Selbyville, Delaware, Oct. 29, 2023 (GLOBE NEWSWIRE) --
The plant-based bars market valuation is expected to surpass USD 16.5 billion by 2032, as reported in a research study by Global Market Insights Inc.
The growing consumer intolerance for animal protein will influence the market growth. In recent years, the livestock industry has turned as a significant contributor of greenhouse gas emissions, water pollution, deforestation, and habitat destruction. The rising concerns regarding climate change and environmental effects of animal agriculture have propelled many people to limit the consumption of animal products. The rising awareness and discussion pertaining to the ethical, environmental, and health implications of consuming animal protein will further accelerate the demand for plant-based bars.
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The demand for conventional may gain significant traction through 2032. Conventional plant-based bars are widely favored for providing convenient and portable sources of nutrition as they are affordable, long lasting while being protected from insects and bacteria. The rising consumption of quick on-the-go snack and pre- or post-workout fuels will also contribute to the market expansion.
Plant-based bars market from the supermarkets/hypermarkets distribution channel segment reached USD 1.7 billion in 2022. The growth can be attributed to the presence of a dedicated section for health foods and specific aisle for products that cater to different dietary needs, such plant-based options in these facilities. The ease of access to organic and health food products, including a wide variety of plant-based bars will also drive the market demand.
Europe plant-based bars market crossed USD 2 billion in 2022, on account of the growing intake of vegetarian diets in the region. The swiftly expanding vegan population has spurred the higher demand for plant-based alternatives. As per the European Vegetarian Union, 54% of the population in Europe consume plant milks. The ease of access to a wide range of plant-based alternatives, such as dairy-free products, meat substitutes and plant-based meals in supermarkets, restaurants, and cafes will propel the industry growth.
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Some of the leading companies involved in the plant-based bars market are Probar LLC, General Mills, Inc., BHU Foods, Simply Protein, Nugo Nutrition, Raw Rev, Gomacro, Orgain, Risebar, No Cow, and Nutree Life. These firms are coming up with various partnership strategies and growth-driven initiatives to widen their customer base. For instance, in June 2021, Nutree Life teamed up with Made Smarter for boosting the skills of its workforce through the adoption of digital technologies.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Plant-Based Bars Market 360° synopsis, 2018 – 2032
2.1.1 Business trends
2.1.2 Category trends
2.1.3 Source trends
2.1.4 Product type trends
2.1.5 Distribution channel trends
2.1.6 Regional trends
Chapter 3 Global Plant-Based Bars Market Insights
3.1 Industry segmentation
3.2 COVID-19 impact on world economy
3.3 Industry Ecosystem
3.3.1 Manufacturers
3.3.2 Vendor matrix
3.3.3 Profit margin analysis
3.3.4 Value addition at each stage
3.3.5 COVID-19 impact on industry value chain
3.4 Technology landscape
3.4.1 Patent Analysis
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.5.3 China
3.6 Pricing analysis, by region
3.6.1 North America
3.6.2 Europe
3.6.3 APAC
3.6.4 LATAM
3.6.5 MEA
3.6.6 Cost structure analysis, 2022
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 The rising demand for healthy snacks is driving the market growth
3.7.1.2 Consumer's increasing intolerance of animal protein is fostering market demand.
3.7.2 Pitfall and Challenges
3.7.2.1 Limited Consumer Awareness
3.8 Innovation and sustainability
3.9 Growth potential analysis, 2022
3.10 Porter’s analysis
3.11 PESTEL analysis
3.12 Impact of the COVID-19 on Plant-Based Bars industry, by distribution channel
3.13 Impact of Russia-Ukraine war on Plant-Based Bars market
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
