Grand View Research: Plant-based Bars Market to be Worth USD7.8bn by 2030

The global plant-based bars market size is expected to reach USD7.8bn 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.

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.