Plant-Based Bars Market Competitive Research, Industry Status, Key Drivers And Forecast To 2033

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 in the historic period can be attributed to rise of plant-based diets, growing health consciousness, vegan and vegetarian movements, clean label preferences, allergen-free options.

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 growth in the forecast period can be attributed to functional ingredients, global market expansion, e-commerce growth, sustainable packaging, culinary and flavor exploration. Major trends in the forecast period include collaborations and partnerships, innovation in ingredients, regenerative agriculture adoption, blockchain technology for transparency, alternative protein blends.

Market Overview -
Plant-based bars typically refer to food bars or snack bars that are made primarily from plant-based ingredients. These bars are designed to provide a convenient and portable source of nutrition and are suitable for individuals following a plant-based or vegan diet. It is a reliable source of protein, which is essential for producing enzymes, hormones, and other important molecules.

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Increasing Popularity Of Sports And Fitness Activities Boosts The Plant-Based Bars Market
The increasing popularity of sports and fitness activities is expected to drive the growth of the plant-based bars market. Sports and fitness activities refer to physical activities and exercises that are performed to improve physical fitness, overall health, and participation in sports. Plant-based bars are often used in sports and fitness activities for their convenience, portability, and nutritional benefits. They can be a valuable addition to support performance and recovery during these activities. It is used as an intra-workout snack, a pre-workout boost, and a post-workout recovery aid and provides nutritional and protein benefits. For instance, in June 2022, according to the reports shared by the Sports Business Journal, a US-based national weekly trade sports magazine, the total number of active sports and fitness participants in the US was 229.7 million in 2020, and it increased to 232.6 million by 2021, or 76.3%. Therefore, the increasing popularity of sports and fitness activities is expected to propel the growth of the plant-based bars market.

Competitive Landscape -
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

Laird Superfood Launches Plant-Based Protein Bar With Adaptogens
Product innovation is a key trend gaining popularity in the plant-based bars market. Major companies operating in the plant-based bars market are developing innovative products to strengthen their position in the market. For instance, in July 2022, Laird Superfood Inc., a US-based plant-based and functional foods manufacturing company, launched a plant-based protein bar with adaptogens. This innovative product is made with ten grams of plant-based protein from peas, hemp seeds, and pumpkin seeds, plus six grams of dietary fiber and all nine essential amino acids. Moreover, it is non-GMO, non-dairy, non-soy, and gluten-free. The bar is available in four flavors, peanut butter, peanut butter chocolate chip, chocolate mint, and lemon almond. Additionally, it is a useful source of protein, fiber, and other nutrients, and it is free from artificial flavors, colors, and preservatives. The bar is also a viable choice for people who are vegan or lactose intolerant.

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Key Segments -

The plant-based bars market covered in this report is segmented -

1) By Type: Cereal And Granola Bars, Protein Bars, Energy Bars And Meal Replacement Bars, Fruit And Nut Bars, Other Types
2) By Nature: Organic, Conventional
3) By Distribution Channel: Supermarkets And Hypermarkets, Specialty Stores, Convenience Stores, Online Retail Stores, Other Distribution Channels

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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