Global Vegan Protein Bar Market is Expected to Reach USD 253.00 Million by 2026 : Fior Markets

Vegan Protein Bar Market by Type (Vegetable, Nuts and Others), Application, Regions, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026

/EIN News/ -- New Jersey, NJ, Jan. 28, 2020 (GLOBE NEWSWIRE) -- The global vegan protein bar market is expected to grow from USD 126.00 Million in 2017 to USD 253.00 Million by 2026 at a CAGR of 9.10% during the forecast period 2019-2026, according to the new report published by Fior Markets. Vegan protein bar producers are stimulating their products with components that promote health, wellness, and overall ability to take health-conscious customers into consideration. A growing consumer base has led the stores to stack vegan protein bars in supermarkets and shops, thus smoothing buying of the same. Moreover, marketing campaigns for vegan protein bars as a substitute for meal replacement, by the fitness clubs, have propelled the demand of these products. With an increasing number of health clubs and surging awareness about vegan protein bars, the market is expected to witness a rise in demand during the forecast period.

Protein bars are nutrition bars containing a high proportion of protein to carbohydrates/fats. The human body needs protein to build muscles in addition to other nutrients. Vegan protein bars contain only protein from plant sources such as peas, brown rice, hemp, and soybeans. They make perfect breakfast, are an ideal snack and are easy to carry in the handbag and to the gym. Vegan Protein Bar feeds the muscles with high-quality protein from a vegetable source.

With an increasing number of health clubs and rising awareness about protein bars, the vegan protein bar market is expected to witness a rise in demand during the forecast period. However, it is expected that the high cost of vegan protein bars may hamper market growth.

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Key players operating in the global vegan protein bar market include Simply Protein, BHU Foods, PROBAR LLC, Health Warrior, NuGo Nutrition, Gomacro, Garden of Life, Raw Rev and Risebar among others. To enhance their market position in the global vegan protein bar market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.

• For instance, in august 2016, NuGo Nutrition, a maker of protein bars, has acquired the Promax brand from Promax Nutrition Corp. Since 1996, Promax Nutrition has offered Promax protein bars, which are gluten-free and kosher with no artificial sweeteners, malitol or hydrogenated oils. Flavors include cookies and cream, chocolate chip cookie dough, nutty butter crisp, salted caramel and lemon bar, among others.
• In October, 2018, PepsiCo, Inc. announced that it has acquired Health Warrior, Inc., a U.S.-based nutrition-forward company that makes plant-based products including nutrition bars and on-trend offerings. The transaction will further expand the company's nutrition portfolio to offer consumers additional options in an exciting growth category. PepsiCo’s previous healthy-brand acquisitions—two of the several CPG buyouts that have occurred in 2018 include Bare Snacks Co. and KeVita beverages.
• In August, 2019, The Simply Good Foods Co., a developer and marketer of nutritional foods and snacks under the Atkins and Simply Protein brands, agreed to acquire Quest Nutrition, L.L.C., El Segundo, Calif., for $1 billion in cash, or approximately $870 million, net of tax benefits, on a cash-free and debt-free basis. Quest Nutrition manufactures and markets a range of products under the Quest brand, including protein bars, protein cookies, protein powders, protein chips and frozen pizzas. The acquisition of Quest strengthens Simply Good Foods’ position within the nutritional snacking category by expanding their portfolio of brands and product offerings while also providing them with greater consumer and channel diversification. This combination delivers on their strategy to become a broader nutritional snacking company that offers consumers a broad range of brands and products that satisfy their nutritional needs.

The nuts segment had a market value of USD 50.18 million in 2018

The type segment is divided into vegetable, nuts and others. The nuts segment emerged as the leader in the global vegan protein bar market with a revenue of USD 50.18 million in 2018.  Nuts are rich in healthy fats, proteins and essential vitamins and minerals which is one of the primary reasons driving this increase in demand. Nuts also have the ability to help prevent a number of chronic diseases.

The adult male segment is anticipated to grow at a CAGR of 10.15% in 2019-2026

The application segment includes adult male, adult female, youth and others. The adult male segment is anticipated to grow at the highest CAGR of 10.15% over the forecast period. This increased growth rate can be attributed to the preference of adult males buying protein bars for various purposes, such as weight management, improving muscle mass, and increasing energy. The vegan protein bars also help in eliminating hunger to meet the fitness goals for adult males.

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Regional Segment Analysis of the Vegan Protein Bar Market

• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)

The North America region led the global vegan protein bar market with a market share of 37.14% in 2018 owing to the increase in demand for high protein snacks due to increased awareness about fitness and the shift in eating pattern towards healthy food. The Europe region held a considerable share market owing to increased health awareness and extensive research and development programs. Increasing health responsiveness is pushing market players to focus on R&D to introduce healthy alternatives to meals or bars with high protein nourishment in the European market.

About the report:

The global Vegan Protein Bar market is analysed on the basis of value (USD Million), volume (Kilograms), consumption (Kilograms), imports (Kilograms) and exports (Kilograms). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.

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