Vegan Protein Bars Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[222+ Pages Report] According to Facts & Factors, the global vegan protein bars market size was worth around USD 1.50 billion in 2023 and is predicted to grow to around USD 11.18 billion by 2032, with a compound annual growth rate (CAGR) of roughly 25% between 2024 and 2032.

Market Overview

Vegan protein bars are snacks that do not contain animal-based ingredients, offering vegan protein sources, such as rice, peas, or hemp protein. They are usually consumed by individuals preferring plant-based diets, dairy-free or cruelty-free options. These snack bars comprise fiber, healthy fats, minerals, vitamins, and more to increase their convenience for nutrition. The vegan protein bars market has witnessed notable growth in the past few years, impacted by the rising demand for vegan, cruelty-free, and dairy-free products.

With the growing awareness about health, animal welfare, and sustainability, most of the population is inclining towards plant-based or vegan diets. This has ultimately driven the popularity of these snack bars. They are convenient and nutritious snacks that can be consumed by users on the go. They cater to the population seeking quick sources of vegan protein, mainly the athletes, fitness, and health-conscious groups.

Nonetheless, vegan protein bars are costlier than standard protein bars owing to the price of sourcing vegan ingredients and the high processing costs of producing vegan elements, which could discourage price-conscious consumers.

Moreover, low awareness in some markets, especially where animal-based products rule significantly, hinders market growth. Low education and awareness also act as a key restraining factor. Still, major potential for improvements in flavor formulations and profiles, comprising the addition of superfoods like chia seeds, spirulina, and matcha to boost nutritional content. They offer a broader range of formulations and flavors to satisfy the demands of audiences who prefer gluten-free, keto-friendly, and low-sugar diets.

Key Insights:

• As per the analysis shared by our research analyst, the global vegan protein bars market is estimated to grow annually at a CAGR of around 25% over the forecast period (2024-2032)
• In terms of revenue, the global vegan protein bars market size was valued at around USD 1.50 billion in 2023 and is projected to reach USD 11.18 billion by 2032.
• The vegan protein bars market is projected to grow at a significant rate due to the rising adoption of wellness and fitness culture, growing demand for vegan diets, and rising trend of ethical consumerization and sustainability.
• Based on nature, the organic segment is the dominating segment than the conventional segment.
• Based on ingredients, the pea segment is expected to lead the market as compared to others.
• Based on distribution channel, the online retailing segment is expected to lead the market, and the hypermarkets and supermarkets segment is anticipated to witness steady growth in the future.
• Based on region, North America is anticipated to dominate the global market over the forecast period, followed by Europe.

Growth Drivers

• Growing consciousness among a large population for fitness and health fuels the market

Consumers are gaining awareness about the benefits of vegan diets and are becoming health-conscious. They are prioritizing healthy snacks that support their wellness targets. This trend is popular among athletes, fitness enthusiasts, and individuals seeking to improve and maintain their wellness. Vegan protein snack bars offer nutritious and convenient solutions with their vegan content, helping individuals meet their intake needs, mainly for people following vegetarian or vegan diets.

As per IHRSA reports, in 2022, the global fitness market was estimated at USD 87.2 billion, with more people aiming for protein bars and healthier snacks for their fitness. Leading brands like RXBAR and ClifBar have entered the wellness and fitness segments, with plant-based protein bars placed as vital products for athletes and gym rats. For example, ClifBar launched a fresh product line of vegan protein bars for fitness-conscious people.

• Product variety and innovation to drive the market demand

Constant improvements in product flavors and formulations have been a key factor in the substantial progress of the vegan protein bars market. The leading and emerging manufacturers are launching novel and attractive flavors, specialized formulations, and ingredient combinations like low-sugar, keto-friendly, and organic bars to grow their consumer base and satisfy their diverse preferences. These improvements draw more consumers and keep the existing ones attracted to the brand. Prominent brands like RXBAR have recently expanded their business line to comprise snack bars with exceptional ingredients like egg whites, dates, and nuts, thus attracting a broader range of consumers aiming for simple and clean nutrition.

Other progressing companies like Aloha and Koya are focusing on adding superfoods like chia seeds, spirulina, and turmeric to differentiate and make their spot in the market. Most producers are also responding well to the growth of specialized dietary styles comprising keto and low-carb diets. For instance, companies like Keto Krisp provide snack bars that satisfy the demands of individuals seeking keto-friendly products, thus expanding their consumer base.

Restraints

• Texture and taste concerns in vegan protein snack bars are a major obstacle

Texture and taste are some of the vital factors impacting the buying decisions of health-conscious people in the food category. Vegan protein bars, mainly the ones made with vegan proteins like rice or pea protein, may offer a unique flavor or resolute texture that may not gain the attention of most consumers. This could possibly restrain their acceptance, essentially among groups familiar with traditional tastes and smoother textures like whey protein bars, thereby hampering the vegan protein bars industry expansion.

Manufacturers like RXBAR have taken efforts to enhance their protein bars' texture by including dates and egg whites as main ingredients to create better consistency. Nonetheless, other vegan manufacturers are still fighting to bring an attractive texture that satisfies consumer demands for chewy and soft bars. ClifBar introduced a fresh product line of plant-based protein bars in 2023. These bars included better texture and taste, emphasizing increasing palatability to a larger number of consumers like non-vegan groups.

Opportunities

• A growing number of brand partnerships and collaborations contribute to the market growth

Associations and collaborations among vegan protein bar brands and well-established companies in the food market can notably accelerate growth and drive market visibility. Partnering with prominent retail chains and different sports brands may help increase distribution channels and appeal to more consumer groups.

