The global Veg Protein Bar Industry is projected to reach a market value of USD 180.2 million by 2022, accelerating at a CAGR of 11.5% from 2022-2032.
Vegan protein bars are made from a variety of plant-based ingredients such as nuts and vegetables. Most vegan protein bars are made from fresh dried fruits/grains and seeds such as quinoa, chia, sunflower, oats, flax etc. The base of most vegan protein bars are dates, berries, apples, plums and figs, bananas, raisins and other sticky dried fruits. Dried fruits contain the same amount of nutrients as fresh fruit contains and are rich in fibre, omega-3 fats and antioxidants, which can improve circulation and digestive health and reduce the risk of many diseases. They are the perfect source of natural sugars and minerals.
The consumption of plant based-protein can help to reduce levels of harmful bacteria such as salmonella. Moreover, vegan protein bars are high in fibre and nutrients that help detoxify the body and keep the gut healthy. Consumption of plant based-protein over animal protein also helps reduce the risk of many diseases such as stroke, cardiovascular disease, and cancer. In addition, these plant based-protein protein bars are low in saturated fat and cholesterol and rich in beneficial plant sterols. These nutrients help keep the heart healthy, which will increase the demand for vegan protein bars in the future.
Furthermore, consumer trends toward plant-based foods due to the rise in food allergies is one of the main reasons for the demand for vegan protein bars. As per the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of allergy. Food allergies are estimated to affect 4-6% of children and 4% of adults. Symptoms of an allergic reaction can affect the skin, gastrointestinal, cardiovascular, and respiratory systems.
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Key Companies Insights:
Major players operating in the Veg Protein Bar Market include Hammer Nutrition, PROBAR, LLC, NuGo Nutrition, Nestle S.A. In order to remain competitive in the market, market players have adopted various strategies such as mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, thereby contributing significantly to the market growth. For example, Bhu Food, a San Diego-based superfood company, launched refrigerated organic protein bars in October 2020. Companies in the market are engaged in various acquisition activities in an effort to gain first-mover advantage in various niche markets. For example, in March 2021, Mondelez International acquired Grenade, a UK-based performance nutrition company active in the fast-growing high-protein bar category.
Some of the key players operating in the global veg protein bar market include:
• Aloha
• BHU Foods
• Clif Bar and Company
• Garden of Life LLC
• General Mills, Inc.
• Gomacro
• Health Warrior
• Manitoba Harvest
• No Cow
• NuGo Nutrition
• Orgain
• PROBAR LLC.
• Raw Rev
• Risebar
• Simply Protein
• Others
Segments
By Source
• Organic
• Conventional
By Ingredient
• Vegetables
• Nuts
• Others
By Flavours
• Chocolate-Vanilla
• Chocolate-Caramel
• Peanut Butter
• Cherry Cashew
• Fruit & Nut
• Hazelnuts
• Others
By Product Type
• Sports Nutritional Bars
• Meal-Replacement Bars
• Others
By Distribution Channel
• Hypermarkets and Supermarkets
• Convenience Stores
• Drug Stores and Pharmacies
• Health and Wellness Stores
• Online Retails
• Others
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Vegan protein bars contain only protein from plant sources such as peas, brown rice, hemp, and soy. Hence, the growing awareness towards health and substitute of animal based protein drive the market growth. Moreover, increasing number of healthcare initiatives by several governments and international organizations around the world will create new facets to the growth of the vegan protein bars industry during the forecast period. Market players active in the vegan protein bars market are focused on launching products with improved nutritional value. For example, in November 2019, PROBAR LLC launched his two delicious new PROBAR meal bar flavors: Blueberry Muffin and S’mores. The bars are 100% plant-based, gluten-free, and made with whole superfoods.
Furthermore, the rise of vegetarians has increased the demand for plant-based diets to maintain a healthier lifestyle around the world. According to data released by the Vegan Society, there were an estimated 600,000 vegans in the UK in 2019. Additionally, plant-based bars are low in fat, making them in high demand among obese people.
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Questions Answered In the Report:
- Who Are The Leading Market Players Active In The Vegan Protein Bars Market?
- What Current Trends Will Influence The Market In The Next Few Years?
- What Are The Driving Factors, Restraints, And Opportunities In The Market?
- What Future Projections Would Help In Taking Further Strategic Steps?
- What Is “Vegan Protein Bars Market” Prediction In The Future?
