Plant-based Bars Global Market Report 2024

The plant-based bars market size has grown rapidly in recent years. It will grow from $5.15 billion in 2023 to $5.68 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth observed in the historical period can be attributed to various factors, including the rise of plant-based diets, a growing awareness of health-conscious choices, the influence of vegan and vegetarian movements, preferences for clean label products, and the demand for allergen-free options in the market.

The plant-based bars market size is expected to see strong growth in the next few years. It will grow to $8.27 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The anticipated growth in the forecast period can be attributed to factors such as the incorporation of functional ingredients, the expansion of the global market, the growth of e-commerce, a focus on sustainable packaging, and continued exploration of culinary and flavor options. Major trends expected in the forecast period encompass collaborations and partnerships within the industry, ongoing innovation in ingredients, the adoption of regenerative agriculture practices, the implementation of blockchain technology for transparency, and the exploration of alternative protein blends in plant-based bars.

The plant-based bars market is anticipated to witness growth due to the increasing popularity of sports and fitness activities. Sports and fitness activities involve physical exercises aimed at improving overall health and participating in sports. Plant-based bars are favored in these activities for their convenience, portability, and nutritional benefits, serving as intra-workout snacks, pre-workout boosts, and post-workout recovery aids. In the US, the number of active sports and fitness participants rose from 229.7 million in 2020 to 232.6 million in 2021, constituting a 76.3% engagement rate, indicating a rising trend in sports and fitness. Consequently, the surge in sports and fitness activities is expected to drive the plant-based bars market.

The expansion of the food service industry is poised to contribute to the growth of the plant-based bar market. The food service industry involves businesses engaged in preparing, distributing, and selling food and beverages to consumers. Plant-based bars cater to the increasing demand for healthier and sustainable food options in the food service industry, offering a convenient and nutritious snack alternative aligned with dietary preferences and environmental consciousness. In 2022, the US restaurant industry recorded $898 billion in sales, marking an additional $166.5 billion from 2021 sales. This growth in the food service industry acts as a driving force for the plant-based bar market.

Product innovation is a prominent trend in the plant-based bars market, with major companies developing innovative products to enhance their market position. For instance, Laird Superfood Inc., a US-based plant-based and functional foods manufacturer, launched a plant-based protein bar with adaptogens in July 2022. The bar includes ten grams of plant-based protein, sourced from peas, hemp seeds, and pumpkin seeds, along with six grams of dietary fiber and all nine essential amino acids. Additionally, it is non-GMO, non-dairy, non-soy, and gluten-free, available in flavors such as peanut butter, peanut butter chocolate chip, chocolate mint, and lemon almond. The product addresses the growing demand for nutritious and sustainable snack options.

Major companies in the plant-based bar market are embracing strategic partnerships to highlight the sustainable qualities of Ponova oil. Strategic partnerships involve leveraging mutual strengths and resources for mutual benefits and success. For example, Aloha, a US-based food company, collaborated with Terviva, a US-based agricultural innovation company, in March 2023. This partnership aims to introduce a plant-based protein bar featuring Ponova oil derived from the Pongamia tree. Ponova oil is a climate-resilient vegetable oil known for its sustainable and regenerative qualities.

In April 2022, LesserEvil Brand Snack Co., a US-based producer of organic and plant-based snacks, acquired R.E.D.D. Bar. This strategic acquisition enabled LesserEvil Brand Snack Co. to diversify its product offerings, particularly in the bar category, expand its business reach, and enhance competitiveness in the snack industry. R.E.D.D. Bar, a US-based nutritional bar manufacturer, brought plant-based bar products to the portfolio of LesserEvil Brand Snack Co.

Major companies operating in the plant-based bars market report are General Mills Inc., Kellogg Company, Orgain Inc., Clif Bar & Company, Nature's Path Foods Inc., Garden of Life LLC., KIND Snacks, RXBAR, Square Organics Inc., Go Macro LLC, Probar LLC., NuGo Nutrition, Lenny & Larry's LLC, 22 Days Nutrition, Health Warrior Inc., BHU Foods, Bobo's Oat Bars, Simply Protein, Thunderbird Real Food Bars, Greens Gone Wild LLC., ZEGO Foods, R.E.D.D., No Cow LLC, Kuli Kuli Inc., Raw Rev, Evo Hemp, Picky Bars Inc., LoveRaw Ltd., 88 Acres Foods Inc., Taos Bakes.

North America was the largest region in the plant-based bars market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plant-based bars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the plant-based bars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of plant-based bars include cereal and granola bars, protein bars, energy bars and meal replacement bars, fruit and nut bars, and others. Cereal and granola bars are snack bars typically composed of a blend of grains, nuts, seeds, dried fruits, sweeteners, and other ingredients. These bars are available in both organic and conventional varieties and are distributed through various channels such as supermarkets, hypermarkets, specialty stores, convenience stores, online retail platforms, and others.

The plant-based bars market research report is one of a series of new reports that provides plant-based bars market statistics, including plant-based bars industry global market size, regional shares, competitors with a plant-based bars market share, detailed plant-based bars market segments, market trends and opportunities, and any further data you may need to thrive in the plant-based bars industry. This plant-based bars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The plant-based bars market consists of sales of snack bars, raw bars, fiber bars, and grain-free bars. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.