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Vegan Protein Bars Market will surge at 12% CAGR between 2020 and 2028
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The vegan protein bars market is set to grow at a 12% CAGR from 2020 to 2028, driven by rising health awareness and veganism trends.
According to a new study by Future Market Insights (FMI), the vegan protein bars market will surge at 12% CAGR between 2020 and 2028. Rising focus on health and wellness, soaring environmental concerns, and increasing awareness regarding animal cruelty have been fuelling the demand for vegan products worldwide. This is in turn is driving the vegan protein bars market, finds FMI.
Increasing awareness regarding the benefits of veganism and plant based diets is fuelling the demand for vegan protein bars. Growing fitness trends have been creating lucrative prospects for food items with gluten free, sugar free, anti-allergic, and low carb properties.
According to the International Health, Racquet & Sportsclub Association (IHRSA), 2019 marked impressive returns for the fitness industry. An IHRSA report found that the revenue of the global industry totaled US$94 Bn in 2019.
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“Veganism is gaining widespread acceptance worldwide and this in turn is generating lucrative prospects for the expansion of the vegan protein bars market. This trend is continue to boost sales prospects in the forthcoming years” states the FMI analyst.
Vegan Protein Bars Market- Important Highlights
Vegan Protein Bars Market – Drivers
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Vegan Protein Bars Market – Restraints
Coronavirus Impact on Vegan Protein Bars Market
The COVID-19 outbreak has created both opportunities and challenges for the market players. The pandemic disrupted several sectors counting the vegan protein bars market as well. Transport bans have generated obstacles for sourcing raw materials as well as hampered the production. Players are projected to foresee a downward trend owing to the lack of supply and demand. However, the market will bounce back steadily from 2021 onwards. Growing caution regarding fitness and health will fuel demand in the market.
Competitive Landscape
Market players operating in the market are concentrating on product launches as well as enhancing the nutritional values, texture, and taste of vegan protein bars. Furthermore players are adopting strategies such as mergers & acquisitions to retain their market positions.
Some of the key players in the vegan protein bars market include Simply Protein, PROBAR LLC, BHU Foods, NuGo Nutrition, Health Warrior, Garden of Life, Gomacro, Risebar and Raw Rev.
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Table of Content
2.1. Introduction
2.2. Global Vegan Protein Bars Market Size (US$ Mn & Volume (MT)) and Forecast, 2014-2028
2.3. Market Background and Associated Industry Assessment
2.4. Global Vegan Protein Bars Market Dynamics
2.5. Consumer Sentiment Analysis
2.6. Value Chain Analysis
2.7. Pricing Analysis
3.1. Global Vegan Protein Bars Market Size and Forecast By Nature, 2014-2028
3.2. Global Vegan Protein Bars Market Size and Forecast By Ingredients, 2014-2028
3.2.3. Nuts Market Size and Forecast, 2014-2028
3.2.4. Others Market Size and Forecast, 2014-2028
4.1. Revenue (US$ Mn) & Volume (MT) Comparison, By Country
4.2. Revenue (US$ Mn) & Volume (MT) Comparison, By Nature
4.3. Revenue (US$ Mn) & Volume (MT) Comparison, By Ingredients
4.4. Revenue (US$ Mn) & Volume (MT) Comparison, By Distribution Channel
Explore FMI’s Coverage of the Food & Beverage Industry
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The article discusses the growth prospects of the vegan protein bars market, expected to grow at a 12% CAGR from 2020 to 2028.
Rising health and wellness focus, environmental concerns, and awareness of animal cruelty drive the market.
COVID-19 disrupted supply chains but increased health awareness, which is expected to boost demand post-pandemic.
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