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As per FMI, the vegan protein bar market is expected to grow at a stellar CAGR 12% amid 2020 and 2028. Increasing focus on wellness and health, surging environmental concerns, and growing awareness in relation to animal cruelty is driving the vegan products demand worldwide, which, in turn, is fueling the vegan protein bars market.
"Veganism is gaining widespread acceptance worldwide and this in turn is generating lucrative prospects for the expansion of the vegan protein bars market. This trend is continue to boost sales prospects in the forthcoming years" states the FMI analyst.
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Vegan Protein Bars Market- Important Highlights
North America will maintain a lucrative position owing to relatively higher awareness and availability regarding vegan protein bars
Conventional nature segment will continue to lead, holding more than 80% of the overall market share
Nuts ingredients segment will emerge lucrative, recording a CAGR of 14% during 2020-2028
Online retailing distribution channel will emerge as a lucrative category over the projected period
Vegan Protein Bars Market - Drivers
Growing fitness clubs and awareness about animals and health are expected to boost the demand for vegan protein bars.
Escalating health initiatives by several governments and international organizations across the world boosting market growth.
Rising flexitarianism and veganism due to growing awareness about animal cruelty and health, will generate lucrative prospects for the players.
Due to fear of COVID-19 and other air borne diseases, consumers are increasingly shifting towards vegan protein diet. Thus, the augmenting demand for plant based protein bars significantly.
Vegan Protein Bars Market - Restraints
High cost associated with the vegan protein products remains a key challenge
Growing incidences of soy allergy is likely to pose threat to the market growth.
Coronavirus Impact on Vegan Protein Bars Market
The COVID-19 outbreak has created both opportunities and challenges for the market players. The pandemic disrupted several sectors counting the vegan protein bars market as well. Transport bans have generated obstacles for sourcing raw materials as well as hampered the production. Players are projected to foresee a downward trend owing to the lack of supply and demand. However, the market will bounce back steadily from 2021 onwards. Growing caution regarding fitness and health will fuel demand in the market.
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Competitive Landscape
Market players operating in the market are concentrating on product launches as well as enhancing the nutritional values, texture, and taste of vegan protein bars. Furthermore players are adopting strategies such as mergers & acquisitions to retain their market positions.
Some of the key players in the vegan protein bars market include Simply Protein, PROBAR LLC, BHU Foods, NuGo Nutrition, Health Warrior, Garden of Life, Gomacro, Risebar and Raw Rev.
About the Study
The study offers readers a comprehensive assessment of the vegan protein bars market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of nature (organic and conventional), ingredients (soy, pea, nuts and others), distribution channel (hypermarkets/supermarkets, convenience stores, drug stores & pharmacies, health & wellness stores, online retailing and other retailers), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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Table of Content
1. Global Vegan Protein Bars Market - Executive Summary
2. Global Vegan Protein Bars Market Overview Market Taxonomy
2.1. Introduction
2.1.1. Global Vegan Protein Bars Market Taxonomy
2.1.2. Global Vegan Protein Bars Market Definition
2.2. Global Vegan Protein Bars Market Size (US$ Mn & Volume (MT)) and Forecast, 2014-2028
2.2.1. Global Vegan Protein Bars Market Y-o-Y Growth
2.3. Market Background and Associated Industry Assessment
2.4. Global Vegan Protein Bars Market Dynamics
2.4.1. Market Drivers
2.4.2. Market Restraints
2.4.3. Market Opportunities
2.4.4. Market Trends
2.4.5. Macroeconomic Factors
2.4.6. Forecast Factors
2.4.7. Key Regulations
2.5. Consumer Sentiment Analysis
2.6. Value Chain Analysis
2.7. Pricing Analysis
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Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/vegan-protein-bars-market
Release ID: 89003217
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