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
- North America will maintain a lucrative position owing to relatively higher awareness and availability regarding vegan protein bars
- Conventional nature segment will continue to lead, holding more than 80% of the overall market share
- Nuts ingredients segment will emerge lucrative, recording a CAGR of 14% during 2020-2028
- Online retailing distribution channel will emerge as a lucrative category over the projected period
Vegan Protein Bars Market – Drivers
- Growing fitness clubs and awareness about animals and health are expected to boost the demand for vegan protein bars.
- Escalating health initiatives by several governments and international organizations across the world boosting market growth.
- Rising flexitarianism and veganism due to growing awareness about animal cruelty and health, will generate lucrative prospects for the players.
- Due to fear of COVID-19 and other air borne diseases, consumers are increasingly shifting towards vegan protein diet. Thus, the augmenting demand for plant based protein bars significantly.
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Vegan Protein Bars Market – Restraints
- High cost associated with the vegan protein products remains a key challenge
- Growing incidences of soy allergy is likely to pose threat to the market growth.
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.
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
- Global Vegan Protein Bars Market – Executive Summary
- Global Vegan Protein Bars Market Overview Market Taxonomy
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
- Global Vegan Protein Bars Market Analysis and Forecast 2014-2028
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
- North America Vegan Protein Bars 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
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