Vegan protein bar market overview and private label
Vegan protein bar and vegans are on the rise every year more people turn to plant-based diets. The reasons are varied and every person has its cause. Some people do it due to environment and sustainability, some due to health enhancing premise, other try to follow the latest trend. According to the new published report by Fior Maket, the vegan protein bar market will record a 9.1% CAGR globally from 126.00 Million in 2017 to 253.00 Million in 2026. The biggest contributors to vegan protein bar market growth are:
- An increasing number of fitness clubs;
- Rising awareness about protein bars;
- Surging vegan customer base;
With these socioeconomic factors going strong in 2020 and beyond it is safe to say that vegan protein bar market will have an interesting developments in foreseeable future. As vegan protein bar market get more crowded, there will be a need to differentiate the product to maintain a competitive advantage. Today, we mostly see the market segmented in two types: All-natural type of bars and maximum indulgence type of bars. Both have their pros and cons.
All natural vegan protein bars
There is no shortage of these type of bars in today’s markets. These are clean-label bar which contain very few ingredients and are all recognizable, no chemical sounding names. The first product of this type to get mainstream’s attention was RxBar which was bough by Kellogs later in 2016 for $600 Million. Though, at this day they do not have a vegan version, it is good example to see clean label bars appealing the mainstream consumers. What is more, there are already first movers in this All-natural vegan bar market to name a few: Misftits, The Primal Pantry, Nakd Vegan bars. These type of bars have very few ingredients all sounding natural, better-for-you. While the premise here is very appealing based on what consumer wants the challenge is to provide a great consuming experience. Thus, the challenge for all-natural type of bar is to balance the clean label premise while maintaining superior texture and taste of the bar. With today’s technologies there is a lot of room for improvement left to make a good balance.
Maximum Indulgence vegan protein bars
The second type of bars in vegan protein bar market are maximum indulgence bars. They are opposite of what all-natural type of bars offer. The only factor that relates them are vegan protein source. Every person has different priorities when choosing bar/snack. While ones prefer clean label bar with recognizable ingredients other prefer an ultimate indulgence. Bars covered with double layer chocolate and caramel with crisps on top. To name a few: Tribe Vegan protein bar, PhD Smart Plant Bar. This resembles more traditional candies while offering vegan option. Some consumers have priority for indulgence. According to Mintel 70% of people eat because they enjoy food. The ultimate factor in deciding what bar to choose is flavor, smell and texture – the superb snacking experience. Thus, ingredients play a small part in decision making when choosing this type of vegan protein bar.
Today vegan protein bar market is fragmented but the main two identified types are clear: all-natural and ultimate indulgence bars. Both have their consumer base and it will be interesting to see which will gain more market share in the coming years. Here at Newon Food we have a great experience in developing a All-natural protein bars while addressing the main challenges in these type of bars e.g. dryness, hardness, off-taste. If you are looking for private label bars – feel free to contact us for more information.