Plant-based Bars Market to be Worth $7.80 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, May 29, 2023 /PRNewswire/ -- The global plant-based bars market size is expected to reach USD 7.80 billion in 2030, expanding at a CAGR of 14.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. The surging demand for plant-based bars can be attributed mainly to the growing focus of consumers on their health and well-being. The rising chronic diseases such as heart disease, diabetes, and obesity, have resulted in a shift in consumers' snacking preferences. Individuals are seeking healthier snack alternatives that can offer them the necessary nourishment and stamina to maintain good health. Plant-based bars, being rich in fiber, protein, and healthy fats, have emerged as a viable option, as they usually contain fewer calories and less sugar compared to their conventional counterparts.

Key Industry Insights & Findings from the report:

• Asia Pacific is expected to grow at the highest CAGR over the forecast period from 2023 to 2030. The increasing availability of plant-based bars through various sales channels is a key factor contributing to the regional market growth.
• The energy bars segment is estimated to grow at the highest CAGR over the forecast period. The surging trend of fitness activities and sports has been another significant driver of growth for this segment.
• The organic segment is anticipated to grow with the fastest CAGR over the forecast period. The increasing demand for organic products including plant-based bars as they are healthier than conventional products is contributing to the segment growth.
• The online sales channel is expected to grow with the highest CAGR over the forecast period. Online distribution channels offer various conveniences for shopping owing to which its use is increasing among consumers thus surging the segment's growth.

Read full market research report for more latest industry insights, "Plant-based Bars Market Size, Share & Trends Analysis Report By Product Type (Protein Bars, Granola/Cereal Bars), By Nature (Organic, Conventional), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Plant-based Bars Market Growth & Trends

The protein bars segment dominated the market by holding a major share in 2022. The escalating demand for plant-based protein alternatives has extended to plant-based protein bars. With the increasing advancements in food production and technology, numerous plant-based protein bars are now able to emulate the taste and texture of traditional snack bars. This has led to a surge in the number of consumers opting for plant-based protein bars as a delicious and wholesome snacking choice.

The conventional segment held the larger market size in 2022. From a product price perspective, conventional plant-based bars are often a more economical option for budget-conscious consumers. They are easily procurable and sold in popular grocery stores and online retailers, which enhances their accessibility to a larger consumer base. To promote these bars, companies invest substantially in marketing campaigns, leveraging various channels such as television commercials, social media advertisements, and collaborations with social media influencers. This widespread visibility makes conventional plant-based bars a more familiar product to consumers, potentially increasing their likelihood of opting for them over other alternatives.

Europe accounted for the largest share of the market. The European market has witnessed a marked upswing in the range of plant-based bars on offer in recent times. This has translated into greater ease of access for consumers, with many supermarkets and health food stores now stocking a diverse selection of plant-based bars. As a result, consumer knowledge and curiosity about these products have risen considerably. Additionally, there is an upsurge in the number of individuals in Europe opting for veganism or vegetarianism. Such lifestyle choices may be driven by a mix of environmental, ethical, or health concerns, resulting in a growing preference for plant-based diets.

Major players in the plant-based bars industry include Kellogg's; Greens Gone Wild, LLC.; General Mills Inc.; 88 ACRES; GNC Holdings, LLC; Rise Bar; MadeGood; Växa Bars; Clif Bar & Company; and GoMacro, LLC Various steps are adopted by these companies including partnerships, mergers & acquisitions, global expansion, and others to gain more share of the market.

Plant-based Bars Market Segmentation

Grand View Research has segmented the global plant-based bars market based on product type, nature, distribution channel, and region:

Plant-Based Bars Market - Product Type Outlook (Revenue, USD Million, 2017 - 2030)

• Protein Bars
• Granola/Cereal Bars
• Energy Bars
• Fruit & Nut Bars
• Others

Plant-Based Bars Market - Nature Outlook (Revenue, USD Million, 2017 - 2030)

• Organic
• Conventional

Plant-Based Bars Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

• Hypermarkets & Supermarkets
• Convenience Stores
• Specialty Stores
• Online
• Others

Plant-Based Bars Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• China
• Japan
• India
• Australia & New Zealand
• Central & South America
• Brazil
• Middle East & Africa
• UAE
• Saudi Arabia

List of Key Players in the Plant-based Bars Market

• Kellogg's
• Greens Gone Wild, LLC.
• General Mills Inc. (LÄRABAR)
• 88 ACRES
• GNC Holdings, LLC
• Rise Bar
• MadeGood
• Växa Bars
• Clif Bar & Company
• GoMacro, LLC

Check out more related studies published by Grand View Research:

• Plant-based Meat Market - The global plant-based meat market size is expected to reach USD 24.80 billion by 2030, expanding at 24.9% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Growing adoption of vegan lifestyle and diet among health-conscious consumers in traditionally meat-eating developed economies are expected to drive the market growth over the forecast period.
• Plant-based Excipients Market - The global plant-based excipients market size is expected to reach USD 2.50 billion by 2030, expanding at a CAGR of 4.28% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the plant-based excipients market is attributed to the supportive initiatives by regulatory authorities to bring new excipients into the market and an increase in the R&D activities for new plant-based excipients are some major factors supporting market growth.
• Plant-based Beverages Market - The global plant-based beverages market size is expected to reach USD 71.83 billion by 2030, registering a CAGR of 12.7% during the forecast period, according to a new report by Grand View Research, Inc. There is significant scope for the growth of the global industry as the concept of veganism is gaining prominence in developed countries, such as the U.K., U.S., Australia, New Zealand, Germany, Italy, France, and Canada.
• U.S. Plant-based Oils Market - The U.S. plant-based oils market size is projected to reach USD 14.63 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 0.5% during the forecast period. The demand is projected to be driven by the growing consumption of packaged food and ready-to-eat products in the U.S.

Browse through Grand View Research's  Consumer F&B Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.