustainable and safe for human consumption. Nowadays, the use of non-animal food products other than meat alternatives is also rising at a higher pace and thus, this tendency provides several opportunities as well as challenges for the food industry. The manufacturers working toward the production of plant centric products are facing numerous challenges in terms of maintaining the sensory attributes such as texture and flavor. Thus, the prominent market players such as Kerry Group and many more are trying to find alternative solutions to neutralize the inherent flavors of plant protein, which is further helping the market to progress and grow in the right direction. Moreover, some manufacturers are using a combination of plant proteins or other binding syrups to improve the textural characteristics, whereas neutral-tasting protein such as almond flour is largely used to refine the off notes and earthy flavors of the bars.


SEGMENTATION


By Type Analysis


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Protein Bars Segment is the Leading Segment as it is the Richest Source of Proteins


On the basis of type, the market is segmented into cereal/granola bars, protein bars, energy bars/meal replacement bars, fruit & nut bars, and others. The protein bars segment witnessed the highest growth in its consumption pattern as compared to other types of bars. Protein-enriched bars have emerged as a popular snack designed to add convenience to an individual’s hectic routine. These bars are identified by a higher proportion of protein than carbohydrates and fats, and thus contain whole food ingredients such as oats, quinoa, and other seeds. Moreover, as per the U.S. Department of Agriculture, protein bars consist of around 10-30 grams of protein, which, in turn, aids post-workout muscle repair, weight gain and loss as well as also provides a feeling of satiety. Thus, all such instances further pave the way toward the growth of the global vegan protein bars market.


Cereal/granola bars have also gained popularity in recent years as it is an easy, portable option that keeps individuals energized for the entire day. As granola bars are consumed as a meal replacement option, it becomes important to seek those bars that provide nutrients at least half equal to regular meals. Thus, manufacturers are highly investing in developing versions, which are equally balanced with fiber, vitamins, and mineral content.


By Distribution Channel Analysis


Supermarkets/Hypermarkets Segment Recognized as the Convenient Option Due to Variety of Products


On the basis of distribution channel, the market is segmented into supermarkets/hypermarkets, specialty stores, convenience stores, online retail stores, and others. Out of all the categories, supermarkets/hypermarkets secured the leading position by holding the maximum share in 2022. Supermarkets/hypermarkets have emerged as a staple option for consumers looking for a wide range of products, including conventional, vegan, and organic products along with several household merchandise. Moreover, it adds convenience for purchasing as it can accommodate larger crowds, which further captivates consumer’s attention. Furthermore, other advantages, such as freedom of selection, reasonable prices for goods, as well as discounts in bulk, facilitate the sales of plant-based bars via such channels.


Specialty stores are also experiencing a hike in their growth due to easy accessibility, availability, product expertise, and efficient customer service, which later boosts the market share.


REGIONAL INSIGHTS


North America Plant-based Bars Market Size, 2022 (USD Billion)

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North America is the leading player in the market and was valued at 3.68 billion in 2022. The growing consumption of plant-based protein bars due to the emerging trend of healthy snacking is responsible for escalating the demand for healthy meal replacement options that can be consumed on the go. In addition, the rising number of innovations and new product developments are further expected to augment plant-based sales across the region. For instance, in July 2019, Probar LLC, one of the leading manufacturer of organic foods, announced the launch of two new flavors of meal bars, such as blueberry muffin and s’mores, via retail shops in the U.S. market These latest additions are 100% plant-based, gluten free, and are crafted via using a variety of whole superfoods.


Europe is projected to exhibit strong growth owing to the surging inclination of consumers toward convenience food products, which are made from clean-label ingredients. In addition, the rising awareness regarding animal welfare and evolving trend of veganism in the region are expected to fuel the growth of the region’s market. According to the “ProVeg International,” 2022, a non-profit organization, approximately 10% of German customers are plant-based eaters, thus making the country hold the highest share of plant-based consumers amongst the other European countries. This has resulted in producing healthier and clean plant-based products, such as nutrition bars, which also improves the growth. For instance, in July 2020, Nestle S.A. introduced its new line of Yes! Bars which will be wholly made from a combination of plant-based protein sources such as nuts and peas. All such instances thus proliferate the growth of the global market in the region.


Asia Pacific is also expected to witness a promising growth in the coming years attributed to the growing demand for health and wellness products across the region. Australia, China, and India are experiencing an enlargement in the sports industry, which drives the demand for nutrition-enriched bars across the market. Apart from this, the ongoing program of China’s National Nutrition Plan and the Healthy China initiative will further boost sports fitness, and thus later draw strong demand for sport nutrition products such as protein bars and cereal bars.


