Plant Based Bars Market is expected to hit USD 13.59 Bn by 2029 at a CAGR of 9.5 percent – says Maximize Market Research

Pune, June 22, 2023 (GLOBE NEWSWIRE) — A global Consumer Food & beverage research and business-consulting firm, Maximize Market Research, has published a market intelligence report on the “Plant Based Bars Market”. The report is a combination of primary data and secondary data and domain experts have analyzed the Plant Based Bars Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects the market to grow from USD 7.20 Bn in 2022 to USD 13.59 Bn in 2029 at a CAGR of 9.5 percent.

Plant-Based Bars Market Report Scope and Research Methodology

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The report provides a detailed analysis of the data through segments: Product and Distribution Channel and their multiple sub-segments. The bottom-up approach is used to estimate the size of the Plant Based Bars Market by value and volume. The report involves investment feasibility, growth drivers, opportunities, and competitive landscape in major geographic regions such as North America, Asia Pacific, Europe, the Middle East and Africa, and South America. The report analyses the Plant Based Bars Key Competitors through their market size and share, mergers and acquisitions, and collaborations happening in the market. The report helps new and existing Plant Based Bars Market Key Players to develop their strategies based on competitive benchmarking included in the report. The data has been collected through primary and secondary research methods. Primary data were gathered from interviews with market leaders and opinions from senior research analysts. Whereas, secondary data were collected from annual reports from the organizations and public records. The Plant Based Bars Market data were later analyzed by SWOT analysis, PORTER’s five force model, and PESTLE analysis.

Plant Based Bars Market Overview

Protein bars, energy bars, and snack bars are the compact size of food products that contain a whole meal protein, and energy. These bars are made using natural ingredients such as plants like fruits, nuts, seeds, grains, and veggies. The vegan food followers prefer these plant-based bars to complete the food nutrition requirement. The research report pinpoints the major drivers and restraints for key companies and the current benchmarking and development prospects. It looks into the demand in the industry and for market predictions, market trends, and micro and macro variables in detail.

The research analyses the plant based bars market value in terms of value and volume estimated on real numbers and outputs of the major players across the globe. The report constitutes an in-depth analysis of the Plant Based Bar Market and its segmentation. It also provides the investors and readers with a regional analysis of the market dynamics which assists them to compare the past and current trends of the market scenarios.

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Plant Based Bars Market Dynamics

The plant-based bars market is being driven by a growing demand for plant-based food products, including bars. This demand is fueled by consumers adopting plant-based or vegan lifestyles, health-conscious individuals, and those seeking alternatives to traditional snack bars. Plant-based bars align with the values of consumers who are concerned about the environment. Manufacturers are investing in research and development to create innovative and appealing plant-based bar options. This investment expands the range of flavors, textures, and nutritional profiles available in the market, attracting more consumers.

Achieving a desirable taste and texture in plant-based bars can be challenging. These bars need to match or surpass the sensory experience provided by conventional bars that often contain animal-based ingredients. The cost of certain plant-based ingredients can be high, making it challenging to produce affordable plant-based bars. This cost factor becomes especially prominent when comparing them to conventional bars. Manufacturers face challenges in sourcing consistent and high-quality plant-based ingredients. Additionally, managing the complex supply chain associated with these ingredients can be demanding. Opportunities exist to enlarge the plant-based bars market into new countries, and regions, preferably targeting upgrading markets where plant-based diets and health-consciousness are on the rise.

Plant Based Bars Market Regional Insights

Regional insights into the plant-based bars market exhibit variations influenced by factors such as cultural preferences, dietary habits, consumer awareness, and market maturity. The plant-based bars market in North America has experienced substantial growth. The region boasts a large number of health-conscious consumers, vegans, and individuals following plant-based diets. In the United States, the number of consumers has been raising in demand for plant-based bars. Consequently, a wide range of product offerings and increased shelf space in retail stores have emerged to cater to this demand.

Europe is another prominent region for the plant-based bars market. The region also encompasses sustainability and environmental awareness, further expanding the growth of the plant-based bars market. The Asia-Pacific region showcases an escalating interest in plant-based nutrition and healthier snacking options. India, with its longstanding tradition of vegetarianism, presents a substantial market for plant-based bars.

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Plant Based Bars Market Segmentation

By Product Type

• Cereal/Granola Bars
• Protein Bars
• Energy Bars
• Others

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. Nutrition via protein bars or snackable bars is the trending option to complete the requirement of nutrition and energy. 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.

By Distribution Channel

• Supermarkets /Hypermarkets
• Specialty Stores
• Convenience Stores
• Online Retail Stores
• Others

Plant Based Bars Key Competitors include:

• Kellogg’s Company (US)
• Green’s Gone Wild, LLC (US)
• General Mills Inc. (US)
• 88 Acres (US)
• LoveRaw (UK)
• GNC Holdings LLC (US)
• Raw Bite (Germany)
• Rise Bar (US)
• MADE GOOD (US)
• Vaxa Bar (US)
• Probar LLC (US)
• BHU Foods (US)
• Nugo nutrition (US)
• Raw Rev (US)
• GoMacro (US)
• Orgain (US)
• No Cow (US)
• Nutree Life (UK)
• Quaker Oats Company (US)
• Nature Valley (US)

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Key questions answered in the Plant Based Bars Market are:

• What is a Plant Based Bars Market?
• What was the Plant Based Bars Market size in 2022?
• What is the expected Plant Based Bars Market size during the forecast period?
• What are the global trends in the Plant Based Bars Market?
• What are the major restraints for the Plant Based Bars Market?
• Which segment dominated the Plant Based Bars Market growth?
• What is the demand pattern for the Plant Based Bars Market?
• What growth strategies are the players considering to increase their presence in the Plant Based Bars Market?
• What are the upcoming industry applications and trends for the Plant Based Bars Market?
• Who are the leading companies and what are their portfolios in the Plant Based Bars Market?
• Which region dominates the largest market share in the Plant Based Bars Market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2022−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, Organization Size, Application, and Industry Vertical
• Market Segmentation – A detailed analysis by Product, and Distribution Channel
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Maximize Market Research is leading Food & Beverages research firm, has also published the following reports:

Inulin Market – The market size is expected to reach USD 2.8 Bn by 2029 at a CAGR of 6.7 percent during the forecast period. Health Awareness, Functional Foods, and Natural Ingredients are the major drivers of the Insulin Market.

Avocado-Based Products Market – The market size is expected to reach USD 29 Bn by 2029 at a CAGR of 6.2 percent during the forecast period. The rise in the adoption of plant-based diets is a strong force for the Avocado-Based Products Market.

Dry Whole Milk Market – The market size is expected to reach USD 14.15 Bn by 2029 at a CAGR of 3.2 percent during the forecast period. Technological Advancements, Consumer Preference, Cost Optimization, and Sustainability are the major factors that drive the dry whole milk market.

Meat Flavours Market – The market size is expected to reach USD 5.64 Bn by 2029 at a CAGR of 5.9 percent during the forecast period. The growth of the meat flavors market is fuelled by shifting consumer preferences and industry trends, including the increasing demand for natural and organic food ingredients driven by consumer awareness.

Corn Flakes Market – The market size is expected to reach USD 3.27 Bn by 2029 at a CAGR of 12.9 percent during the forecast period. Increasing awareness about health benefits in adults and growing demand for Corn Flakes amongst children across the world are the factors that drive the growth of corn flakes market.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.