Insights Into The Plant based Bars Market’s Growth Potential 2023-2032 – Includes Plant based Bars Market Size
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The global plant-based bars market is set for substantial growth, projected to increase from $4.64 billion in 2022 to $5.15 billion in 2023, with an impressive Compound Annual Growth Rate (CAGR) of 11.05%. Looking ahead, the market is anticipated to reach $7.50 billion in 2027, maintaining a robust CAGR of 9.87%.
Energizing the Trend: Sports and Fitness Activities
The plant-based bars market is experiencing a significant upswing, fueled by the increasing popularity of sports and fitness activities. These activities encompass a range of physical exercises aimed at improving overall health, physical fitness, and active participation in sports. Plant-based bars have emerged as a convenient, portable, and nutritionally rich option, finding favor as intra-workout snacks, pre-workout boosts, and post-workout recovery aids.
- Rising Participation:Reports from the Sports Business Journal highlight a substantial increase in active sports and fitness participants in the US, growing from 229.7 million in 2020 to 232.6 million in 2021, marking a 76.3% participation rate.
- Versatile Usage:Plant-based bars serve diverse roles in sports and fitness, providing nutritional benefits that support performance during activities and aid in recovery post-exertion.
Industry Giants Shaping the Landscape
The plant-based bars market boasts influential players that contribute to its dynamic growth. Leading the charge are companies like General Mills Inc., Kellogg Company, and Orgain Inc., among others.
- Market Leaders:Industry stalwarts such as Clif Bar & Company, Nature’s Path Foods Inc, and Garden of Life LLC play pivotal roles in shaping the plant-based bars landscape.
- Diverse Offerings:Major players like KIND Snacks, RXBAR, and Go Macro LLC offer a diverse range of plant-based bar options, catering to varied consumer preferences.
Trend Watch: Product Innovation
Innovation takes center stage in the plant-based bars market, with companies striving to develop novel products that stand out in a competitive landscape.
- Laird Superfood’s Leap:Laird Superfood Inc. introduced a groundbreaking plant-based protein bar with adaptogens in July 2022. The bar features 10 grams of plant-based protein, including peas, hemp seeds, and pumpkin seeds, making it a rich source of essential amino acids.
- Adapting to Preferences:The innovative product is not only non-GMO, non-dairy, non-soy, and gluten-free but also comes in four enticing flavors—peanut butter, peanut butter chocolate chip, chocolate mint, and lemon almond—offering options to suit diverse taste preferences.
Market Dynamics: Segmentation Insights
Understanding the nuanced dynamics of the plant-based bars market requires a closer look at its segmentation based on type, nature, and distribution channels.
- Type:The market encompasses a variety of plant-based bars, including Cereal and Granola Bars, Protein Bars, Energy Bars and Meal Replacement Bars, Fruit and Nut Bars, and other specialized types.
- Nature:Segmentation based on nature includes both Organic and Conventional plant-based bars, catering to the growing demand for organic and natural products.
- Distribution Channel:Plant-based bars reach consumers through diverse channels such as Supermarkets and Hypermarkets, Specialty Stores, Convenience Stores, Online Retail Stores, and other distribution channels, providing multiple avenues for consumer accessibility.
Regional Dynamics: North America Takes the Lead
As of 2022, North America stands as the largest region in the plant-based bars market. However, looking ahead, Asia-Pacific is poised to emerge as the fastest-growing region in the forecast period.
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The Plant based Bars Global Market Report 2023 provides an overview of the plant based bars market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The plant based bars market forecast analyzes plant based bars market size, plant based bars market share, leading competitor and their market positions.
The Table Of Content For The Plant based Bars Market Include:
1. Plant based Bars Market Executive Summary
2. Plant based Bars Market Segments
3. Plant based Bars Market Size And Plant based Bars Market Growth Rate
4. Key Plant based Bars Market Trends
5. Major Plant based Bars Market Drivers
25. Key Mergers And Acquisitions In The Plant based Bars Market
26. Top Plant based Bars Companies
27. Plant based Bars Market Opportunities And Strategies
28. Plant based Bars Market, Conclusions And Recommendations
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