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The markets in South America and the Middle East & Africa are quite niche and growing at a slow pace, but are anticipated to accelerate in the coming years. Factors, such as the rising availability of such products, expanding distribution channel, and the consolidation of several regional brands operating with reasonable unit prices, are further expected to increase the overall sales of plant-based bars.


Key Players are Launching Innovative Products to Expand their Business Line


Some of the prominent players operating in the global market include Kellogg’s Company, Green’s Gone Wild, and General Mills Inc. The companies are extensively focusing on increasing their customer base, by collaborating with other large business stakeholders or via joint ventures, which can help in expanding their profit income. In addition, the determined focus on introducing novel and sustainable products with vital nutrients further enhances the growth of the vegan bars market. For instance, in October 2020, Bhu Foods, a San Diego-based superfoods company, announced the launch of a new line of its refrigerated organic keto protein bars across the U.S. market. These premium products will be available at more than 1,500 target locations and 900-plus Walmart locations nationwide. Such new launches will further boost the growth of the plant-based foods segment.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • April 2022: SternLife, one of Germany’s leading providers for functional foods, launched four vegan bars at Vitafoods Europe in Geneva. This new range of products is growing in response to consumer demand for sustainable products, which are free from animal sources and other artificial ingredients.

  • March 2022: Australian Plant Protein (APP) has entered into a project of expanding the animal-free protein manufacturing capacity of South Australia. The new three production facilities will be constructed across the state and will be manufacturing vegan products such as meat, bars, protein powders, and animal free-protein powders.

  • July 2021: RXBAR announced the new entry of its vegan egg-free nutrition bars, which will be produced from a blend of pea and almond protein along with dates, nuts, and oats. The new RXBAR is available in cookie-dough inspired chocolate chip and peanut butter flavors across Target and Kroger stores in the U.S.

  • July 2021: Barebells, a U.S. based popular protein bar company, is making its debut with the launch of two vegan protein bars, “Salty Peanut,” and “Hazelnut Nougat,” in the U.S. market. Both the protein bars are made with clean label ingredients and also by keeping the customers health and wellness in mind.

  • January 2021: The Whole Truth Foods introduced its first ever dairy-free and whey-free vegan energy bars across the Indian market. The company launched five different flavors such as cocoa cranberry fudge, mocha almond fudge, almond choco fudge, fig apricot orange, and peanut choco fudge.


REPORT COVERAGES


An Infographic Representation of Plant-based Bars Market

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The research report includes quantitative and qualitative insights into the market. It also offers a detailed analysis of the market size and growth rate for all possible market segments. Various key insights presented in the report are an overview of related markets, competitive landscape, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.


Report Scope  & Segmentation
















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Unit



Value (USD Billion)



Growth Rate



CAGR of 8.57% from 2023 to 2030



Segmentation



By Type



  • Cereal/Granola Bars

  • Protein Bars

  • Energy Bars/Meal Replacement Bars

  • Fruit & Nut Bars

  • Others



By Distribution Channel



  • Supermarkets/Hypermarkets

  • Specialty Stores

  • Convenience Stores

  • Online Retail Stores

  • Others



By Geography



  • North America (By Type, Distribution Channel, and Country)

    • U.S. (By Distribution Channel)

    • Canada (By Distribution Channel)

    • Mexico (By Distribution Channel)



  • Europe (By Type, Distribution Channel, and Country)

    • Germany (By Distribution Channel)

    • France (By Distribution Channel)

    • U.K. (By Distribution Channel)

    • Spain (By Distribution Channel)

    • Italy (By Distribution Channel)

    • Rest of Europe (By Distribution Channel)



  • Asia Pacific (By Type, Distribution Channel, and Country)

    • China (By Distribution Channel)

    • India (By Distribution Channel)

    • Japan (By Distribution Channel)

    • Australia (By Distribution Channel)

    • Rest of Asia Pacific (By Distribution Channel)



  • South America (By Type, Distribution Channel, and Country)

    • Brazil (By Distribution Channel)

    • Argentina (By Distribution Channel)

    • Rest of South America (By Distribution Channel)



  • Middle East and Africa (By Type, Distribution Channel, and Country)

    • South Africa (By Distribution Channel)

    • UAE (By Distribution Channel)

    • Rest of Middle East & Africa (By Distribution Channel)





 





Frequently Asked Questions

Fortune Business Insights says that the global market size was valued at USD 7.55 billion in 2022.

The market is projected to grow at a CAGR of 8.57% during the forecast period (2023-2030).

The protein bars segment is expected to be the leading type in the global market.

Growing inclination toward fitness and the emerging use of e-commerce platforms drive the market growth.

Kelloggs Company, General Mills Inc., and Green’s Gone Wild, LLC are a few of the top players in the global market.

U.S. is expected to hold the highest market share throughout the forecast period.

Challenges faced in the improvement of palatability of vegan bars impede the market growth.

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