Plant Based Bars Market: Global Industry Analysis and Forecast (2023-2029)

Global Plant Based Bars Market size was valued at USD 7.20 Billion in 2022 and is expected to grow at a CAGR of 9.5 percent from 2023 to 2029 to reach USD 13.59 Billion.
Plant Based Bars Market Overview
Plant Based Bars are a healthy and nutritious snack. These bars contain only plant based sources such as nuts, cereals, fruits and flavor ingredients, which supply quick energy to consumers. In the Industry, many companies are young, privately owned and trying to gain a sustainable foothold as a business. Many investors are interested in taking stakes in these companies with potential growth. The report on Plant Based Bars market includes detailed analysis of market size and share of each region. It also includes the region-wise and segment-wise analysis of the market dynamics including drivers, restraints, opportunities and challenges, which helps to understand the market in detail.To know about the Research Methodology :- Request Free Sample Report
Plant Based Bars Market Dynamics
The major factors contributing to the market growth are the rising awareness of the health benefits associated with plant-based diets and increasing health consciousness among people. As per the study, these diets help to reduce the risk of heart disease, cancer, stroke and other chronic diseases. This is resulting in an increasing number of people choosing plant-based diets, which is in turn increasing demand for plant-based bars. Health-conscious people are turning to plant based diets to fulfil their goals and often don’t want to take efforts for cooking. The plant based bars are becoming the perfect delivery system for these consumers due to their ready-to-eat and on-the-go nature. The nutritional benefit is the key factor driving the growth of plant based bars industry.

Most of the larger companies are investing in their plant based brands. One of the ways by which the plant based brands have grown is by being acquired by larger companies, for example – the purchase of Lightlife and Field Roast by Maple Leaf Foods. Recently Maple Leaf invested largely in a new plant based production facility. Gardein (Conagra), Morningstar (Kellogg), Boca (owned by Kraft Heinz) and SO Delicious (Danone) are the companies largely investing in plant-based brands. These investments in the plant based industry are expected to drive the growth of the Plant Based Bars market.

People who have an allergy or severe sensitivity to ingredients that are mainly included in plant based bars such as milk, peanuts, soy, etc run the risk of a serious or life-threatening allergic reaction if they consume the affected products. This is the major restraining factor for the market growth. Plant Based Bar manufacturers are majorly investing in research to find solution to this problem.
Plant Based Bars Market Regional Insights
The Plant Based Bars Market in North America held the largest share of the global market in 2022. The Junkless Strawberry Chewy Granola Bar, Peanut Butter Banana & Oats Bob's Bar, Nature Valley Crunchy Granola Bars, Pecan Crunch and 88 Acres Warm 'n' Spiced Cinnamon Maple Seed & Oat Bars are some of the granola bars ranked best and worst in 2023. The people in the region have a strong preference for savory or salty snacks and looking to reduce sugar intake on a daily basis. The key drivers of the regional market are:

Rising popularity of plant-based diets – The people following the plant based diet is increasing rapidly in the region. According to the Plant-Based Food Association, the Americans who follow a plant-based diet has increased majorly in past few years. This is majorly because of rising concerns about animal welfare, personal health and the environment.

Increasing demand for healthy snacks – The increasing demand for healthy snacks that are convenient and easy to eat on the go is driving the regional market growth. because plant-based bars are a good option for these consumers as they are high in fiber and protein.

The Plant Based Bars Market in Europe held the second largest share of the global market. Further, the region is followed by Asia Pacific. According to the research, the UK Plant Based Bars market is expected to grow rapidly during the forecast period. According to Food and Beverage Insider, 1 in 5 people are now eating or have eaten more vegetarian or vegan food. One of the main factors that are driving the regional market growth is the growing popularity of vegetarianism and veganism, which is resulting in an increase in demand for plant-based alternatives to traditional foods. As per the study, the vegan population in the region is increasing rapidly. The Good Food Institute Europe predicts that the sales of plant-based bars will increase significantly in the region due to rising awareness of the health benefits of plant-based diets. Luna Bar, Clif Builder’s Bar, Happy Cow Protein Bar, Natrua Vegan Protein Bar and ProVeg Protein Bar are the most popular bars in Europe.
Plant Based Bars Market Segment Analysis
Based on Type: The market is segmented into Cereal/Granola Bars, Protein Bars, Energy Bars and Others. The Cereal/Granola Bars segment held the largest Plant Based Bars Market share in 2022. These bars are the perfect food for easy and quick snacking. The base of these bars is typically made of oats, so they are naturally higher in carbohydrates than protein bars, which helps people to be focused and energized throughout the day. The Protein Bars and Energy Bars segment are expected to grow rapidly during the forecast period. This is attributed to the rising trend of fitness activities and sports. Protein bars have become a popular choice for people looking for increased energy, weight management and improved muscle mass.

