Vegan protein bars market is anticipated to grow at a CAGR of 11.2% during the forecast period. The consumer inclination toward plant-based food products owing to the increase in food allergies is one of the major factors driving the demand for vegan protein bars. As per the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of allergy. Food allergies are estimated to affect 4% – 6% of children and 4% of adults. Symptoms of an allergic reaction may involve the skin, the gastrointestinal tract, the cardiovascular system, and the respiratory tract. Vegan protein bars contain only protein from plant sources such as peas, brown rice, hemp, and soybean. With the increasing number of health clubs owing to emerging fitness trends and rising awareness about protein bars, the vegan protein bar market is expected to witness significant demand during the forecast period.
Apart from these, increasing marketing campaigns for vegan protein bars as a substitute for meal replacement, by the fitness clubs will further aid in the market growth. However, the availability of substitutes at a low price may hamper the market growth. Whereas, the rising health initiatives by several governments and international organizations across the globe will create new aspects for industry growth during the forecasted period. Market players operating in the market are concentrating on product launches while enhancing nutritional values. For instance, in November 2019, PROBAR LLC, launched two delicious new PROBAR Meal Bar flavors, Blueberry Muffin and S’mores. The bars are 100% plant-based, gluten-free, and crafted with whole superfoods for great taste.
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Vegan Protein Bars Market Segmentation
By Ingredient
- Soy
- Pea
- Nuts
- Others (Quinoa, Brown Rice, and Vegetable)
By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Drug Stores and Pharmacies
- Health and Wellness Stores
- Online Retailing
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- BHU Foods
- Clif Bar & Co.
- General Mills Inc.
- Glanbia Nutritionals
- GNC Holdings, Inc.
- Kellogg Co.
- Manitoba Harvest
- Nestle S.A.
- NuGo Nutrition
- Probar, Llc
- Raw Rev
- Rise Bar
- Simply Protein (Wellness Natural Inc.)
- The Bountiful Co.
- Verb Energy Inc.
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