The global Veg Protein Bar Market 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. 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.
Impacts of the COVID-19 Pandemic:
The COVID-19 pandemic has positively and negatively impacted the revenue of the veg protein bar industry. Offline schools and workplaces are closed during the pandemic to prevent the spread of coronavirus. This factor has had a significant impact on the revenue of major players and other outsourcing companies operating in the industry. In response to declining sales conditions, companies have shifted their training focus to online platforms, often referred to as e-learning platforms. Major players took advantage of the pandemic by announcing the availability of online courses through various social media platforms. Online platforms have helped stakeholders maintain revenue. The veg protein bar market has grown significantly during the pandemic as virtually every student or worker has gone online. As a result, online courses are performing admirably despite the disruption of traditional education during the pandemic.
Product Type Insights
The sports nutrition bar segment is presumed to be the leading segment due to its high protein content containing essential nutrients that help repair and enhance body performance. Consumption of sports nutrition bars is increasing due to the increasing popularity of products among athletes in various sports such as football, basketball, cricket and hockey. These bars contain grains and other high-energy foods that can provide you with energy quickly in a short amount of time. Additionally, increased participation in extreme sports that require long-distance travel, such as marathons and triathlons, will help drive traction for the product, as these sports are often accessible to the general public. Furthermore, the meal replacement segment is also expected to grow significantly due to an increase in the number of full-time workers. The growing number of people working in hazardous working environments such as tunnels, mining, etc., where consumption of high-protein foods is required to restore strength, serves as a flourishing factor for increased consumption of the product.
Distribution Channel Insights
Online retail segment is expected to hold significant market share with a number of prominent players worldwide selling nutritional products through online channels such as Amazon.com, Puritans Pride Inc., NuGo Nutrition Natures Basket Co. According to Glanbia Nutrition, in 2021, online grocery shopping was done by 42% of U.S. customers (compared to 33% in 2020 and 27% in 2019). E-commerce trends, including buying multiple packs instead of individual packs and growing and strengthening direct-to-consumer partnerships, will continue to have a positive impact on bar sales. Online advertising and discounts on premium protein bars also attract consumers to purchase these products. Moreover, the convenience store segment has seen the strongest growth in demand for groceries due to easy access for consumers. In addition, the growth of the retail sector is easing consumer demand to purchase various staples such as chocolate his chips, medium protein his bars and candies at retail outlets.
Regional Insights
The North America region is expected to carry the highest share in the growth of the veg protein bar market. The United States is one of the largest markets for protein bars in the region. The rise of fitness centers in North America and growing consumer intolerance to animal protein is likely to increase demand for vegan protein bars, creating promising growth opportunities for new players targeting vegan protein bars. According to the Asthma and Allergy Foundation of America, more than 50 million people in the United States suffer from various types of allergies each year, including food allergies. In 2018, 4.8 million (6.5%) of her children under the age of 18 had food allergies. Milk is the most common allergen in children, followed by eggs and shellfish. As a result, consumers are moving towards plant-based or vegan food options. Furthermore, Europe is expected to be a promising market in terms of revenue generation. Strict government regulations on animal welfare have supported the growth of the market in the region. Additionally, consumer inclination towards vegan products such as protein bars among sports athletes has surged the demand for vegan protein bar. Consumers prefer to purchase protein bars for various purposes such as weight management, improved muscle mass and increased energy drive the market growth.
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 keto 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
Global Veg Protein Bar Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Veg Protein Bar market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
