Vegan Baked Snack Bar Market Forecast and CAGR
According to the latest research by Transparency Market Research, the vegan baked snack bar market is set to witness significant growth during 2021-2026. Demand for vegan food products will see a favorable growth with increasing awareness among the consumers about nutritional benefits. Increasing demand for high nutrient sources with small portion sizes at affordable costs will offer high growth opportunities.
What is Driving Demand for Vegan Baked Snack Bar?
Vegan baked snack bars are a good source of proteins and other nutrients that helps to maintain a healthy routine. A vegan snack bar is a healthy snack replacement preferred by vegan adults, athletes, and runners in today's grab-and-go world. Consumption of vegan snack bars is increasing owing to their high nutritional value and their contribution to healthy eating habits.
Consumers are shifting towards healthier snack options with rising health complications such as obesity, diabetes, and other cardiovascular diseases. The increasing inclination towards healthy food options and shifting eating preferences is fueling the demand for vegan based snack options. This shift in eating patterns is inducing interest among the companies to produce different varieties. Demand for smaller portions of high nutritional food is driving the vegan baked snack bar market.
People looking for sustainable and cruelty-free food options is another significant factor that is contributing to the growth of the vegan snack bars market. The rising disposable income of the population is also a major contributing factor for the vegan baked snack bar market.
The US and Canada Vegan Baked Snack Bar Market Outlook
The demand from North America is expected to dominate the vegan baked snack bar market. An increase in awareness about fitness and a shift in eating patterns are driving the growth in the North American region. Demand for vegan baked snack bars will be led by the manufacturer's interest to produce different varieties to stay in the competition.
The North American market for vegan food is being driven by rising awareness of health benefits such as reducing heart diseases, cancer, and other diseases. People looking for sustainable products that have less or no impact on the environment will provide profitable business opportunities for key players as well as new entrants in the market.
Asia Demand Outlook for Vegan baked Snack Bar Market
The Asia region will provide lucrative growth opportunities to the leading players in the market. India will be a major market for vegan snack bars. The growing popularity of the vegan diet and the trend of following veganism diet among the youngsters in India will further accelerate the demand for vegan baked snack bars. Growing disposable incomes, changing lifestyles in this region will offer more growth opportunities.
The increased adoption of a vegan diet by celebrities in developing countries has enhanced the growth opportunities as more and more fans are starting to follow the diet.
Europe Vegan Baked Snack Bar Market Outlook
In Europe, a larger proportion of the population has stopped consuming meat owing to animal health and the cruelty in the food industry. This created a significant shift towards plant-based products which will further increase the demand for vegan products.
The growing population of lactose-intolerant consumers in western countries will enhance the growth opportunities of vegan baked snack bars. Rising awareness about the benefits of consuming vegan products will play a key role in the adoption of vegan food
Who are some of the Key producers of Vegan Baked Snack Bar?
Some of the key producers of vegan baked snack bars in the global market are BHU Foods, Clif Bar, Lärabar, NuGo Nutrition, ProBar, GoMacro, Vans, Enjoy life, Nature’s Bakery, and Kashi.
The manufacturers of vegan baked snack bars are investing more and more in research and development for developing new products in different flavors and types to cope with emerging market trends. The manufacturers are also concentrating on the safety and quality assurance of their products. The companies are working with food safety and regulatory organizations and acquiring certifications to gain the trust of the customers.
What is the impact of Covid-19 on the Vegan Baked Snack Bar market?
With the outbreak of a pandemic, the food and beverage industry has faced several challenges. The demand for snacks, confectioneries, and other food products decreased while staples and other essential supplies were in higher demand. This is mainly due to mass lockdown instructions given by the governments of several countries.
According to the current scenario, consumers are adjusting to a new normal amidst the pandemic and are showing interest in food products that have a long shelf-life. As a result, the consumers have been stacking snack bars, cereals, baking flours, crisps, and confectioneries.
The pandemic has resulted in the generation of demand for innovative snack products and opportunities for many players to emerge.
By Product Type
By Distribution Channel
- Convenience stores
- Online stores
- Specialty stores
- Other Retail Channels
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- The Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.