Plant-Based Bars Market
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Plant-Based Bars Market size was worth more than USD 7 billion in 2022 and is poised to grow at 8% CAGR from 2023 to 2032. Changing dietary preferences and the rising demand for healthy snacks will positively influence the market demand. The rising prevalence of chronic illnesses, lifestyle disorders, and infectious diseases has accelerated consumer interest in healthier snacks and diets.
The rapid adoption of health & fitness trends and the growing number of health-conscious consumers across developed and developing countries will propel the plant-based bars market size. Veganism is set to play a major role in transforming the space of plant-based snacks with significant developments in microalgae food products.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Plant-Based Bars Market size in 2022: | USD 7.4 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 8.4 |
| 2023 Value Projection: | USD 16.5 Billion |
| Historical Data for: | 2018 to 2022 |
| No of Pages: | 250 |
| Tables, Charts & Figures: | 272 |
| Segments Covered: | Category, Source, Product Type, Distribution Channel |
| Growth Drivers: |
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| Pitfalls Challenges: |
The COVID-19 pandemic introduced new opportunities for the manufacturers of plant-based bars. Due to growing concerns associated with the fast-paced transmission of the novel coronavirus, a large number of the global population turned toward a healthier diet and holistic care to strengthen immunity. Moreover, the high risk of chronic illness linked with meat consumption spurred the number of vegans, vegetarians, and flexitarians across developed and developing economies.
Plant-based protein has gained significant popularity over the past few years across Europe on account of the rising consumer intolerance to animal protein. Meat and meat products consumed for their protein content are also considered to have a certain impact on the health of consumers. Meat has a high phosphorous-to-calcium ratio, which causes calcium excretion in the body and can result in bone demineralization. Furthermore, the growing awareness regarding the environmental impact of animal farming is driving consumer shift to healthier and sustainable plant-based foods in several EU countries.
The plant-based protein bars market was valued at more than USD 1 billion in 2022. Changing food preferences and a rapid shift from animal protein to plant-based protein are fueling the demand for vegan foods. Veganism is trending across developed and developing economies, whereas consumers are spending liberally on novel plant-based formulations. Moreover, the growing protein demand among fitness enthusiasts and health-conscious consumers will boost the consumption of vegan protein bars.
The organic plant-based bars market size will expand at 10% CAGR between 2023 and 2032. Organic snacks offer various health benefits over synthetic, artificial, and inorganic food products. Organic food ingredients are rich in antioxidants and provide a nutritional alternative to unhealthy snacks filled with preservatives. Additionally, these food products are free of pesticides, fertilizers, and GM. Moreover, growing concerns regarding food allergies associated with inorganic food additives will propel consumer preference for organic vegan foods.
U.S. plant-based bars market dominated more than USD 1 billion revenue in 2022, due to the growing efforts encouraging veganism and focusing on reducing the impact of animal agriculture and its associated carbon footprint. Plant-based foods have gained significant momentum in the U.S., attracting a large number of Americans. As per the Vegetarian Resource Group, in 2022, vegetarians and vegans accounted for 6% and 3% of the U.S. adult population, with 29% preferring a vegan meal occasionally.
Some of the key companies operating in the plant-based bars market include:
Market, By Category
Market, By Source
Market, By Product
Market, By Distribution Channel
The above information has been provided for the following regions and countries:
The market size of plant-based bars was surpassed USD 7 billion in 2022 and is register over 8% CAGR from 2023 to 2032.
Organic plant-based bars industry size will grow at 10% CAGR between 2023 and 2032, driven by the growing concerns associated with allergies from artificial food additives.
BHU Foods, Probar LLC, Simply Protein, Nugo Nutrition, Risebar, Raw Rev, Gomacro, Orgain, No Cow, and Nutree Life are some of the major companies in the market.
U.S. market size was worth more than USD 1 billion in 2022, due to the expanding vegan population in the country.