Based on Distribution Channel: The market is segmented into Supermarkets /Hypermarkets, Specialty Stores, Convenience Stores, Online Retail Stores and others. The Supermarkets /Hypermarkets held the largest share of the global market in 2022. The plant based bars are easily available in supermarkets/hypermarkets. The Online Retail Stores segment is expected to grow at a high rate during the forecast period. This is attributed to the launch of a variety of products in the market creating various opportunities to sell the products directly through e-commerce channels such as Big Basket, Amazon, Grofers and Others.
Plant Based Bars Market Competitive Landscape
The competitive landscape in the report helps to understand Plant Based Bars key competitors by their revenue, financial status, fierce marketing strategies, social media presence, mergers, acquisitions, joint ventures, innovation and technological advancements present in the Plant Based Bars Industry.

Recently, Kellogg’s launched RXBAR A.M. Peanut Butter Dark Chocolate bar that hit the retailer shelves in June 2023. As Eileen Flaherty, Sr. Brand Manager, RXBAR said, the rich peanut butter & dark chocolate flavor has been made to be a crave-worthy addition to people’s daily routine. On May 2023, Nature Valley launched its new innovative product, “Nature Valley Savory Nut Crunch Bar”. This is available in three flavors which are White Cheddar, Everything Bagel and Smoky BBQ. General Mills has new technology that doesn’t require the use of sugars and syrups to bind the bars together. PROBAR also recently released two new PROBAR Meal® Bar flavors, S’more and Blueberry Muffin. Vexas plant based bars are seed based bars and around 40 percent of the ingredients are from seeds. Chia seeds, Pumpkin seeds and Hemps seeds are the main seeds from which bars of Vexas are made because of their nutritional value, protein amount and taste.
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Plant Based Bars Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 7.20 Bn.


Forecast Period 2023 to 2029 CAGR:
9.5%
Market Size in 2029:
US $ 13.59 Bn.


 Segments Covered:
by Product
1. Cereal/Granola Bars
2. Protein Bars
3. Energy Bars
4. Others


by Distribution Channel
1. Supermarkets /Hypermarkets
2. Specialty Stores
3. Convenience Stores
4. Online Retail Stores
5. Others



Plant Based Bars Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Plant Based Bars Key Players include
1. Kellogg’s Company (US)
2. Green’s Gone Wild, LLC (US)
3. General Mills Inc. (US)
4. 88 Acres (US)
5. LoveRaw (UK)
6. GNC Holdings LLC (US)
7. Raw Bite (Germany)
8. Rise Bar (US)
9. MADE GOOD (US)
10. Vaxa Bar (US)
11. Probar LLC (US)
12. BHU Foods (US)
13. Nugo nutrition (US)
14. Raw Rev (US)
15. GoMacro (US)
16. Orgain (US)
17. No Cow (US)
18. Nutree Life (UK)
19. Quaker Oats Company (US)
20. Nature Valley (US)
Frequently Asked Questions
1] What is the expected CAGR of the Global Plant Based Bars Market during the forecast period?
Ans. During the forecast period, the Global Plant Based Bars Market is expected to grow at a CAGR of 9.5 percent.

2] What was the Plant Based Bars Market size in 2022?
Ans. USD 7.20 Bn was the Plant Based Bars Market size in 2022.

3] What is the expected Plant Based Bars Market size by 2029?
Ans. USD 13.59 Bn is the expected Plant Based Bars Market size by 2029.

4] What are the major Plant Based Bars Market segments?
Ans. The market is divided by Type and Distribution Channel.

5] Which region’s Plant Based Bars Market share is expected to increase at a high rate during the forecast period?
Ans. The Plant Based Bars Market share of Asia Pacific is expected to increase at a high rate during the forecast period.

6] Who are the Plant Based Bars Key Competitors in the Industry?
Ans. Kellogg’s Company, Green’s Gone Wild, LLC, General Mills Inc., 88 Acres, LoveRaw, GNC Holdings LLC, Raw Bite, Rise Bar, MADE GOOD, Vaxa Bar, Probar LLC, BHU Foods, Nugo nutrition, Raw Rev, GoMacro, Orgain, No Cow, Nutree Life, Quaker Oats Company, Nature Valley