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.
The main types of products in plant-based bars are cereal and granola bars, protein bars, energy bars and meal replacement bars, fruit and nut bars, and others. Cereal and granola bars refer to types of snack bars that are typically made from a combination of grains, nuts, seeds, dried fruits, sweeteners, and other ingredients. It includes organic and conventional varieties. These are distributed through supermarkets and hypermarkets, specialty stores, convenience stores, online retail stores, and others.
The global plant-based bars market 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
The global plant-based bars market size is expected to grow from $4.64 billion in 2022 to $5.15 billion in 2023 at a compound annual growth rate (CAGR) of 11.05%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of plant-based bars market is expected to reach $7.50 billion in 2027 at a CAGR of 9.87%.
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.
Major players in the plant-based bars market 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., and Taos Bakes.
Product innovation is a key trend gaining popularity in the plant-based bars market. Major companies operating in the plant-based bars market are developing innovative products to strengthen their position in the market. For instance, in July 2022, Laird Superfood Inc., a US-based plant-based and functional foods manufacturing company, launched a plant-based protein bar with adaptogens. This innovative product is made with ten grams of plant-based protein from peas, hemp seeds, and pumpkin seeds, plus six grams of dietary fiber and all nine essential amino acids. Moreover, it is non-GMO, non-dairy, non-soy, and gluten-free. The bar is available in four flavors, peanut butter, peanut butter chocolate chip, chocolate mint, and lemon almond. Additionally, it is a useful source of protein, fiber, and other nutrients, and it is free from artificial flavors, colors, and preservatives. The bar is also a viable choice for people who are vegan or lactose intolerant.
For instance, in April 2022, LesserEvil Brand Snack Co., a US-based producer of packaged organic and plant-based snacks, acquired R.E.D.D. Bar for an undisclosed amount. Through this acquisition, LesserEvil Brand Snack Co. aimed to expand its product offering into bars, grow its business, reach a wider audience, and become a more competitive player in the snack industry. R.E.D.D. Bar is a US-based manufacturer of nutritional bars that provides plant-based bar products.
North America was the largest region in the plant-based bars market in 2022. 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 and Africa.
The countries covered in the plant-based bars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The plant-based bars market consists of sales of snack bars, raw bars, fiber bars, and grain-free bars. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The plant-based bars market research report is one of a series of new reports from The Business Research Company that provides plant-based bars market statistics, including plant-based bars industry global market size, regional shares, competitors with a plant-based bars market share, detailed plant-based bars market segments, market trends and opportunities, and any further data you may need to thrive in the plant-based bars industry. This plant-based bars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.