Vegan Protein Bars Market Set to Double in Next Ten Years

From mensfitness.com

A pricey whey shortage might be the push vegan snacks needed to go mainstream

Walk into any grocery store and you’ll likely see at least one section dedicated to vegan substitutes for common animal-based products. Any supplement retailer will have the same vegan options for protein powders as well. But a new market is starting to emerge for vegan and plant-based dieters: protein bars.

                                                                        (Photo by Lennart Preiss/picture alliance via Getty Images)

Future Market Insights estimates the vegan protein bar market will more than double in the next ten years, going from $1.9 billion to $4.8 billion. At the moment, you’re starting to see more vegan protein bars trickle in, but this is still a market dominated by whey and collagen bars.

Taste and texture are two of the main challenges when trying to formulate a vegan protein bar. However, big players in the supplement world like Clif Bar, No Cow, RXBAR, ALOHA, and Barebells are starting to get involved. With more resources behind these efforts, these challenges will likely be solved.

Vegan protein options are typically made from soy, pea, nuts, seeds, or rice. With more research, the perception around these protein sources is starting to change. They used to be considered inferior to animal-based proteins. But by combining these sources into one product, you can achieve a full amino acid profile and high digestibility score.

Another thing to consider is the dramatic rise in whey protein prices due to the worldwide shortage. Just the other day I saw a 5lb container of a popular whey protein brand for $150. Some believe this is a temporary change, but what if it isn’t? What if all of these major corporations adding protein to packaged goods like crackers, pasta, and oatmeal drive up prices permanently? Eventually, people are going to look for cheaper, alternative options.

Some people adopt a vegan lifestyle for ethical reasons, others for potential health reasons. Some people are not vegan at all, and simply have a whey or dairy intolerance. Whatever the reason may be, the demand is growing. As the market matures, expect the current gap between vegan and whey-based bars to narrow fast. The brands willing to invest in solving the taste and texture puzzle now will be the ones who own this category once demand fully kicks in. And with whey prices climbing and more people rethinking where their protein comes from, that shift might happen sooner than the ten-year forecast suggests.

https://www.mensfitness.com/news/vegan-protein-bars-market-set-to-double-in-next-ten-years