Furthermore, associations with athletes or fitness brands may increase the position of vegan protein bars as vital consumables for fitness and health enthusiasts. Lately, ClifBar collaborated with Target and Walmart with an aim to expand their product availability and launched novel flavors, carefully designed for fitness groups. This notably increased their market visibility and boosted sales.

Also, Nike associated with Aloha to promote their plant-based protein bars through athletes and fitness social media influencers. This helped Aloha boost its market visibility in the crowded market.

Challenges

• Supply chain disruptions negatively impact market growth

Vegan protein bar manufacturers are dependent on a smooth supply of raw materials like soy protein, pea protein, nuts, organic ingredients, and seeds. Disturbances in the global supply chains due to geopolitical stresses, weather conditions, or logistical challenges may result in price volatility, scarcity of ingredients, and manufacturing delays. These disturbances are essentially problematic for companies focusing on organic, superior quality, and sustainability sourced ingredients, which is likely to hinder the growth of the vegan protein bars market. The FAO (Food and Agriculture Organization), in 2022, stated that major supply disturbances in agricultural products because of global trade fights and climate change impacted plant-based elements.

In 2023, ClifBar witnessed a delay in launching its fresh line of vegan protein bars, stating supply chain problems, comprising disturbances in obtaining plant-based ingredients and packing materials.

Report Scope

Segmentation Analysis

The global vegan protein bars market is segmented based on nature, ingredients, distribution channel, and region.

Based on nature, the global market is divided into organic and conventional. The organic segment is projected to lead and continue dominance as the majority of people are becoming health and wellness conscious. Consumers are educated and familiar with the ecological effect of food production, and therefore, the need for organic protein bars has risen significantly. Organic foods that do not contain fertilizers or synthetic pesticides and are GMOs, attract a broader segment of environmentally aware individuals. Most consumers who prefer vegetarian foods are inclined towards organic options since they support their sustainability values, environmental stewardship, and clean eating.

Based on ingredients, the global vegan protein bars industry is segmented as soy, pea, nuts, and others. The pea segment held a notable share of the market owing to its high preference because of its protein-rich content, allergen-friendliness, and digestible nature (soy-free and gluten-free). Moreover, pea protein delivers a smooth texture and a neutral taste, making it ideal for different kinds of formulations. Also, it holds a healthy source of BCAAs (branched-chain amino acids) that are vital for the recovery of muscles, increasing its preference for fitness-conscious people. Ripple Foods, a prominent forerunning company is emphasizing its expanding its product line and market share. Pea protein is today a vital ingredient in numerous vegan products like shakes, protein bars, and snacks, thus driving its leadership in the global market.

Based on distribution channel, the global vegan protein bars market is segmented as hypermarkets/supermarkets, convenience stores, industrial chemicals and lubricants, drug stores & pharmacies, health & wellness stores, online retailing, and others. The online retailing segment held a notable share of the market compared to others owing to the inclining consumer shopping choices and the growth of e-commerce. A majority of the population is choosing online shopping portals for their preferred protein snacks for better convenience, gain access to a broader range of products, and easily compare prices and read product reviews. Several online platforms like iHerb and Amazon and different brand-specific portals like ClifBar and RXBAR enable individuals to choose their products from a wide range, mostly with discounts and promotions, thus increasing their popularity. The vegan protein bars domain witnessed a substantial rise in online sales (Aloha and Koya) that used a direct-to-consumer sales strategy.

Regional Analysis

• North America to register substantial growth during the estimated period

North America dominates the global vegan protein bars market owing to the rising health consciousness, growing population that prefers flexitarian and vegan diets, and rising demand for vegan products and consumables. In the past year, North America registered a notable share of the market of nearly 40-50%. This growth in fitness and awareness of the ecological benefits of vegan eating considerably impacted the demand for vegan protein bars. In addition, the accessibility of a broader range of vegan product manufacturers, along with distribution channels, impacts regional dominance.

Europe also accounts for a larger share of the vegan protein bars market after North America. The region registered nearly 30-40% of the total market share in 2023. The increasing demand for plant-based products impacted by growing health and environmental concerns has majorly affected the demand for vegan protein items. Europe also holds strong backing from plant-based trends and rising product innovations with a growing number of flexitarian and vegan groups. Furthermore, the availability of vegan bars in retail channels in Europe strongly supports regional growth.

Competitive Analysis

The global vegan protein bars market is led by players like:

• Vega
• Clif Bar
• RxBar
• Orgain
• LÄRABAR
• GoMacro
• No Cow
• Nature Valley
• Bean to Bar
• The Protein Works
• TREK
• Bulk
• Lenny & Larry’s
• Primal Pantry
• KIND Snacks

Key Market Trends

• Functional and personalized nutrition:

With the rising interest in customized nutrition, companies are actively developing protein bars that satisfy functional and dietary demands. Vegan protein bars are also tailored to cater to health needs like high-fiber, low-sugar, and gluten-free products, thus attracting a broader range of consumer lifestyles and preferences.

• Sustainability and eco-friendly practices:

Environmental concerns are significantly inclining towards sustainability in the said market. Leading companies and brands are actively obtaining ingredients from sustainable practices and emphasizing reducing their carbon footprint. This comprises choosing organic products and adopting ecological packaging like recyclable or biodegradable materials.

The global vegan protein bars market is segmented as follows:

 By Nature Segment Analysis

• Organic
• Conventional

By Ingredients Segment Analysis

• Soy
• Pea
• Nuts
• Others

 By Distribution Channel Segment Analysis

• Hypermarkets/Supermarkets
• Convenience Stores
• Industrial Chemicals and Lubricants
• Drug Stores & Pharmacies
• Health & Wellness Stores
• Online Retailing
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America