Vegan protein bars are made from various plant sources, such as nuts and vegetables. These vegan protein bars are considered as a healthy snack. At times, these snacks are able to replace a meal as they are packed with superfood. Seeds, nuts, grains, legumes, and vegetables are improved with fibers that assist in the improvement of absorption and digestion. In addition, increased motility and reduced symptoms of boating and gas are all the benefits of vegan protein bars. All these factors are estimated to support development of the global vegan protein bars market over the analysis timeline, from 2020 to 2030. In addition, these protein bars come with low saturated fats and cholesterol and are also high in healthy plant sterols. These nutrients assist in keeping the heart healthy, thereby driving demand for vegan protein bars in the years to come.
The global vegan protein bars market is anticipated to reveal quite impressive growth due to the rising number of consumers emphasizing on wellness and health. As plant-based diet gain popularity, the sale of vegan protein bars expected to rise in the years to come. The restrictions of production due to the outbreak of Covid-19 are likely to cause some damage to the market. However, with the development of a drug or a vaccine, the market is expected to observe growth in the post Covid-19 era.
End User, product, and region are important factors in the market that has been considered for the classification of the global vegan protein bars market.
Entry of several new companies in the market is making the competition tougher for all the players. As more consumers make a shift toward healthier yet tasty snack options, the market players are focusing more on expanding their product portfolio. In addition, established players to maintain their positions adopt strategies like acquisitions and mergers. For instance, in October 2018, US-based leading food and beverage giant, PepsiCo, Inc. made an acquisition of Health Warrior, an American nutrition bar maker. With this acquisition, PepsiCo is expected expand its product portfolio.
Some prominent market participants are mentioned as below
The factors that are expected to offer a glimpse into the nature of the global vegan protein bars market are mentioned below
Rising Incidences of Allergies to shoot Up Demand in the Market
There has been renewed interest in eating healthy and living healthy. Governments across the globe and various international organizations are increasingly launching various strategies and health initiatives. In 2004, World Health Organization (WHO) started a Global Strategy on health, physical activity, and diet. This strategy is expected to diminish disease burden and deaths by promoting physical activity and modifications in diet. Such programs are anticipated to boost development of the global vegan protein bars market over the analysis timeline, from 2020 to 2030.
Growing intolerance toward animal protein in consumers is likely to generate promising growth opportunities for the participants in the global vegan protein bars market. According to the findings of US-based World Allergy Organization, around 220 to 520 Mn people suffered from some kind of food allergies in 2018 and almost two-third of them were suffering from egg allergy. Growing incidences of food allergies are likely to encourage customers to replace their meat and dairy products with vegan products. These factors are likely to work in favor of the global vegan protein bars market in the forthcoming years.
In the global vegan protein bars market, Latin America is likely to emerge as one of the prominent regions. Growing awareness about the benefits of vegan protein bars and launching of favorable guidelines supporting consumption of healthy food are expected to work in favor of the Latin America market in the near future.