Global Demand for Vegan Protein Bars is projected to reach US$ 3,965.7 million by 2033: Future Market Insights, Inc.
Evolving demand for more organic and natural food compared to that of synthetic food continues to drive the demand for vegan protein bar in day to day dietary. Aesthetic and bodybuilding applications continue to be a lucrative avenue for vegan protein manufacturers
NEWARK, Del, Nov. 20, 2023 (GLOBE NEWSWIRE) — The vegan protein bars market is expected to reach US$ 757.5 million by 2023. According to Future Market Insights’ estimates, the market is likely to generate US$ 3.965.7 million between 2023 and 2033, representing a compound annual growth rate of 18%.
The popularity of vegetarian and plant-based diets has increased over the past decade. Several factors have influenced these dietary changes, including concerns for animal welfare, environmental sustainability, and personal health. A growing number of consumers are turning to plant-based options, which is driving the demand for vegan protein bars.
Consumers are increasingly seeking nutritious and functional foods, which has led to substantial growth in the health and wellness industry. For those looking to maintain an active lifestyle or support their fitness goals, vegan protein bars can provide a convenient and healthy snack option.
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Sustainable food choices are becoming more popular among consumers, who are becoming aware of how their food choices impact the environment. Protein bars made from plant-based ingredients usually have a lower carbon footprint than those made from animal proteins. Customers who are environmentally conscious may be attracted to this eco-friendly aspect of the product.
Key Takeaways from the Market Study
- Based on the report, the vegan protein bars market exhibited a positive growth trajectory of 3.1% between 2018 and 2022.
- The growing awareness about the benefits of soy has been a catalyst for the growth of soy-based vegan protein bars in the market. It is estimated that the market will possess a market share of 34.70% during the forecast period.
- In the coming years, vegan protein bars are expected to capture 23.5% of the market share in the United States.
- Health and wellness have experienced a significant growth rate in recent years, with a market share expected to reach 25.10% by 2033.
- Over the period of 2023 to 2033, the Indian market is estimated to hold a market share of 17.4%.
- According to forecasts, German vegan protein bars will hold 14.5% of the market share.
- Conventional vegan protein bars is expected to hold 87.70% of the market share
Competitive Landscape
Globally, national and international companies primarily produce vegan protein bars. Manufacturers of food and beverages offer a wide selection of protein bars to satisfy consumers’ diverse tastes and appetites. The company offers vegan protein bars, organics, and natural food products to meet the needs of vegan food manufacturers. As well as producing vegan protein bars, producers run smaller operations and export many products.
- In May 2023, Beyond vegan shakes, Malaysian brand Metier Food tantalises with new dairy-free protein bars and tempeh chips. Heal Breakfast Protein Bars are among the new products offered by Metier Food’s flagship Heal Nutrition brand. Chocolate Crunch and Fruity Raspberry protein bars are dairy-free and lactose-free.
- In July 2023, MadeGood introduced Blueberry, Chocolate Chip, and Cinnamon Bun MadeGood Mornings Soft Baked Oat Bars, the company’s first breakfast product. They are all vegan and gluten-free, free of common allergens, and made from organic and non-GMO ingredients.
Know More about What the vegan protein bars Market Report Covers
Future Market Insights offers an unbiased analysis of the global vegan protein bars market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the vegan protein bars market, the market is segmented based on nature, flavor, ingredient, and distribution channel industry type across seven major regions.
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Key Companies Profiles
- BHU Foods
- Gomacro
- PROBAR LLC
- Garden of Life
- Health Warrior
- NuGo Nutrition
- Raw Rev
- Risebar
- Manitoba Harvest
- Aloha
- Orgain
- No Cow
Vegan Protein Bars Market Segmentation
By Nature:
- Organic
- Conventional
By Flavor:
- Chocolate-Vanilla
- Chocolate-Caramel
- Peanut Butter
- Cherry Cashew
- Fruit & Nut
- Hazelnuts
- Others
By Ingredient Type:
- Soy
- Pea
- Nuts
- Hemp
- Others
By Distribution Channel:
- Convenience Stores
- Hypermarkets/Supermarkets
- Traditional Grocery Stores
- Drug Stores & Pharmacies
- Health & Wellness Stores
- Online Retailing
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
About the Food & Beverage Team at Future Market Insights
The food & beverage team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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