Industry Background:
Vegan Protein Bar is the nutritional bars which contain plant proteins that are obtained through sources like hemp, soybeans, etc. It is a healthy option as a meal substitute and is available in an extensive variety in the market. These bars are the best alternative for people who are vegetarians. These are the best way to remove ongoing hunger and to prevent constant snacking. Also, these are available in different flavors like chocolates, fruits, savory, peanut butter, spices, and others. Evolving fitness trends, the availability of vegan protein bars providing to the needs of people with many allergies as well as the high demand for convenience foods are expected to benefit the global vegan protein bar market for the forecasted years.
According to AMA Research, the market for Vegan Protein Bars is expected to register a CAGR of 18.0% during the forecast period to 2030. This growth is primarily driven by Increasing Vegan Population Globally
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | unit |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Food Products sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Simply Protein (Canada), Clif Bar & Company (United States), BHU Foods (United States), PROBAR LLC (United States), General Mills (United States), Health Warrior (United States), NuGo Nutrition (United States), Gomacro (United States) and Garden of Life (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In July 2023, 2FIT BRANDS (2FIT) launched a line of vegan protein bars and bites at Common Market Co-Op, which specializes in affordable and conscious foods for different diets and lifestyles. In addition to increasing brand awareness, 2FIT will expand into a variety of retail stories across the country and extend their product reach nationwide with the inclusion of 2FIT's products at Common Market Co-Op.
In May 2022, SternLife and SternVitamin launched vegan protein bars, water-soluble powder supplements, and micronutrient premixes.The global market is highly competitive and consists of a limited number of providers competing. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Influencing Trend:
Adoption of Organic, Sugar Less Vegan Protein Bars and Rising Demand for Gluten-Free Vegan Protein Bars
Market Growth Drivers:
Increasing Vegan Population Globally, Rising Awareness among People about the Benefits of Vegan Protein Bars and Increasing Health Conscious People
Challenges:
Issues Related to the Taste of These Bars and Concern Related to Shifting Preferences of Consumers towards Vegan Protein Bars
Restraints:
A Large Number of Available Substitutes and Lack of Consumer Awareness about the Benefits of Protein Bars
Opportunities:
Increasing Number of Fitness Centers and Health Clubs in Emerging Economies and Growing Adoption of Healthy Diets in Both Nations
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Vegan Protein Bars Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Vegan Protein Bars Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Vegan Protein Bars players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Vegan Protein Bars Study Sheds Light on
The Vegan Protein Bars Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Vegan Protein Bars industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Vegan Protein Bars industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.